Page 27 - BusinessWest August 8, 2022

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MONSON SAVINGS BANK
www.monsonsavings.com
PITTSFIELD CO-OPERATIVE BANK
www.pittsfield-coop.com
NEW VALLEY BANK & TRUST CO.
www.banknewvalley.com
New Valley
Continued from page 24
aspects of the New Valley
spending our dollars wisely, and that opens up opportunities for us. While we’re small, we’re not inefficient in terms of our overhead compared to the overhead of a bigger bank. So we have the ability to offer more products to people.”
Meanwhile, the bank’s lenders have met what Sullivan called “a steady stream of people” bringing experience and good business plans to the table, in many cases, but needing help getting to the next level.
22 24 26
513,002
320,720
220,215
“A lot of them are walking in the door with so much growth in front of them, and their biggest question is how to manage it. They’re not asking, ‘how do I start from zero?’ They started from zero, but they’ve gotten to a cer- tain point, and now the hockey stick is going straight up, and the question is how to manage it. ‘Do I have the right management team? Do I have enough employees? Do I have the ability to buy materials?’ Those are good problems to have, but they’re still problems; they’re still challenges.”
Sullivan is gratified that many small-
4,608
1,564
1,443
business owners dealing with those challenges locally hail from the Latino and African-American communities, which have been historically under- served by entrepreneurship resourc- es — but that’s changing in Greater Springfield.
“There have been barriers getting
to parity. But as those barriers disap- pear, we’re seeing a swell of Latino and African-American businesses that are starting up — really smart, talented people who are choosing to move to this area because they feel like there are resources here.
416,300
244,312
164799
Daniel Moriarty
J. Jay Anderson
J. Jeffrey Sullivan
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25
LEE BANK
www.leebank.com
INSTITUTION
GREENFIELD CO-OPERATIVE BANK
www.greenfieldcoopbank.com
NORTH BROOKFIELD SAVINGS BANK
www.northbrookfieldsavingsbank.com
ASSETS
$808,523
571,585
514,282
386,966
352,525
242,005
DEPOSITS
711,081
$452,513
303,116
BANKS IN WESTERN MASS.
RANKED BY ASSETS
NET INCOME
2,476
$2,960
1,326
NET LOANS
456,481
317,016
225,773
PRESIDENT/CEO
Anthony Worden
Charles Leach III
Donna Boulanger
task and
“That’s a big part of our business for the future as well, just playing whatever small role we can play in wealth cre- ation for those families, helping them to build wealth for future generations,” Sullivan added. “And hopefully we can hit those singles, and they turn into doubles and triples and the occasional home run, and hopefully we’re with those families, building multi-gener- ational relationships, for a long, long time.” u
Joseph Bednar can be reached at [email protected]
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Local Lenders.
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AUGUST 8, 2022 27