Adams, MA – May 3, 2017- Adams Community Bank held its annual meeting on April 12, 2017 at the McCann Technical School in North Adams. In an announcement from Charles O’Brien, President and CEO, he noted 2016 was a record year for the bank in a variety of ways. “We had record profits of $2.6 million, had record levels of loan originations, and successfully completed the first full year of our new location in Lenox,” said O’Brien.
O’Brien attributed the Bank’s successful year to a great team of employees. “Our culture, our teamwork, our commitment to our customers, and a desire to remain a mutual savings bank serving the Berkshires has allowed us to thrive in 2016. I am very proud of our team of employees for making a positive difference with our customers, and in our communities,” said O’Brien. “As a mutual savings bank we are owned by our depositors,” O’Brien noted, “and we continue to embrace this banking model which has served us well for almost 150 years.”
During the year the bank originated a record $85 million in loans, growing the loan portfolio by $25 million or 6.5%. Rick Gurney, Executive Vice President of Retail Lending, credited his staff for this accomplishment. “Behind the scenes of any busy department are usually a lot of smart, dedicated people who are busy making the bank look good by taking care of our customers. During a year of tremendous growth I am especially proud of my team for meeting the needs of our customers,” said Gurney.
In April the Bank hired Jacqueline McNinch, VP Mortgage Origination, and Kaylin Choquette, Mortgage Loan Officer. Both bankers joined the residential mortgage lending sales team serving the home financing needs of the Berkshire County market. “The addition of these two banking professionals is a natural extension of our growth in the Lenox and Lee markets. I am very pleased to welcome Jackie and Kaylin who bring to our bank a wealth of knowledge in the mortgage industry,” said O’Brien.
Other business of the evening included O’Brien celebrating the 200th anniversary of the first mutual savings bank in the country where he stated “the reason for their original formation was to serve the common man. Adams Community Bank is still serving in that role today.” In addition the bank re-elected Trustees and Corporators, plus added six new Corporators. “Our Board is very pleased to welcome six new Corporators who bring a wealth of knowledge and diverse business experience,” said O’Brien. Corporators are centers of influence within the community who serve as ambassadors for the bank. With these elections the Bank now has 105 Corporators and welcomes the following:
Pauline Green is a Broker Associate at Steepleview Realty with offices in Adams, North Adams, Williamstown and Pittsfield.
Mary Jo Piretti Miller is the Broker/Owner of Piretti Real Estate located in Lenox. She is a member of the Massachusetts and National Associations of Realtors and a past member of both Board of Directors.
William “Smitty” Pignatelli is a Member of the House of Representatives, 4th Berkshire District and resides in Lenox, Massachusetts.
Linda Shafiroff is the co-owner of Creative Building Solutions, a custom design/construction firm in Great Barrington.
Bryon Sherman is a Certified Public Accountant and Managing Partner with Smith Watson & Co. LLP with offices in North Adams and Great Barrington, Massachusetts and Lakeville, Connecticut.
George Whaling is the Owner of Teton Management Corporation and a managing partner in several real estate entities including mixed-use residential and commercial properties in Massachusetts and New York. He has been a major contributor to the revitalization of downtown Pittsfield, where many of his buildings are located.
“Adams Community Bank is very pleased to add these six highly successful leaders in the community to the role of Corporator,” said O’Brien, “Each is deeply committed to the communities they serve and will be outstanding representatives for the Bank.” O’Brien also thanked outgoing chairman Laurence Choquette as he retired from the Board after 26 years of service.
Adams Community Bank is an independent, community savings bank located in the Berkshires of Western Massachusetts and headquartered in Adams, MA. Adams Community Bank’s savings bank charter was incorporated in 1869 and the institution has approximately $490 million in assets. Adams Community Bank has eight branch locations in the region. They are in: Adams, Cheshire, Lanesboro, Lee, Lenox, North Adams and Williamstown. Member FDIC. Member DIF. Equal Housing Lender.