Continued Growth Reported for Savers Bank at Annual Meeting

Southbridge, Mass. Savers Bank held its Annual Meeting on April 10, 2023. President and Chief Executive Officer Rosemary Picard announced continued solid growth with fully insured assets of $689M for the fiscal year ending December 31, 2022, up $12 million from the previous year.

Commercial loans continued to experience solid growth with $97.1 million in new commercial loan originations generated in 2022. The Residential Mortgage portfolio increased by over $44M.

Picard also reported that the institution’s Net income totaled $5.2 million which is a 6% increase from 2022. She added that Savers Bank continues to earn Bauer Financial Services’ Five Star Award for strength and stability for 108 consecutive quarters.

Five present Directors were re-elected for a three-year term. They are as follows: Michael D. Cove, Bruce J. Desrosier, Daniel j. Finn, Amy B. Messina, and Rosemary Picard. Kenneth E. Rizner was also re-elected as Clerk of the Corporation.

The following promotions were approved at the annual meeting: Eileen McGann, Senior Vice President Human Resources, Keri Gonzalez, Senior Vice President, Chief of Technology and Operations, Melissa Hermans, Retail Banking Officer and five Retail Banking Officers were promoted to Assistant Vice President, Gregg Devlin, Lynne Ellis, Laurie Alicea, Jayme Burdett, and Monique Marinelli. Upon the announcement Picard says, “At Savers Bank we see the hard work and dedication of all of our employees; these promotions reflect the exemplary level of devotion that these employees have to their work and making Savers Bank a strong competitor in the industry”.

Picard also recapped some of the bank’s accomplishments in 2022. She highlighted several initiatives that focused on providing Savers Bank customers with the highest level of customer service through advancements in technology as well as the Banks commitment to their communities with continued branch renovation projects. “Today, customers demand faster, easier, and multi-channel access to financial services anytime, anywhere, and any place that is convenient for them. At Savers Bank we are committed to doing our part to make that happen.”, said Picard.

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 Depositors Insurance Fund (DIF), the Federal Home Loan Bank, the Co-operative Central Bank, and Massachusetts Bankers Association. With assets of over $689 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, or visit the website at www.saversbank.com.

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