Lowell Five Announces Financial Growth and Plans for Expansion

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Lowell Five Announces Financial Growth and Plans for Expansion
. Please Note --> This is a Past Event!! .

Date: 7/10/2012 TO 8/10/2012
Time:

Phone:
978-441-6517

Event Description: Lowell Five Announces Financial Growth and Plans for Expansion Lowell, Mass., July 9, 2012 – David E. Wallace, President of The Lowell Five Cent Savings Bank, is pleased to announce that The Lowell Five continues its momentum of significant loan and deposit growth throughout the first half of 2012. For the six months ended June 30, 2012, The Lowell Five recorded annualized increases in deposits and loans of 23.0% and 21.3%, respectively. This compares favorably to the latest average figures of all Massachusetts savings banks, which reported deposit and loan growth of 7.5% and 7.8%, respectively. The Lowell Five’s assets increased 19.4% over the same time frame to approximately $810 million. The Bank’s tier 1 capital ratio in excess of 13.5% remains the strongest of any bank headquartered in Lowell and far exceeds the minimum requirement of the Federal Deposit Insurance Corporation (FDIC) of 4.0%. Bauer Financial has designated The Lowell Five as a superior institution with a five star rating. “We are very pleased to be executing upon our strategy which has led to such financial achievements,” said Wallace. “Our customers have found that we deliver personalized banking solutions in a very quick manner. While rating agencies continue to downgrade the large banks, we continue to invest locally in people, infrastructure, and technology and we are in the enviable position of watching these investments bring growth and opportunity to our customers and community.” The Lowell Five has expanded their branch network to include their newest location in Nashua, New Hampshire, which opened in May. A branch at the Nashoba Valley Technical High School will open in September and construction has started on a new North Andover branch location scheduled to open in January. “The opening of these new branch offices is an integral part of our strategic plan,” said Wallace. “The Southern New Hampshire and North Andover markets are already making considerable contributions to our growth. Furthermore, we are excited to mirror the success we have had at the Greater Lowell Technical High School with our new branch at the Nashoba Valley Technical High School.” About The Lowell Five Cent Savings Bank Locally governed and managed with over 150 years of strength and stability, The Lowell Five is a service oriented community bank providing comprehensive mortgage and loan products in excess of $20 million, extensive deposit and cash management products and services, and investment and insurance products for individuals, businesses, municipalities and non-profits throughout its 14 locations. The Lowell Five maintains one of the strongest capital positions of all Massachusetts savings banks and deposits are insured in full by both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

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