A note from Anne P. Tangen, BankFive President and CEO.
Challenges of 2021 did not deter our collective drive to succeed for the benefit of our customers, communities, and colleagues. Through a true team effort, that exemplifies the BankFive spirit, we supported each other through valleys and soared to record-breaking heights, together.
Historic earnings, market expansion, profitable growth, and efficiency were the culmination of 2021, as we continued to deal with the ebbs and flows of the pandemic.
Focusing on the employee experience, we improved many of our work areas, giving employees a fresh, welcoming space for their creativity and collaboration to bloom. We also invested in technology to allow for a flexible work experience. We created a Diversity, Equity and Inclusion Committee to improve communication and engagement.
Customer delivery and support improved with expanded Video Banking services, and customer relationships extended through investments and insurance. A Business Banking group dedicated to the needs of entrepreneurs made its debut, and we assisted business customers in achieving PPP forgiveness. A $25 million subordinated debt offering in October made continued growth possible while maintaining mutuality.
At the heart of all we do is our commitment to community from our internal BankFive family to our customers, and neighbors. Recognizing that many struggled for basic necessities, our Charitable Giving Committee focused on alleviating food insecurity and supporting organizations dedicated to that cause. In addition, we made some large multi-year commitments to support child development and education, entrepreneurship, and historical preservation - aligning perfectly with our values of human, dynamic and steadfast.
As 2022 kicked off, we said farewell to our leader, as Richard L. Lafrance retired after 36 years of service to the bank, including nine as Chairman. We applaud Richard's dedication and leadership. We will miss his friendship and counsel.
We turn to a new chapter with the guidance of Chairman William H. Lapointe who brings a strong business acumen, in-depth knowledge of BankFive and support of our mission, mutuality, and purpose.
Approaching my second year as President & CEO, I'm filled with pride in our team's ability to weather the challenges of the last few years, and endlessly optimistic about the future and our continued growth.
Anne P. Tangen