BankFive Remarks on Unprecedented Year, Reviews 2020 Fiscal Performance at 165th Annual Meeting
“Throughout 2020, BankFive had amazing accomplishments, broke financial records, and supported the community per our founding principles.” reported first year President & CEO Anne P. Tangen at the Bank’s 165th Annual Meeting held via videoconference.
The bank assisted 591 customers with $58.1 million in PPP loans, closed 2500 residential loans for $864 million and had record earnings of $8.6 million.
To further its commitment to customers, the bank invested in branch renovations at its Globe and Flint locations, and in new services like Video Banking, improved Online Account Opening technology, and Tap & Go Debit Cards. The bank also hired Jennifer Dooling, SVP Business Banking to lead its expanded Small Business Team.
Jennifer St. Pierre, Senior Vice President and Chief Financial Officer, reported that BankFive’s overall financial condition remains strong with a diverse balance sheet structure, solid asset growth and stable capital levels.
Tangen announced additions to management during the meeting:
• Jennifer Dooling, SVP, Business Banking Director
• Maureen A. Terranova, SVP, Director of Information Technology
• Charles A. DeSimone III, FVP, Commercial Lender
In Memoriam/ Board Member Retirement
Noted during the meeting was the recent passing of Honorary Directors Jeanne Collias and Anthony Waring. Ms. Collias was first elected as a Corporator in 1976 and then to the Board of Directors in 1979. Mr. Waring was then elected a Corporator in 1963 and as a board member in 1979, eventually retiring and being elected as an Honorary Director.
Tangen reported that in 2020 BankFive distributed supported the community with $100,000 Federal Home Loan Bank of Boston Job for New England Recovery Grants awarded to BankFive customers and $100,000 in donations to COVID relief funds. The bank also donated $200,000 to the BankFive Foundation at SouthCoast Community Foundation.
BankFive has served the SouthCoast since 1855 when it was founded to make banking services accessible to the community. With a steadfast commitment to provide local individuals, families and businesses with outstanding products and services, BankFive is a leading regional bank. BankFive customers regularly give us five star reviews, attesting to our approachability and outstanding service. Visit one of our 16 convenient locations or visits www.bankfive.com.
Click here for the 2020 Annual Report.