“I’m pleased to report that from a financial perspective 2017 was a resounding success,” BankFive President and CEO William R. “Bill” Eccles, Jr. told those in attendance of the bank’s 162nd Annual Meeting Wednesday, at Rachel’s Lakeside, Dartmouth, Mass.
Eccles, reported the Bank had a solid level of earnings and continued its strong growth in, assets, deposits and capital. Despite the continuing low rate environment and flattening yield curve BankFive’s overall financial condition remains strong with increased earnings, a diverse balance sheet structure, solid asset growth and stable capital levels.
Management Hires/Promotion
Eccles announced additions to the mortgage team and management promotions during the meeting:
New Hires
Promotions
Lending Update
Robert F. Collins, Executive Vice President, Lending & Retail Administration reported that the loan portfolios are more diverse than prior years with risk concentrations spread among many asset classes. The residential strategy to revamp the business model has improved loan sale gains while also increasing the size of the residential and consumer loan portfolios.
Marketing Update
The Bank launched a newly designed responsive website in 2017. “Our new website is easy to navigate, offers enhanced customer tools, shares customer reviews and highlights the community bank difference,” reported Catherine A. Dillion, Senior Vice President, Marketing, Sales & Business Development. The enhanced website further strengthens the Bank’s commitment to the omni-channel customer experience, providing excellent and consistent customer service whether online, in-person, on the mobile app or in a branch.
To support last year’s Family of Home Loans Campaign where new mortgage offerings were highlighted, three new home themed ads were filmed and showed during the meeting. Shorter versions of the ads were used as online videos in addition to other online search and display ads.
Board Member/Senior Management Retirements
After 22 years of service to the Bank, Dorene Menezes retired in March of 2017 as a board member and voted an Honorary Director, at the meeting.
It was announced that two members of senior management have retired. Michael Berube, Executive Vice President, and CFO & Treasurer recently retired after 19 years at BankFive. “We’ve been so fortunate to have his expertise to rely on and his guidance and encouragement have helped me and so many other coworkers thrive in a very competitive environment,” said Eccles. Maria Freitas, Senior Vice President, Retail Administration will retire at month’s end. She recently celebrated her 40th anniversary at BankFive where her career started.
Eccles welcomed two new employees. Effective March 26th, Jennifer D. St. Pierre, will begin her career at BankFive as the new Chief Financial Officers. Jimmy S. Costa recently joined the bank as First Vice President, Retail.
Community Reinvestment
Eccles reported that in 2017 BankFive distributed more than $350,000 in sponsorships, donations and foundation grants, supporting 150 organizations. BankFive employees dedicated 2700 hours to volunteer service throughout the SouthCoast.
In Memoriam
Eccles noted the passing of Honorary Director and former Chairman of the Board, John F. Dator, Jr and Honorary Director, Hugh F. Reilly, Jr.
Eccles, reported the Bank had a solid level of earnings and continued its strong growth in, assets, deposits and capital. Despite the continuing low rate environment and flattening yield curve BankFive’s overall financial condition remains strong with increased earnings, a diverse balance sheet structure, solid asset growth and stable capital levels.
Management Hires/Promotion
Eccles announced additions to the mortgage team and management promotions during the meeting:
New Hires
- Susana Neves-Coito, Mortgage Loan Officer
- Rebecca L. Bouley, Mortgage Loan Officer
Promotions
- William N. Beauchene, First Vice President, Commercial Services
- John J. Sylvia, Vice President, Controller & Assistant Treasurer
- Veronica Andrade, Vice President, Branch Manager
Lending Update
Robert F. Collins, Executive Vice President, Lending & Retail Administration reported that the loan portfolios are more diverse than prior years with risk concentrations spread among many asset classes. The residential strategy to revamp the business model has improved loan sale gains while also increasing the size of the residential and consumer loan portfolios.
Marketing Update
The Bank launched a newly designed responsive website in 2017. “Our new website is easy to navigate, offers enhanced customer tools, shares customer reviews and highlights the community bank difference,” reported Catherine A. Dillion, Senior Vice President, Marketing, Sales & Business Development. The enhanced website further strengthens the Bank’s commitment to the omni-channel customer experience, providing excellent and consistent customer service whether online, in-person, on the mobile app or in a branch.
To support last year’s Family of Home Loans Campaign where new mortgage offerings were highlighted, three new home themed ads were filmed and showed during the meeting. Shorter versions of the ads were used as online videos in addition to other online search and display ads.
Board Member/Senior Management Retirements
After 22 years of service to the Bank, Dorene Menezes retired in March of 2017 as a board member and voted an Honorary Director, at the meeting.
It was announced that two members of senior management have retired. Michael Berube, Executive Vice President, and CFO & Treasurer recently retired after 19 years at BankFive. “We’ve been so fortunate to have his expertise to rely on and his guidance and encouragement have helped me and so many other coworkers thrive in a very competitive environment,” said Eccles. Maria Freitas, Senior Vice President, Retail Administration will retire at month’s end. She recently celebrated her 40th anniversary at BankFive where her career started.
Eccles welcomed two new employees. Effective March 26th, Jennifer D. St. Pierre, will begin her career at BankFive as the new Chief Financial Officers. Jimmy S. Costa recently joined the bank as First Vice President, Retail.
Community Reinvestment
Eccles reported that in 2017 BankFive distributed more than $350,000 in sponsorships, donations and foundation grants, supporting 150 organizations. BankFive employees dedicated 2700 hours to volunteer service throughout the SouthCoast.
In Memoriam
Eccles noted the passing of Honorary Director and former Chairman of the Board, John F. Dator, Jr and Honorary Director, Hugh F. Reilly, Jr.