BankFive held its Annual Meeting this week, reviewing a year in which its financial assets grew in spite of a challenging market, and planning ahead to continue to invest in the bank’s physical assets, technology and the communities it serves.
Despite headwinds caused by rising interest rates, the Bank’s assets grew $68 million in 2024, closing the year at $1.89B total assets, and $3.2 million in net income. BankFive remains well-capitalized with $156.5 million in regulatory capital.
“We believe that strong communities are the foundation of a thriving economy,” said Anne P. Tangen, President and CEO of BankFive. “That’s why we’re investing in our people, technology, and training—to drive innovation, improve efficiency, and create seamless customer experiences. From enhancing our physical locations to expanding our digital capabilities, we’re committed to making meaningful improvements that strengthen our reach and impact.”
In addition to reviewing the Bank’s strong financials, the Bank announced plans for a viewing of Savvy, a a documentary that highlights one of the Bank’s key community initiatives for their 170th this year - promoting financial literacy. The documentary explores why it’s critical for individuals to understand and take control of their personal finances. $avvy investigates the historical, cultural and societal norms and money. With incisive humor and captivating honesty, $avvy questions why many take a backseat to their finances and why it's so important now more than ever for women to take control of their financial futures.
New Corporator Elections
Eric Braitmayer
Melanie Cordeiro
Alden L. Tangen
Community Reinvestment
BankFive was recognized by the Boston Business Journal with a Top Charitable Giver Award. Over 160 local organizations benefited from $750,000 of BankFive donations and their employees donated 2,400 hours of volunteer time. The BankFive Presidents’ Scholarship was awarded to Swansea resident Lylah Thibeault, and Westport resident Luke Coelho. The $1.2 million scholarship fund was established in 2023 to honor the memory of past presidents & CEOs of BankFive. The fund provides a four-year scholarship to one or more graduating seniors from Bristol County, MA and Bristol and Newport Counties, RI, while attending an accredited college or university.
BankFive has continued to help under-represented individuals successfully start and grow their own businesses through its active partnership with EforAll. BankFive EVP & COO Catherine Dillon was appointed to EforAll’s National Board of Directors last year.
Renovations and New Beginnings
BankFive remains committed to growth and continuous improvement, both within the bank and the communities we serve investing millions of dollars in the renovation of our Fall River headquarters and several branch locations over the past five years. Construction is now complete at headquarters and a grand opening celebration is scheduled for April 23rd. The highly anticipated project and significant investment is expected to serve as a catalyst for further development on Main Street in Fall River.
The Bank extended its footprint in Rhode Island this year with the opening of a Digital+ Branch in Warwick.
People
Attracting and retaining talent is critical to BankFive’s success. They strive to create an environment that welcomes all, and the engagement is evident. BankFive was recognized as both a “Top Place to Work” and one of “26 Companies that Stand Out as “DEI Champions in 2024” by The Boston Globe. Company employees voted BankFive a “Top Place to Work” by the Providence Business News. Several BankFive team members were recognized for their contributions in 2024. Chief Human Resources Officer Christina Johnk received the Paul Harris Fellow Award from the Fall River Rotary Club. Massachusetts Bankers Association Honored BankFive President and CEO Anne Tangen with Lifetime Achievement Award.
Despite headwinds caused by rising interest rates, the Bank’s assets grew $68 million in 2024, closing the year at $1.89B total assets, and $3.2 million in net income. BankFive remains well-capitalized with $156.5 million in regulatory capital.
“We believe that strong communities are the foundation of a thriving economy,” said Anne P. Tangen, President and CEO of BankFive. “That’s why we’re investing in our people, technology, and training—to drive innovation, improve efficiency, and create seamless customer experiences. From enhancing our physical locations to expanding our digital capabilities, we’re committed to making meaningful improvements that strengthen our reach and impact.”
In addition to reviewing the Bank’s strong financials, the Bank announced plans for a viewing of Savvy, a a documentary that highlights one of the Bank’s key community initiatives for their 170th this year - promoting financial literacy. The documentary explores why it’s critical for individuals to understand and take control of their personal finances. $avvy investigates the historical, cultural and societal norms and money. With incisive humor and captivating honesty, $avvy questions why many take a backseat to their finances and why it's so important now more than ever for women to take control of their financial futures.
New Corporator Elections
Eric Braitmayer
Melanie Cordeiro
Alden L. Tangen
Community Reinvestment
BankFive was recognized by the Boston Business Journal with a Top Charitable Giver Award. Over 160 local organizations benefited from $750,000 of BankFive donations and their employees donated 2,400 hours of volunteer time. The BankFive Presidents’ Scholarship was awarded to Swansea resident Lylah Thibeault, and Westport resident Luke Coelho. The $1.2 million scholarship fund was established in 2023 to honor the memory of past presidents & CEOs of BankFive. The fund provides a four-year scholarship to one or more graduating seniors from Bristol County, MA and Bristol and Newport Counties, RI, while attending an accredited college or university.
BankFive has continued to help under-represented individuals successfully start and grow their own businesses through its active partnership with EforAll. BankFive EVP & COO Catherine Dillon was appointed to EforAll’s National Board of Directors last year.
Renovations and New Beginnings
BankFive remains committed to growth and continuous improvement, both within the bank and the communities we serve investing millions of dollars in the renovation of our Fall River headquarters and several branch locations over the past five years. Construction is now complete at headquarters and a grand opening celebration is scheduled for April 23rd. The highly anticipated project and significant investment is expected to serve as a catalyst for further development on Main Street in Fall River.
The Bank extended its footprint in Rhode Island this year with the opening of a Digital+ Branch in Warwick.
People
Attracting and retaining talent is critical to BankFive’s success. They strive to create an environment that welcomes all, and the engagement is evident. BankFive was recognized as both a “Top Place to Work” and one of “26 Companies that Stand Out as “DEI Champions in 2024” by The Boston Globe. Company employees voted BankFive a “Top Place to Work” by the Providence Business News. Several BankFive team members were recognized for their contributions in 2024. Chief Human Resources Officer Christina Johnk received the Paul Harris Fellow Award from the Fall River Rotary Club. Massachusetts Bankers Association Honored BankFive President and CEO Anne Tangen with Lifetime Achievement Award.