Adams Community Bank Holds Annual Meeting
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ADAMS, Mass. — The annual meeting of the Community Bancorp of the Berkshires, MHC, the parent company of Adams Community Bank, was held on April 12, 2023, at Charles H. McCann Technical School in North Adams.
The meeting included a review of the 2022 financial statements for the Bank, highlighting another year of growth in assets, loans, deposits, and net income.
During his remarks, Charles O'Brien, President and CEO of Adams Community Bank, presented an overview of the year's results.
"Adams Community Bank reached record levels in many key areas, including growth in assets, loans, and deposits to $931 million, $751 million, and $797 million, respectively," he said. "Plus, we achieved record net income levels in 2022 as earnings totaled
$5.1 million, an increase of about one million from last year."
Upon the retirement of long-time Directors Jay O'Connor and Bernie Pinsonnault, Board Chair Jeff Grandchamp acknowledged their input, guidance, and leadership to the Bank during the past 25 years.
A newly elected board director, John Sinopoli, was introduced and welcomed.
Sinopoli is President and CEO of Synagex, an IT-managed services and cybersecurity company. O'Brien stated,
"We are very pleased to have John join as a new director; his extensive exposure to the financial sector and his IT and cybersecurity expertise will be an indispensable asset to the Bank," O'Brien said.
Sinopoli earned a BS from the University of Massachusetts at Lowell in Information Technology with a minor in business. Also, he holds an Executive Certificate from the MIT Sloan School of Management.
The Bank continued its strategic plan of expanding its physical footprint in Berkshire County by opening the Pittsfield branch in December 2022. A Great Barrington branch is slated for late 2023. ACB's footprint will cover communities along the northern border with Vermont and extend southerly to Great Barrington.
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