At the bank’s 116 th Annual Meeting of Shareholders held January 18, Glen White, CEO of Mutual Federal Savings Bank told the Board of Directors that the double-digit growth rate came as the bank maintained consistent earnings and a capital percentage far in excess of regulatory requirements.
The bank’s year-end assets were at the highest level ever, White told the directors. He cited growth of $16.5 million dollars, and total assets of $131.9 million.
White reported that deposits for 2005 increased by nearly $9 million or 9.06% while loans totaling $21.1 million in first and second mortgages benefited borrowers in the local region.
Mutual Federal Savings Bank achieved a year-end surplus of $13.6 million dollars, with a 10.34% ratio of surplus-to-assets. White stated that “Mutual Federal Savings Bank is an extraordinarily well-capitalized bank that could withstand any unforeseen market changes."
Merger and acquisition activity within the banking industry continued in 2005, said White, but at a much slower pace than in previous years, with less impact on the immediate market area.
During 2005, management began the process of revamping the Bank’s brand and graphic identity, including the modernization of the bank’s retail design. This process is expected to be completed in 2006, said White, noting that he looks forward to the upcoming improvement to retail locations that will incorporate new design features.
In addition to a year of increase, Mutual Federal Savings Bank assists the communities it serves, with numerous charitable contributions and the personal participation of its employees in volunteer programs. “I thank the community and members and look forward, with enthusiasm, to the opportunities which lie ahead,” added White.
About Mutual Federal Savings Bank
Mutual Federal Savings Bank is an independent, mutually-owned savings bank serving the community’s personal banking needs, with full-service offices in Whitman, Hanson, Halifax, and Carver. The Bank has operated continuously as an independent, local institution since 1889. Mutual Federal Savings Bank provides core financial services to individuals, with a special focus on meeting the needs and interests of members of the communities they serve. The main office of Mutual Federal Savings Bank is located at 570 Washington Street in Whitman, MA. For additional information on the services they provide visit www.mutualfederal.com or call Christine Grundy, Director of Marketing, at 781-447-4488.
