Northfield Savings Bank reports 2008 results

first_imgSource: NSB. Northfield, VT (April 30, 2009) – Northfield Savings Bank,Northfield Savings Bank (NSB) continued its strong financial performance in 2008 and the first quarter of 2009 as evidenced by asset growth, strong capitalization and consistent earnings.Total assets at year end were $588 million, an increase of $25.5 million or 4.5% from 2007. Capital increased to $71.7 million on net income of $2.9 million. The Bank s capital remains more than twice the regulatory requirement to be considered well capitalized.During the first quarter of 2009 a new milestone was reached as assets exceeded $600 million. Earnings for the quarter were $801,000. NSB s performance remained strong in 2008 despite the banking turmoil and economic recession impacting the United States, and this trend continues in 2009, stated Thomas Pelletier, President and CEO. We believe the Bank s continued success is reflective of Vermonters commitment and confidence in local community banks.As a mutual/depositor owned institution, in 2008 NSB continued its long standing practice of contributing 10% of its earnings to over 200 community based non profit organizations. This community dividend has exceeded $300,000 annually for many years.About Northfield Savings BankNorthfield Savings Bank (NSB) is Vermont s second-largest bank headquartered in the state, and was founded in 1867 by a group of area citizens. With assets of $600 million, NSB is also one of Vermont’s largest providers of residential mortgages and commercial loans. Instead of paying a dividend as stockholder-owned banks do, NSB proudly distributes a community dividend of 10% of profits to Vermont community organizations. NSB has consistently contributed $300,000 per year over the past several years. An independent community bank, NSB employs approximately 143 people and operates 13 branches throughout Central Vermont and Chittenden County. Member FDIC. Equal Housing Lender.last_img

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