MountainOne Holds 176th Annual Meeting

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NORTH ADAMS, Mass. — MountainOne held its 176th Annual Meeting on April 7, 2025, bringing together Corporators, Trustees, Officers, Employees, and Community Partners to reflect on another year, and set the stage for 2025.
 
The meeting began with a welcome from Board of Trustees Chair Daniel Bosley, followed by financial highlights shared by Steve Owens, Executive Vice President, Chief Financial Officer, Chief Operating Officer, and Chief Information Officer. 
 
Owens reported that MountainOne ended 2024 ahead of budget, with financial results that surpassed many local and national peers. While elevated interest rates and an inverted yield curve presented challenges across the industry, MountainOne remained resilient, bolstered by strong non-interest income, continued loan growth, and disciplined expense management. Owens highlighted MountainOne's significant investment in its people, operations, and communities. Charitable giving more than doubled in 2024, with multi-year commitments to organizations like MCLA and Mass MoCA underscoring MountainOne's commitment to the region.
 
Jonathan Denmark, Executive Vice President of MountainOne Bank and President and Chief Operating Officer of MountainOne Insurance, highlighted another year of expansion and strategic investment for the insurance division. In 2024, MountainOne Insurance completed acquisitions of G.W. Morisi Insurance Agency and McClure Insurance Agency, expanding its presence to the Pioneer Valley. Denmark also spoke to a challenging but stabilizing insurance environment, noting volatility in the home and auto market while expressing optimism for what's to come.
 
Jill Amato, Senior Vice President, Marketing and Community Banking Officer, shared updates on the evolution of MountainOne's award-winning brand campaign, which earned eight industry awards in 2024 alone. Amato also announced the release of "Something to Save," the second in a series of children's storybooks featuring Mo the MountainOne Spokesgoat. The storybook series is aimed at promoting early financial literacy and life skills. Storybook events and classroom visits featuring "Something to Save" as well as the first book of the series, “How to Climb a Mountain,” are planned for spring 2025 across the Berkshires and South Shore.
 
Robert Fraser, President and CEO of MountainOne, provided the annual CEO address, which included an update on the proposed Mutual Holding Company merger between MountainOne Financial, MHC, and Mechanics Bancorp, MHC. The merger of equals will bring together two strong, like-minded community institutions. Fraser shared the combined holding company structure, key benefits and provisions, emphasizing the company's commitment to mutuality. The merger is slated for a Corporator vote in May, followed by a regulatory review later in the year.
 
Fraser concluded the meeting by recognizing Mountaineers celebrating promotions, milestone anniversaries, and those who have graduated from MountainOne's Emerging Leaders Program, underscoring the company's commitment to professional development and internal growth.

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Letter: CDBG Funding for Housing Fix-Up, Purchase Assistance, and Affordable Housing Trust

Letter to the Editor

To the Editor:

At the public hearing (03/25/26) on the Community Development Block Grant (CDBG) Application submitted by North Adams, the presentation indicated that no funding was allocated to assisting residents with housing fix-up and housing purchase.

North Adams remains the only jurisdiction in Berkshire County that does not include these types of programs in their CDBG application. The grant application also misses an opportunity to fund the newly created Affordable Housing Trust which receives CDBG funds in other jurisdictions.

North Adams funded housing fix-up and housing purchase assistance in the past and these programs helped many residents with home upkeep and purchases. The need for these programs has only increased since they were abandoned by North Adams.

For the median income resident of North Adams the median home price is $40,000 more than they can afford. Over 27 percent of homeowners spend more than 30 percent of their income on housing and 12.5 percent of homeowners spend more than 50 percent of their income on housing. Over 20 percent of properties in North Adams are rated as below average condition by the North Adams assessor.

There should be no doubt that North Adams needs both fix-up and home purchase assistance programs and a well supported Affordable Housing Trust. I urge North Adams residents to advocate for funding for these programs during the upcoming budget review meetings.

Virginia Riehl
North Adams, Mass. 

Riehl is co-founder of the North Adams Community Housing Organization (NACHO)

 

 

 

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