Recent News

Mutual Bank ends 2008 with record high assets of $325 million;

CEO vows continued growth and local emphasis

WHITMAN, MA, ISSUED APRIL 2, 2009 - Despite the challenging economic climate, Mutual Bank realized significant growth in 2008, CEO Glen S. White recently told his Board of Directors during the Bank's 119th annual meeting.

White presented the 2008 Report of Operations, saying that the Bank's total deposits grew to a record high, up $7.5 million or a 3.9% increase over 2007. Citing strategic initiatives instituted by the management team and unwavering dedication by branch managers and staff in embracing the bank's service culture, White said that assets closed at a record high of $325 million.

Moreover, Mutual Bank's mortgage loan portfolio grew over 45%, while net income for the year exceeded $1 million.

"With the significant growth realized in 2008, the Bank will look to 2009 as one to build and hone the existing franchise," said White, noting that the commitment to growth and expansion is necessary to ensure future success.

With a year-end surplus of $26.8 million, White said that Mutual Bank is extraordinarily well-capitalized and in a position to withstand any unforeseen future downturns.

About Mutual Bank

Mutual Bank is an independent, mutually-owned bank serving the community's personal and small business banking needs, with full-service offices in Whitman, Brockton, Carver, Falmouth, Plymouth, Halifax, Hanson and Middleboro. The Bank has operated continuously as an independent, local institution for more than a century. The main office is located at 570 Washington Street in Whitman, Massachusetts. For more information, visit MyMutualBank.com, or call Christine Grundy, Vice President/Director of Marketing, at 781-447-4488.