BankFive’s 163rd Annual Meeting was held at Rachel’s Lakeside in Dartmouth, Mass today. BankFive President and CEO William R. “Bill” Eccles, Jr. marked a record breaking year for the bank, including top achievement in net income and assets.
Management Hires/Promotion
Eccles announced additions to the Bank and a management promotion during the meeting:
New Hires
• Gregory Cambio, Vice President- Residential Lending
• Christopher Craig, Vice President- Regional Sales Manager
• Fran Oliveira, Banking Officer- Fairhaven Office Branch Manager
• Ismael Tavares , Banking Officer- Acushnet Avenue Office Branch Manager
• Antonio Esteves, Assistant Vice President- Investment Executive
Promotions
• David Croteau, Vice President- Business Intelligence Manager
Financial Update
BankFive had record earnings in 2018 and doubled its net income from the prior two years, surpassing $950 million in assets. “Despite the volatile rate environment and flattening and potential inverting of the yield curve, BankFive’s overall financial condition remains strong with increased earnings, a diverse balance sheet structure and solid asset growth while focusing on our core business,” reported Jennifer St. Pierre, Senior Vice President, Chief Financial Officer and Treasurer. With a renewed focus on franchise and an expansion of their loan markets, the Bank remains well positioned for the future.
Lending Update
Robert F. Collins, Executive Vice President, Lending and Retail Administration reported that success was due to teamwork and agility. Collins reported taking advantage of evolving market opportunities, the addition of several loan originators in Greater Boston and the launch of a new BankFive loan production office in Woburn.
Board Member/Senior Management Retirements
After 39 years of service to the Bank, M. Paula Raposa retired in May of 2018 as a board member and voted an Honorary Director, at the meeting.
Community Reinvestment
Andrea Amaral Rodrigues, Vice President reported that in 2018 BankFive distributed more than $469,000 in sponsorships, donations and foundation grants, supporting 130 organizations. BankFive employees dedicated 2800 hours to volunteer service throughout the SouthCoast.
Michelle Hantman, President & CEO of the United Way of Greater New Bedford, presented on the community partnership with BankFive. BankFive has been the lead sponsor of the United Way’s Hunger Commission Mobile Market and received the Community Champion Award at UWGNB’s 2018 Live United Celebration. In 2018, BankFive employees volunteered a total of 194 hours for UWGNB.
In Memoriam
Eccles noted the passing of Honorary Director, Thomas L. Stanton.
Pictured L-R: Richard Lafrance, BankFive Chairman of the Board, Michelle Hantman, President & CEO of United Way of Greater New Bedford, William R. Eccles, Jr., BankFive President & CEO.