BankFive today announced several important community reinvestments during what proved to be a historic year for growth.
“Over the past year, BankFive had amazing accomplishments, broke financial records, and supported the community per our founding principles.” reported BankFive President & CEO Anne P. Tangen at the bank’s 166th Annual Meeting “We could not have done this without our amazing team and the communities we serve. We are excited to see what the future holds.”
The bank reported a record-breaking fiscal year with capital growing to $107 million and deposits growing to $1.2 billion. Notably, loans grew to more than $1 billion aided by $98 million in Commercial Loan growth and $49 million in Residential Loan Growth. Overall, the Residential Team assisted more than 2,000 customers with $720 million in closed loans. Assets grew to more than $1.5 billion. Overall, the Bank had historic earnings of $12.7 million.
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.”
Community Reinvestment
BankFive also announced community reinvestment donations aligning with its core values of helping the communities it serves. BankFive has pledged $250,000 over three years to Fall River based Peoples, Inc., $300,000 to entrepreneur incubator EforAll, and $150,000 to the Fall River Historical Society’s endowment fund.
In Memoriam/ Board Member Retirement
The passing of Thomas F. Lyons was noted during the meeting. Lyons spent twelve years with BankFive, serving as President & CEO from 2003 to 2010 and Board member until 2015. Tom was a visionary who championed the idea of a name change from Fall River Five Cents Savings Bank to BankFive, paving the way for expansion throughout the SouthCoast and Rhode Island. Under his leadership, BankFive successfully weathered the financial crisis of 2007-2009 without a single layoff. Tom served his country for more than 28 years, enlisting in the U.S. Navy in 1963 and serving in Vietnam. He remained on active duty until 1973. He was a dedicated banker and community leader who was respected by all who knew him.
2021 Annual Report