BankFive, a mutual bank with locations in Massachusetts and Rhode Island, held its Annual Meeting remarking on its year, strength, stability, liquidity, and overall profitability.
Deposits grew $97 million to $1 billion $319 million at December 31, 2022. Net income was $11,486.000 down slightly from the prior year but 2022 was another strong year for BankFive. The Bank has strong capital ratios, regulatory capital level increased $12.2 million in 2022. The bank’s cumulative annual growth rate of 12.4%.
In response to the current events, President and CEO Anne Tangen remarked that “BankFive has been around for 168 years and plans to continue to be a mutual bank serving its customers. We are well capitalized, we have strong liquidity, and highly regarded by our regulators. In addition, our customers can rest assured that their money is safe. With our Depositors Insurance Fund (DIF), every penny of our customer’s deposits are insured, in excess of the FDIC limits”.
Jennifer St. Pierre, Senior Vice President and Chief Financial Officer, reported that BankFive’s overall financial condition remains “strong with a diverse balance sheet structure, solid asset growth and stable capital levels. In addition, the bank has a strong credit culture and pristine credit.
New Board of Director & Corporator Elections
John J. Coughlin, Esq., Director
Fernando Sousa, Corporator, Director
Samia Walker, Corporator, Director
Robert F. Collins, Corporator
Gary P. Howayeck, P.C., Corporator
Community Reinvestment
BankFive, also announced that it has partnered with the SouthCoast Community Foundation and established the President’s Scholarship Fund. The Board voted to allocate $1.2MM to establish the scholarship fund which honors the memory of past presidents & CEOs of BankFive.
Renovations
BankFive’s corporate headquarters will be undergoing a significant renovation that t will expand the bank's footprint from 41,208 square feet to 42,843 square feet. The building’s proposed upgrades include a working café with open seating, an update to the exterior that will tie together the older building with the newer building and the addition of five conference rooms and “huddle”