Country Bank Reports Record Earnings, Adds New Board Leadership
WARE — Country Bank President and CEO Paul Scully announced the appointment of Maura McCaffrey, former CEO of Health New England, and Keith Blanchette, partner at Stolberg, Ebbeling and Blanchette, LLP, to its board of trustees at its recent annual meeting held at the AC Marriott in Worcester.
The bank also appointed five new corporators, including Nancy Crimmin, president of Becker College; Cherylann Gengel, co-founder of Be Like Brit; Michael Myers, president of the Worcester Railers; Peter Dawson, partner at Mirick O’Connell; and Mark Donahue, partner at Fletcher Tilton.
At the meeting, Country Bank reported its 2018 earnings resulted in record-breaking profits. Net income was reported at $12,853,000, with total assets increasing to $1,624,000,000. Deposit balances increased to $1,083,182,000, and total loans increased from the prior year to $1,240,421,000. Capital was reported at 14.06%, maintaining the bank’s position as one of the higher-capitalized banks in the Commonwealth.
“While each of our markets offer a unique value proposition, we are making strategic decisions to focus our efforts on the areas that will provide us with the most growth opportunities,” Scully said. “In 2018, Worcester business leaders provided Country Bank the opportunity to participate in the financing of several notable projects in the city, to include the $59,500,000 recapitalization of 100 Front Street, known as Mercantile Center, and the $16 million financing of Harding Green in Kelly Square.”
As part of its ongoing Worcester expansion, the bank partnered with the Worcester Red Sox as one of the team’s 21 founding partners in anticipation of its move to Worcester in 2021. The meeting’s keynote address included a video of the site of Polar Park narrated by Worcester Red Sox President Charles Steinberg, along with remarks regarding the team’s decision to relocate to Worcester and Country Bank’s partnership by Rob Crain, senior vice president of Marketing and Sales for the Worcester Red Sox, and Jack Verducci, the team’s vice president of Corporate Partnerships.
In his remarks, Scully noted that the bank’s founding principles and core values of integrity, service, teamwork, excellence, and prosperity continue to serve as the foundation for its success and community involvement 169 years since its founding in 1850.
“Back then, the founding fathers of Country Bank envisioned the role of the community bank to assist hard-working residents in providing for their families, growing their businesses, achieving their financial dreams, and enriching the local community,” said Scully, noting that those principles resulted in the bank providing more than $1 million in charitable donations and community support in 2018.