Continued Growth Reported for Savers Bank

Southbridge, Mass. Savers Bank held its Annual Meeting virtually on April 13, 2020. President and Chief Executive Officer Joseph Coderre announced continued solid growth with fully insured assets of $594M for the fiscal year ending December 31, 2019, up $24 million from the previous year.

The Commercial Loan Department closed $52M in commercial loans in 2019, and increased the overall portfolio balances to $230M. The Residential Loan Department closed $47M in residential loans with portfolio balance now at $184M.

Coderre also reported that the institution’s strong surplus increased by over $3.8M and now stands at 12% of total assets. He added that Savers continues to earn Bauer Financial Services’ Five Star Award for strength and stability for 93 consecutive quarters.

Three present Directors were re-elected for a three year term. They are as follows: Michael Cove, Bruce Desrosier and Daniel Finn. Kenneth E. Rizner was also re-elected as Clerk of the Board. Two new members, Amy Messina and Rosemary Picard were elected to three year terms. Terrence Hastings retired from his position on the Board after 28 years of service.

The following promotions were approved at the annual meeting: Vanessa Stratton, promoted to VP, Chief Financial Officer & Treasurer; Peter Kaslauskas, promoted to Senior Vice President, Investments; Keri Gonzalez, promoted to Senior Vice President, Operations & eServices and Amanda Simpson, promoted to Assistant Vice President, Marketing & Retail Banking. Upon the announcement of the promotions Coderre 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”.

Coderre also recapped some of the bank’s accomplishments in 2019. 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 account opening process and the adoption of Salesforce CRM. “These and other 2019 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 an upcoming branch renovation 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 $590 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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