Adams Community Bank Announces 2014 Operating Results
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ADAMS, Mass. — Adams Community Bank has announced their operating results for the year ended Dec. 31, 2014.
Comments from Charles O’Brien, president and CEO, indicate the bank ended 2014 with total assets of $395 million and loans of $333 million. The increase in loans ranked Adams Community Bank second in Berkshire County in mortgage originations, according to the Warren Group, publisher of the Banker & Tradesman.
Net income was $1.2 million, the highest in the history of the bank. The bank remains well capitalized according to all regulatory definitions, with regulatory capital increasing by $1.0 million to $45.1 million.
“Our long term strategic goal is to remain a strong, independent financial institution serving businesses and residents throughout Berkshire County by providing superb service,” O'Brien said.
He noted that 2014 was again a year where staff gave generously of their time and money to the community through a variety of worthwhile fundraising events. In addition to its community banking activities, the bank continued to actively participate in the communities it serves, through philanthropy and sponsorships, corporate leadership, employee volunteerism, and the bank’s financial education program that is conducted in a variety of local schools. Adams Community sponsored more than 150 community events, and total giving exceeded $238,000 between Bank sponsorships and grants.
Additionally, O’Brien said, the bank made many investments in technology and products. In addition, an announcement was made that Adams Community Bank will acquire Lenox National Bank for $14.3 million in cash.
“We have begun the process to merge Lenox National Bank into Adams Community Bank by submitting applications to our regulators," O’Brien said. "This transaction will allow us to expand our footprint in Berkshire County and is a strategic step in our continued pursuit to remain a high-performing community bank that is focused on relationship banking in the best sense of the term.”
Adams Community Bank is an independent, community savings bank located in the Berkshires of western Massachusetts and headquartered in Adams. Adams Community Bank's savings bank charter was incorporated in 1869. Adams Community Bank has seven branch locations in the region: Adams, Cheshire, Lanesboro, Lee, North Adams and Williamstown.
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