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Spirit of Excellence honoree Tyler Zamore pictured here with Jean Libby, Yarmouth Manager, AVP.
Tyler Zamore Receives Spirit of Excellence Award
Yarmouth, Maine (May 20, 2010) — Bath Savings Institution is proud to congratulate Yarmouth Teller Tyler Zamore who received the Spirit of Excellence Award from the Yarmouth Chamber of Commerce. This well-deserved award goes to a non-managerial employee who demonstrates a commitment to his company, customers and community. Congratulations, Tyler!
Bath Savings Checking Accounts Support Non-profits
Bath, Maine (May 15, 2010) — Bath Savings Institution offers new customers a unique way to give back. Every time a customer opens a new eChecking NOW Account, the bank contributes $25 to a local non-profit. Since April 2009 Bath Savings has contributed more than $20,000 to area non-profits in Portland, Falmouth, Yarmouth, Freeport, Brunswick, Bath, Boothbay Harbor and Damariscotta.
New eChecking customers can choose from a list of participating non-profits in their community. Some 50 organizations are participating.
“Non-profits give so much to the community and our customers clearly value that,” says President Glenn Hutchinson. Because of their enthusiastic response, he says the bank plans to continue the program.
Bath Savings Institution Holds 159th Annual Meeting, Announces Record Profits
Bath, Maine (April 15, 2010) — Bath Savings Institution held its 159th Annual Meeting at the Taste of Maine Restaurant in Woolwich on March 24, 2010. Corporators, Trustees and special guests attended the meeting electing new corporators Jeffrey S. Geiger, James B. Hatch, Adam Nappi and Lois N. Skillings. Oliver Andrews III, Glenn L. Hutchinson, D. Vincent McLaughlin, Esther M. Pappas, Ronald E. Pendleton, Brian M. Perkins, Sandra Morrell Rooney and John W. Voorhees were elected to serve as trustees for the ensuing year.
President & CEO Glenn L. Hutchinson presented the 2009 financial results for Bath Savings Institution and its wholly owned subsidiary Bath Savings Trust Company. Building on the theme of “Keeping Our Hometowns Strong,” Hutchinson reviewed the bank’s Neighbor to Neighbor philosophy that seeks to build strong communities through active participation and a variety of community support programs. For example, the bank’s new eChecking NOW account provides customers with a gift certificate to be used at any Bath Savings business and allows them to designate a $25 donation to a local non-profit. This unique program has provided over $20,000 to local non-profits in the past year.
The bank’s record earnings of nearly $4.5 million support the strong presence it has maintained in its local communities, providing a record $272,000,000 in loans. The Bath Savings Trust Company provided an excellent investment home for its clients realizing a 23% rate of return across accounts.
Ron Pendleton Named Distinguished Corporator of the Year
President Hutchinson announced the Distinguished Corporator of the Year, Ron Pendleton who was honored for loyalty and support of Bath Savings. Ron became a corporator in 1977 and has served as a trustee since 1988. After 55 years on the job and 20 years as the Bristol Fire Chief, Pendleton stepped down as Chief in January. He and his wife have received many community service recognitions including the WCSH 6 Who Care Award. “He embodies the bank’s mission of keeping our hometowns safe and strong and is a great example to all of us,” said President Hutchinson.
Andrews Elected to Bath Savings Institution Board
Bath, Maine (February 16, 2010) — President & CEO Glenn Hutchinson announced the election of Bath Savings Institution’s newest trustee, Oliver (Andy) Andrews III. A resident of Phippsburg, Andrews is a private business consultant and former bank executive.
Andrews graduated from Bates College in Lewiston. As a consultant, he has worked with many banks and credit unions in the State. He served as the Chief Financial Officer for Bangor Savings Bank and has extensive project management experience.
Andrews serves on the Board of the Associated Grocers of Maine and is a volunteer for the Phippsburg Fire and Rescue Associations as well as a director and secretary of the McLanathan-Phippsburg Fire and Rescue Fund.
“We are delighted to have Andy Andrews join Bath Savings Institution’s Board of Trustees. His financial expertise and his commitment to our region will add to the strength we already have on our Board,” stated BSI President Hutchinson.
Board members are selected from the bank’s Corporators and they live and work in the coastal communities in the bank’s market region. The trustees deal with a range of policy issues and general oversight of the bank’s business.
“I have been a BSI customer for many years and respect their strong, conservative approach to banking. Their commitment to exceptional service is demonstrated every day. It is a personal honor to serve on the Board of this strong financial institution,” remarked Andrews.
Bath Savings Institution Posts Record Earnings for 2009
Bath, Maine (February 12, 2010) — Bath Savings Institution President & CEO Glenn L. Hutchinson announced today that the bank has posted record earnings for 2009. He said, “While banks across the country struggled with huge losses, I am proud to report that Bath Savings Institution grew stronger, posting record net income of $4,467,058, which was 13.9% more than its previous best, recorded last year. Total capital, or reserves and undivided profits, grew to $54.8 million or 10.3% of total assets. This capital position is approximately twice what the federal regulators would require to be considered well capitalized.”
The bank’s total deposits grew to $393 million, ending 2009 at a record level and total assets also reached a new record, ending 2009 at $532 million.
Hutchinson further stated, “It has been widely reported that last year ‘banks were not lending,’ but apparently no one checked with Bath Savings. In 2009 we provided $176 million to individuals to finance homes, automobiles and their children’s education, and $96 million to businesses and municipalities, totaling over $272 million.”
Bath Savings Trust Company, the bank’s wholly owned subsidiary for trust and investment services, also had a record year of growth. By the end of 2009 investments under management totaled a record $304 million, increasing by nearly $50 million during the year.
Michael Celeste Named to Make-A-Wish Foundation National Board
Bath, Maine (December, 2009) — Michael Celeste, Bath Savings Vice President, Commercial Lending has been named to the national Board of Directors of the Make-A-Wish Foundation. Mike has served on the Maine Make-A-Wish Board of Directors since 2003, most recently as Board Chair. “Mike Celeste is a tremendous representative of the Make-A-Wish Foundation,” said Tom Peaco, Executive Director at the Make-A-Wish Foundation of Maine. “His passion for our mission and the children we serve is unending.” Celeste also volunteers for the American Red Cross, Ronald McDonald House, Epilepsy Foundation, United Way, Susan Curtis Foundation, and Maine Children’s Cancer Center.
Bath Savings Recognizes Outstanding Employees for 2009
Bath, Maine (October 28, 2009) — Bath Savings Institution honored exceptional service without exception at its 2009 Annual Employee Recognition Night.
In announcing the awards, President and CEO Glenn Hutchinson cited the bank’s investment in the communities it serves. “At Bath Savings Institution, we use our financial strength to help our communities stay strong. The strength of a local economy is its businesses, and as a local community bank, we lend our depositors funds to local businesses to create jobs, provide goods and services, and create opportunities for their employees. This access to credit is the lifeblood of our local economy.”
Hutchinson also noted the Neighbor to Neighbor “Keeping Our Hometowns Strong” program, which has donated more than $10,000 to area non-profits since June. In that spirit, Hutchinson announced the following awards.
Relationship Builder Award
This coveted award was given to the Yarmouth branch which excelled in building customer relationships this year. Citing the Yarmouth team’s enthusiasm and creativity, President Hutchinson said they surpassed all goals for customer contact and account opening this year. The team includes Assistant Vice President Jean Libby, Melissa Libby, Jessica McConnell, Aimee Gallant, Rebecca Chandler, Suzanne Bird and Tyler Zamore.
Exceptional Service Awards
The following individuals were honored for exceptional service in fulfilling the bank’s mission.
Daniel Wilson received the Internal Service Award which is based on a vote by fellow employees. Daniel provides exceptional service to others within the bank as clerical staff in deposit operations. Other top contenders were Trena Bean of Loan Processing and Cindy Lien, also from Deposit Operations.
Receiving the Tellers Exceptional Service Award was Deborah Anderson of the Damariscotta branch, who was also honored in 2004. Also nominated were Michael Lapham, Portland, and Angela McLellan, Boothbay Harbor.
The Exceptional Customer Service Representative Award, given to a member of the new account staff, went to Esperanza Esquivel of Bath. Other finalists were Bonnie Heatley, Portland, and Jessica McConnell, Yarmouth.
Winning service everywhere
Recognized as Cross Sales Stars for averaging 1.75 accounts each were Crystal MacGown, Angela McLellan, Clover Craig, Barbara Tuttle, Rebecca Clifford, Debbie Anderson, Bonita Heatley, Jennifer Frederick, Michelle Barker, Sarah Valle, Jessica McConnell and Melissa Libby.
Assistant Vice President Kathy Reed and her Brunswick team earned the Customer Care Award in recognition of the superior care and respect that they provide their customers.
Winning the Neighbor to Neighbor Award in honor of the bank’s proud tradition of community service was Bath Teller Amanda Kibbe, who volunteers as a Big Sister in the Big Brothers/Big Sisters Program.
The Loan Processing Department won the annual Smooth Sailing Award for exceptional service during a time of overwhelming demand for loan products. To date, the department has processed, underwritten and closed 903 new loans — 64% more than 2008. They also delivered over 500 loans to Freddie Mac.
BSI Earns Outstanding Rating for Community Investment
Every financial institution is evaluated periodically by the FDIC under the Community Reinvestment Act (CRA). The evaluation determines how well a bank is doing in meeting the credit needs of the entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of the institution.
Bath Savings Institution has once again earned an “Outstanding” rating. This is an important measure of our investment in the community. It also shows our commitment to assisting low- and moderate-income families in the towns we call home.
Read complete details of our latest outstanding CRA rating.
Celebrating 20 Years of Investment Advice From Main Street (Not Wall Street)
Bath, Maine (September 1, 2009) — Bath Savings Trust Company, a wholly owned subsidiary of Bath Savings Institution, is celebrating 20 years of growth. The company reports funds under management as $265,000,000.
Trust Company President Tom Whelan attributes this growth to a thoughtful investment approach as well as intimate knowledge of Trust Company clients and the holdings managed on their behalf. The Trust Company constructs individual portfolios of high quality stocks, a strategy that helped Bath Savings Trust Company clients outperform the market on average by 15% in 2008.
“We deliver a quality portfolio and invest in companies that have proven themselves over time,” Tom says. “Our companies have solid management in place, year over year earnings growth, low debt levels and other attributes that we find attractive for our clients.”
Bath Savings Trust Company also specializes in 401(k) investments and rollovers.
Investment products are not insured by the FDIC, are not deposits or obligations of the Bank, and are not guaranteed by the Bank. Investment products are subject to investment risk, including the possible loss of principal.
Bath Savings Welcomes Its Newest Neighbor
Bath, Maine (August 11, 2009) — Bath Savings Institution welcomed its newest Front Street neighbor, The Bath Hampton Inn, at a groundbreaking ceremony held on August 4, 2009. Financed by Bath Savings, the hotel is a project of Freeport based Maine Course Hospitality Group partnered with Hilton Hotels. The 94-unit business and leisure hotel is set to open during the summer of 2010.
Yarmouth Residents Put Their Money Where Their Heart Is
Yarmouth, Maine (July 14, 2009) — Bath Savings Institution has given more than $2,000 to Yarmouth area non-profits recently as part of a special ‘Neighbor to Neighbor’ initiative the bank introduced this spring. With every new personal checking account opened at its Yarmouth branch, Bath Savings has donated $25 to one of several area non-profits.
Customers can choose which non-profit they wish to receive the donation: Yarmouth Arts, Village Improvement Society, or the Yarmouth Historical Society. Because of strong support, the bank has recently added Royal River Conservation Trust and Yarmouth Senior Housing.
“It’s been wonderful to have so many people come forward to show their support for these valuable non-profits,” says Assistant Vice President and Manager Jean Libby. “Clearly our customers want to support all the things that make Yarmouth such a great community. We’re proud to be part of it.”
Customers opening a new personal checking account at Bath Savings also receive a $10 Neighbor to Neighbor Gift Certificate to use at a local business, supporting the area’s merchants.
Bath Savings Celebrates Neighbors and Non-Profits in Boothbay Harbor
Boothbay Harbor, Maine (June 19, 2009) — Bath Savings Institution is celebrating its 10th anniversary in Boothbay Harbor with gifts for its neighbors and area non-profits.
When customers open an e-checking account at the Boothbay Harbor branch, they’ll receive a $10 Neighbor to Neighbor Gift Certificate to use at a local business. With each new e-checking account, Bath Savings will also donate $25 to one of three area non-profits — Boothbay Harbor Memorial Library, Boothbay Region Land Trust and Boothbay Railway Village.
“Businesses are the lifeblood of our community, creating opportunities and jobs. And non-profits help our communities in so many invaluable ways,” says Assistant Vice President and Branch Manager Linda W. Anderson. “This is our way of saying thank you.”
Bath Savings has been banking on the coast of Maine since 1852. A true community bank, it is a mutual organization that is owned and controlled locally. “We have a long tradition of strength and stability, something that’s more important than ever today,” says Anderson.
She notes that Bath Savings has once again received the highest 5-Star rating from Bauer Financial, and is ranked in the top 10% of safest banks in the country. “We are putting that strength to work to make our community stronger. Our Neighbor to Neighbor program is a very personal way to do that, helping businesses and individuals throughout the Boothbay Region.”