Taunton, MA (PressExposure) May 01, 2009 -- At Bristol County Savings Bank's recent Annual Meeting Bank President E. Dennis Kelly, Jr. noted that fiscal year 2008 was another challenging, but successful year. Beacon Bancorp and it's subsidiary, Bristol County Savings Bank closed the year with $10.5 million in operating income before security transactions and taxes. This was a 26% increase over the previous year, ending the year with the Bank's total assets at $1.1 billion, an increase of 2.0%. One of the highlights of the past year was the acquisition of a substantial interest in the Farrell Backlund Insurance Agency, LLC, one of the region's largest property and casualty insurance agencies.
Kelly stated, "Despite the fact that negative issues seemed to dominate the banking news, 2008 was another good year for Bristol County Savings Bank, with increased operating earnings, after additional investments in people and infrastructure." Bristol County Savings Bank's retained earnings closed the year at $158.3 million or 13.7% of assets, a key measurement of the Bank's continued success. The Bank's strong capital position ranks Bristol County Savings in the top 10% for banks with $1 billion or more in assets on the state and federal level.
Bristol County Savings Bank Board of Directors Dennis Cody, Chairman of the Board, noted changes to the Bank's Corporators with the retirement of Clifford Bodge and Paul Scanlon. "We thank them for their contributions to the Bank over the years," said Cody.
The following new Corporators were elected: In the Bank's Dartmouth, MA market three new Corporators were elected: Jean M. MacCormack, Chancellor, University of Massachusetts Dartmouth; Kirk Franklin, President, Frank Corporation Environmental Services of New Bedford; and Kara Johnston, Vice President of Fall River Electrical Associates Co., Inc., Fall River. In the Bank's Taunton/Raynham market two new Corporators were elected: Russel F. Martorana, President, Farrell Backlund Insurance Agency LLC, Raynham; and Attorney Jeanne Quinn, Partner of Silvia & Quinn, PC, Raynham. David A. Strauss, President of Key Container Corporation in Pawtucket was elected a Corporator. in the Bank's Pawtucket, Rhode Island market.
Anawon Trust Paul Tucker, President of Anawon Trust, a division of Bristol County Savings Bank, reported that 2008 was a challenging year. Despite the erosion in the value of equity and fixed income securities, assets under management closed at the end of the year at $173.7 million.
Bristol County Savings Charitable Foundation 2008 marked the 12th year of operation for the Bristol County Savings Charitable Foundation, which was established as part of the Bank's 150th anniversary celebrations back in 1996. During 2008 the number of requests for assistance continued to increase and the Foundation was able to respond with a record $767,834 in total funding, assisting 115 different local organizations located throughout the Bank's service area.