Page 17 - BusinessWest August 8, 2022

The 150th celebration has featured a number of programs and events, including ‘Build a Bike,’ where employees assemble bikes and donate them to area charities, in this case, I Found Light Against All Odds.
us to recognize that and make sure we’re inclusive in all our efforts.”
While the area being served by the bank has changed, the name over the growing number of doors hasn’t, said Moriarty, noting that his institution, unlike many others, has chosen to keep the name of the com- munity where it began as part of the brand, as well as that word ‘Savings.’
“We’re going against
the grain on that in some respects,” he noted. “Mike and I met with the board of
directors during a strategic plan- ning session, and we feel that the reputation that the bank
has built the past 150 years
does mean something, and we believe it’s recognizable in the community. We want to leverage that from a standpoint of
legacy — Monson itself, where it all began — and then ‘Savings’ connoting security and trust, even though we feel we are a commercial player in the market.”
Indeed, while celebrating its 150th anniver- sary in all those ways mentioned above, MSB has also been carrying on with business, said Moriarty, noting that it has been a solid year in many respects, despite a sagging economy, with continued growth in commercial lending and, overall, a $30 million increase in total assets, bringing the bank near the $650 million mark.
“
short and challenging, but I think Monson Savings and other banks are positioned well to weather, manage, and help customers through this period.”
“We’re working to strengthen existing rela- tionships while also fostering new ones across the board, from individuals to businesses,” he said. “We’re trying to help them navigate where this challenging environment is going.”
On the commercial-lending side of the ledger, an already competitive landscape has become even more so as rates start to edge up, said Rouette, adding that many businesses are being more cautious amid general uncertainty about where the economy is headed and, over- all, a decline in confidence.
“You’re seeing a bit of a slowdown, especially as people hear of the inflationary environ- ment we’re in,” he went on. “People are pushing back potential projects that they have; maybe they were going to start in the third quarter or fourth quarter of this year, and now they’re say- ing, ‘let’s pump the brakes a little bit and pos- sibly look at next year and see where we land from a rate standpoint and with the economic
I think the recession will be
“We’ve well beyond the towns in which we have branches, and so we recognize that we want to reach all potential customers in our market,” she explained. “We recognize also our desire to include financial inclusion in reaching all potential customers in our market, whether that cuts across lines of income levels, race, eth- nicity, and any other basis.
“Many of our recent events were focused in the Springfield area,” she went on, “while we continue to support and celebrate all the com- munities in which we are committed. We also recognize that there have been some demo- graphic shifts in our market area in age and dif- ferent types of population, so it’s important for
To see how we can help your
Monson
business, call 860.265.3920. Continued on page 26
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