The algorithm that is Fenway’s John Henry
2 hours ago
* Total loans increased by $74.7 million, or 10.5% from December 31, 2008.Richard J. Gavegnano, Chairman and Chief Executive Officer of the Company, noted that, "The Bank continues to see great opportunities in lending and healthy growth in deposits. Yields on new loans remain stable, and the Bank's cost of funds has decreased sharply, enhancing net interest income. Our capital position is a source of stability for the Bank and provides us the ability to capture relationships from customers disaffected by larger institutions."
* Deposits increased by $125.2 million, or 15.7% from December 31, 2008.
* The net interest margin improved for the sixth consecutive quarter, increasing from 3.18% for the quarter ended June 30, 2009 to 3.35% for the quarter ended September 30, 2009.
* To increase the Bank's brand exposure in Suffolk County, the Company initiated a new strategic marketing campaign in September 2009, which is entitled "Hard Work" and highlights the Bank's community focus and commitment to hard work.
* In September 2009, the Bank hosted an open house at its newest branch in Medford, MA, bringing the number of locations to provide convenient customer service to 13.
Because Massachusetts could not come up with more money for transportation projects, as required by the federal government, 17 projects were eliminated in the Boston metropolitan area, including eight on the North Shore.
"We take no pleasure in the dramatic cutbacks included in the new Regional Transportation Plan,” said Marc Draisen, executive director of the Metropolitan Area Planning Council, “but they represent a realistic assessment of funds currently available and likely to be available in future years."