Page 22 - BusinessWest March 18, 2024

BANKS IN WESTERN MASS. RANKED BY ASSETS
INSTITUTION
ASSETS
DEPOSITS
NET INCOME, Q1-Q3 2023
NET LOANS
PRESIDENT/CEO
3,942,468
2,580,523
1,896,024
1,884,819
1,823,375
1,138,632
991,332
979,080
761,889
657,661
536,598
396,800
388,766
319,061
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PEOPLESBANK
www.bankatpeoples.com
WESTFIELD BANK
www.westfieldbank.com
BANKESB
www.bankesb.com
FLORENCE BANK
www.florencebank.com
COUNTRY BANK
www.countrybank.com
GREENFIELD SAVINGS BANK
www.greenfieldsavings.com
ADAMS COMMUNITY BANK
www.adamscooperative.com
MOUNTAINONE BANK
www.mountainone.com
GREENFIELD CO-OPERATIVE BANK
www.greenfieldcoopbank.com
MONSON SAVINGS BANK
www.monsonsavings.com
LEE BANK
www.leebank.com
NORTH BROOKFIELD SAVINGS BANK
www.northbrookfieldsavingsbank.com
PITTSFIELD CO-OPERATIVE BANK
www.pittsfield-coop.com
NEW VALLEY BANK & TRUST CO.
www.banknewvalley.com
Continued from page 20
$3,355,548
2,179,359
1,501,943
1,659,021
1,321,353
1,015,486
810,124
760,506
677,037
578,452
451,287
354,648
301,406
261,704
$20,931
14,671
15,201
11,325
9,208
4,803
4,505
8,555
5,697
4,247
1,768
925
2,077
10
$3,071,393
2,014,820
1,584,238
1,124,214
1,420,217
855,323
815,258
736,451
478,194
537,736
382,208
272,348
265,784
224360
Thomas Senecal
James Hagan
Matthew Sosik
Matt Garrity
Paul Scully
Thomas Meshako
Charles O’Brien
Robert Fraser
Anthony Worden
Daniel Moriarty
Charles Leach III
Kaz Borawski
J. Jay Anderson
J. Jeffrey Sullivan
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Hometown
closing, Abington Bank will operate as a division of North Shore Bank.
Moves of Interest
This latest merger transforms North Shore into a $3.1 billion powerhouse, one of the largest mutuals in that part of the state, with reach across Eastern Mass., where, again, there are many competitors, size is an all-important asset, and meaningful, organic growth is far more attainable than it is Western Mass., which is typically described as a slow- or no- growth area.
“It’s a very competitive market, but also a very vibrant market,” said Sosik. “When you look at our demographics in the Pioneer Valley, they’re not very impressive; we love that market, and it’s very stable, but it’s not high-growth.
“It’s different in the eastern part of the state,” he went on. “In spite of the depth of the competition, it’s still a great market to be in; there are opportunites for growth.”
From a bigger-picture perspective, this latest merger provides an opportunity to take the stability
“In a low-margin business of any kind, and banking is certainly right at the top of that list, you have got to grow, or you’re going backward.”
of Western Mass. and juxtapose it against the “higher highs and lower lows” that define the far more dynam- ic eastern part of the state, he continued, adding that this diversity of regions and markets is another solid asset for Hometown Financial Group.
It’s an asset most other banks in the region are seeking as well, he said, noting that several banks
in Western Mass. are pushing into Connecticut and other regions, and some Connecticut-based banks are moving north.
It’s all a function of gaining access to higher- growth areas and, overall, much-needed size, said Sosik, as he returned once again to the topics of margins — and how they became even smaller in the
wake of repeated interest-rate hikes last year — and scale and the importance of attaining it.
“Banks are not built to withstand that kind of pres- sure,” he said in reference to climbing deposit rates and an inability to increase yields on existing loan portfolios beyond a certain point. “So you’re seeing banks in various degrees of duress becase of that predicament.”
The pace of interest-rate increases has certainly slowed, and rates may even decline somewhat this year, but this will remain a challenging climate for banks of all sizes, he went on, adding that the only course of action is to achieve greater size.
“In a low-margin business of any kind, and banking is certainly right at the top of that list, you have got to grow, or you’re going backward,” he went on. “That’s the nature of the beast. How do you acomplish that growth? We’ve chosen one model, and there are other successful pathways.”
Thus far, this model has chosen to be successful at achieving its various goals — from territorial expan- sion and regional diversity to much-needed scale.
And Sosik expects this pattern to continue with the acquisition of North Shore Bank. BW
22 MARCH 18, 2024
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