Continued Growth Reported for Savers Bank at Annual MeetingSouthbridge, Mass. Savers Bank held its Annual Meeting on April 8th, 2019. President and Chief Executive Officer Joseph Coderre announced continued solid growth with fully insured assets of $569M for the fiscal year ending December 31, 2018, up $35 million from the previous year. In addition, the bank’s loan portfolio increased $40M over last year which is a 9% increase.
The Commercial Loan Department closed $64M in commercial loans in 2018, and increased the overall portfolio to $224M. The Residential Loan Department closed $48M in residential loans with portfolio balance now at $197M.
Coderre also reported that the institution’s strong surplus increased by over $3.2M and now stands at 10.6% of total assets. He added that Savers continues to earn Bauer Financial Services’ Five Star Award for strength and stability for 93 consecutive quarters.
At the Annual Meeting of Shareholders immediately preceding the Directors’ Meeting, three present Directors were re-elected for a three year term. They are as follows: Joseph Coderre, Dewey Tiberii and Patrick Morrill. Kenneth E. Rizner was also re-elected as Clerk of the Board. A new Director, Matthew Dixon of Grafton was voted in and a current Director, Richard Parker retired from his position on the Board after 47 years of service.
One promotion was announced at the annual meeting; Robert Poulin was promoted to Information Technology Officer. Upon the announcement of the promotion Coderre says, “At Savers Bank we see the hard work and dedication of all of our employees, this promotion reflects the exemplary level of devotion that Bob has to his work and making Savers Bank a strong competitor in the industry”.
Coderre also recapped some of the bank’s accomplishments in 2018. He highlighted several initiatives that focused on providing Savers Bank customers with the highest level of customer service including enhanced employee training tools, a streamlined online loan application process and the adoption of Salesforce CRM. “These and other 2018 initiatives support the Simply Better brand that the bank is passionate about delivering to our customers at every touchpoint”, said Coderre. Coderre also, spoke of future service enhancements such as a new online account opening platform, upcoming branch renovations and many other customer experience improvements.
Founded in 1910, Savers Bank has offices in Southbridge, Uxbridge, Auburn, Grafton, Charlton, and Sturbridge, and is a member of the Federal Deposit Insurance Corporation (FDIC), the Federal Home Loan Bank, the Co-operative Central Bank, and Massachusetts Bankers Association. With assets of over $560 million, Savers Bank offers a full range of consumer and commercial banking services, with a strong legacy of community commitment and exceptional customer service. For more information call 1-800-649-3036.