FALL RIVER – BankFive Corp. (www.bankfive.com) today announced that its net income increased 6.9 percent to $3.3 million in 2006.
“It truly was a record year for our bank,” Thomas F. Lyons, the bank’s president and CEO, said in a report presented at the bank’s recent 151st Annual Meeting.
The bank ended the year with $607 million in assets, an increase of 7.7 percent from the end of 2005.
Year-end deposits increased 6.6 percent to $445 million. The commercial division ended the year with a $206 million portfolio. Consumer and residential lending both grew, with $81 million in new consumer-related loans.
“Throughout the year, BankFive was in the news,” Lyons said, “expanding our footprint by opening a new branch, starting construction of two additional branches [and] receiving numerous accolades for our work in the community.”
The bank’s ninth branch – opened in April, in the historic Union Square Building in New Bedford – was the first opened under the new BankFive name. (The institution previously had been known as the Fall River Five Cent Savings Bank.)
This year, Lyons noted, has also brought the conclusion of BankFive’s year-long talks with Luzo Community Bank ( www.luzobank.com). (The bank’s agreement to purchase Luzo, for an undisclosed sum, was announced in February. READ MORE).
“The addition of the two Luzo branches in New Bedford will further strengthen BankFive’s position as the SouthCoast’s premier independent community bank,” he said.
The annual meeting also included the election of officers. Re-elected were: Thomas F. Lyons, president; William R. Eccles Jr., executive vice president; Maria C. McCoy and Russell J. Wilcox, senior vice presidents; Mark H. Kellet, senior vice president and CFO; Susan K. Martineau and Paul S. Medeiros, first vice presidents; Susan Amaral, assistant treasurer. Elected as a new first vice president was Michael W. Berube.
Corporators re-elected for a 10-year term were Michael T. Black, Daniel E. Bogan, Elizabeth W. Fay, Ruth E. Hathaway, Stuart W. Levine, Jeffrey J. Reilly, and
Steven P. Sabra. Elected as a corporator to a 10-year term was Michael Sylvia.
Directors re-elected to a three-year term were Peter C. Bogle, Kathleen Harrington, Richard L. Lafrance, Thomas F. Lyons and Dorene A. Menezes. Jeanne B. Collias was elected an honorary trustee, and Peter C. Bogle was elected to a one-year term as clerk of the corporation.
