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Plymouth Bancorp posts third-quarter earnings increase

PBN Staff

12/09/2002

MIDDLEBOROUGH – Plymouth Bancorp Inc., the parent company of Plymouth Savings Bank, recently reported a 28 percent net income increase in the third quarter compared to last year, from $2.7 million earned to $3.5 million for 2002.

Plymouth Savings Bank serves southeastern Massachusetts and Rhode Island with 17 banking offices and eight mortgage loan centers.

For the nine months ending Sept. 30, net income was $8.9 million compared to $8.2 million for the same period in 2001.

Total assets were $1.4 billion as of Sept. 30, a 6 percent increase from $1.3 billion as of Dec. 31, 2001. During the first nine months of 2002 total deposits increased by $72 million, primarily because of increases in money market accounts and checking accounts, according to a company release. The bank’s capital position, or retained earnings, increased by $14 million or 12.5 percent in the first nine months of this year. As of Sept. 30, regulatory capital ratios were above required minimums.

The bank’s residential lending division generated $285 million in home mortgage loans for its own portfolio or for sale in the secondary market during the third quarter. At the end of the quarter the bank was servicing $2.5 billion of mortgage loans for investors.

Sterngold Dental acquires
business from Cookson

ATTLEBORO – Sterngold Dental LLC recently announced its acquisition of the Sterngold dental business from Cookson Group PLC in a management buyout with David M. Sklarshi, current president of Sterngold, as managing member.

Sterngold is a recognized leader in dental alloys, attachments, implants and restorative systems all over the world. The acquisition covers all of the Sterngold assets, including its Brazilian subsidiary and the ImplaMed implant division.

Sklarski will keep his current position as president and CEO for the new Sterngold business, leaving Cookson Group after 23 years of service, according to a company release. The Sterngold dental business will remain at its Attleboro, headquarters and the Brazilian subsidiary will remain in Sao Paulo, Brazil.

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