MHC Polymorphism. MHC Class I pathway Figure by Eric A.J. Reits.
Trustees of MountainOne Financial, MHC · Trustees of MountainOne Financial, MHC Directors of...
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Banking I Insurance I Investments I Group Benefits MountainOne 2015 Annual Report
Transcript of Trustees of MountainOne Financial, MHC · Trustees of MountainOne Financial, MHC Directors of...
Trustees of MountainOne Financial, MHC
Directors of MountainOne Financial, Inc.
Directors of MountainOne BankPamela B. Art
James J. Bailey, Jr.
Daniel E. Bosley
Richard B. Bullett
Noreen Carey-Neville
David W. Crane
Robert J. Fraser
Susan S. Hogan
Stephen P. Klass
Kevin A. Maguire
Thomas P. O’Connell
William F. Spence
Joseph C. Thompson
CorporatorsFaisal Ali
Billie Lynn Allard
William Apkin
James Art
Pamela B. Art
James J. Bailey, Jr.
Ann Bartlett
Ray Belanger, Jr.
Blair Benjamin
Daniel E. Bosley
John Bradley
Diana D. Brooks
Andrew B. Budz
Richard B. Bullett
Daniel H. Campbell
Noreen Carey-Neville
Gailanne M. Cariddi
Lynne Carlotto
David Carver
Donald B. Clark
Eileen M. Clark
Paula J. Clough
Jonathan Cluett
Carol A. Colantuono
Robert W. Collins
David W. Crane
Stephen G. Crowe
Richard D. Curtis, Jr.
Steven Del Negro
Suzanne R. Dewey
Donald R. Dubendorf
Paul R. Dupuis
Rosemary T. Earley
William E. Elder
J. Adam Filson
David F. Fowle
Robert J. Fraser
Thomas A. Gajda
Michael J. Gardner, Jr.
Michael J. Gardner, Sr.
Brice George
Dean M. Grimes
Vincent P. Guntlow
Michael Haddad, Jr.
Allen L. Hall
Kevin Hanley
Paula Harris
Ruth G. Harrison
Paul Hart
Susan S. Hogan
John C. Holden
Thomas P. Kaegi
Christopher Kapiloff
Stephen P. Klass
Kevin A. Lamb
Richard C. Lamb
Teresa H. Lamb
Kevin A. Maguire
Robert Manzella
Marcia McFarland-Gray
Corlis A. McGee
Jon McGrath
Maureen N. McGuire
Amy Moresi
David Moresi
K. Elaine Neely
Kimberly P. Nelson
Linda Neville
Edward F. Nimmons
Thomas P. O’Connell
Maureen M. O’Mara
Steven Owens
Charles Perfetuo
Felicia Pharr
Leslie Reed-Evans
Denise C. Richardello
Mireille Roy
Jonathan B. Sabin
Robert J. Scerbo
Graham Shalgian
Ann P. Shannon
Matt Sheehy
Eva Sheridan
Anthony M. Smeglin
Edwin L Smith
William F. Spence
Susan B. Spooner
Roger E. St. Pierre
Suzanne J. Stinson
Bradley C. Svrluga
Joseph C. Thompson
F. Steven Triffletti
Donald Trimarchi
Robert C. Ware
Susannah Wells
David J. Westall
Susan J. Yates-Mulder
Our Mission
To deliver solutions of real value that help individuals, businesses, and community
institutions manage their financial lives with clarity and confidence.
INVESTMENT AND INSURANCE PRODUCTS:
• ARE NOT A DEPOSIT
• ARE NOT FDIC-INSURED
• ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
• ARE NOT GUARANTEED BY THE BANK
• MAY GO DOWN IN VALUE
MountainOne Financial is a mutual holding company headquartered in North Adams,
MA. MountainOne Bank is a subsidiary of MountainOne Financial, and includes the
following divisions: Coakley, Pierpan, Dolan & Collins Insurance; True North Insurance;
and True North Financial (financial professionals offering securities and advisory
services through Commonwealth Financial Network,® Member FINRA/SIPC, a
Registered Investment Advisor). Founded in 1848, MountainOne Bank has assets
of over $840 million and provides a broad range of banking services to personal
and business customers. MountainOne Bank has three full service offices serving
the Berkshires, three serving Boston South, and one serving Boston North.
MountainOne Bank is Member FDIC. Member DIF. Equal Housing Lender.
Danvers | North Adams | Pittsfield | Quincy | Rockland | Scituate | Williamstown
Dear MountainOne Community:
I am pleased to report that our Net
Income of $2.7 million in 2015 represented
a 97% increase from earnings in 2014
and is the highest level of profitability for
MountainOne since 2005. Our 2015
financial performance should be considered
a baseline going forward. The ongoing
improvement in earnings, starting in 2013,
is the result of executing upon strategic
initiatives to improve asset quality, increase
commercial construction lending in
eastern Massachusetts, grow our residential
mortgage business, increase deposits and shed high-cost borrowings.
During the summer and fall of 2015, I held informal “Coffee with Corporators”
breakfast meetings in North Adams and Rockland, in an attempt to
keep Corporators abreast of our interim financial results, provide updates
on initiatives, introduce business unit leaders and maintain an overall
sense of engagement with MountainOne. These meetings began as a result
of feedback that as MountainOne evolved from three banks into one,
our Corporators had become less informed, confused as to our strategic
direction, and disengaged. I am hopeful the effort to improve communication,
as well as the opportunity to meet with me in smaller informal settings, has
provided all interested Corporators with a much better understanding
of MountainOne. It is my intent to continue with these meetings during 2016
and I encourage all Corporators to attend whenever possible.
Last year I reported on our decision to repopulate our building at 296 Main
Street in Williamstown, which includes a MountainOne drive-up ATM
and offices for Coakley, Pierpan, Dolan & Collins Insurance Agency and True
North Financial Services. We have recently finished leasing out the remaining
space in the building and have now achieved 100% occupancy. I am thrilled
that we were able to bring this beautiful and centrally-located Williamstown
building back to life.
It is with a deep sense of gratitude and thanks that I acknowledge the
contributions of our retiring director, Richard J. Phelps. Dick became a
Corporator of Rockland Savings Bank in 1966 and joined the board in 1967.
Upon the merger of South Coastal into MountainOne in 2007, Dick joined the
MountainOne board as a trustee. Dick also served as Chair of South Coastal
Bank until its merger into Hoosac Bank creating MountainOne Bank. His
dedication and commitment to our organization has been unwavering and
a critical component of our success. He has been a friend and mentor to me.
Thank you, Dick!
And, to our Community, your continued support of MountainOne
is greatly appreciated!
Robert J. Fraser
President & Chief Executive Officer
Banking I Insurance I Investments I Group Benefits
MountainOne 2015 Annual Report
Trustees of MountainOne Financial, MHC
Directors of MountainOne Financial, Inc.
Directors of MountainOne BankPamela B. Art
James J. Bailey, Jr.
Daniel E. Bosley
Richard B. Bullett
Noreen Carey-Neville
David W. Crane
Robert J. Fraser
Susan S. Hogan
Stephen P. Klass
Kevin A. Maguire
Thomas P. O’Connell
William F. Spence
Joseph C. Thompson
CorporatorsFaisal Ali
Billie Lynn Allard
William Apkin
James Art
Pamela B. Art
James J. Bailey, Jr.
Ann Bartlett
Ray Belanger, Jr.
Blair Benjamin
Daniel E. Bosley
John Bradley
Diana D. Brooks
Andrew B. Budz
Richard B. Bullett
Daniel H. Campbell
Noreen Carey-Neville
Gailanne M. Cariddi
Lynne Carlotto
David Carver
Donald B. Clark
Eileen M. Clark
Paula J. Clough
Jonathan Cluett
Carol A. Colantuono
Robert W. Collins
David W. Crane
Stephen G. Crowe
Richard D. Curtis, Jr.
Steven Del Negro
Suzanne R. Dewey
Donald R. Dubendorf
Paul R. Dupuis
Rosemary T. Earley
William E. Elder
J. Adam Filson
David F. Fowle
Robert J. Fraser
Thomas A. Gajda
Michael J. Gardner, Jr.
Michael J. Gardner, Sr.
Brice George
Dean M. Grimes
Vincent P. Guntlow
Michael Haddad, Jr.
Allen L. Hall
Kevin Hanley
Paula Harris
Ruth G. Harrison
Paul Hart
Susan S. Hogan
John C. Holden
Thomas P. Kaegi
Christopher Kapiloff
Stephen P. Klass
Kevin A. Lamb
Richard C. Lamb
Teresa H. Lamb
Kevin A. Maguire
Robert Manzella
Marcia McFarland-Gray
Corlis A. McGee
Jon McGrath
Maureen N. McGuire
Amy Moresi
David Moresi
K. Elaine Neely
Kimberly P. Nelson
Linda Neville
Edward F. Nimmons
Thomas P. O’Connell
Maureen M. O’Mara
Steven Owens
Charles Perfetuo
Felicia Pharr
Leslie Reed-Evans
Denise C. Richardello
Mireille Roy
Jonathan B. Sabin
Robert J. Scerbo
Graham Shalgian
Ann P. Shannon
Matt Sheehy
Eva Sheridan
Anthony M. Smeglin
Edwin L Smith
William F. Spence
Susan B. Spooner
Roger E. St. Pierre
Suzanne J. Stinson
Bradley C. Svrluga
Joseph C. Thompson
F. Steven Triffletti
Donald Trimarchi
Robert C. Ware
Susannah Wells
David J. Westall
Susan J. Yates-Mulder
Our Mission
To deliver solutions of real value that help individuals, businesses, and community
institutions manage their financial lives with clarity and confidence.
INVESTMENT AND INSURANCE PRODUCTS:
• ARE NOT A DEPOSIT
• ARE NOT FDIC-INSURED
• ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
• ARE NOT GUARANTEED BY THE BANK
• MAY GO DOWN IN VALUE
MountainOne Financial is a mutual holding company headquartered in North Adams,
MA. MountainOne Bank is a subsidiary of MountainOne Financial, and includes the
following divisions: Coakley, Pierpan, Dolan & Collins Insurance; True North Insurance;
and True North Financial (financial professionals offering securities and advisory
services through Commonwealth Financial Network,® Member FINRA/SIPC, a
Registered Investment Advisor). Founded in 1848, MountainOne Bank has assets
of over $840 million and provides a broad range of banking services to personal
and business customers. MountainOne Bank has three full service offices serving
the Berkshires, three serving Boston South, and one serving Boston North.
MountainOne Bank is Member FDIC. Member DIF. Equal Housing Lender.
Danvers | North Adams | Pittsfield | Quincy | Rockland | Scituate | Williamstown
Dear MountainOne Community:
I am pleased to report that our Net
Income of $2.7 million in 2015 represented
a 97% increase from earnings in 2014
and is the highest level of profitability for
MountainOne since 2005. Our 2015
financial performance should be considered
a baseline going forward. The ongoing
improvement in earnings, starting in 2013,
is the result of executing upon strategic
initiatives to improve asset quality, increase
commercial construction lending in
eastern Massachusetts, grow our residential
mortgage business, increase deposits and shed high-cost borrowings.
During the summer and fall of 2015, I held informal “Coffee with Corporators”
breakfast meetings in North Adams and Rockland, in an attempt to
keep Corporators abreast of our interim financial results, provide updates
on initiatives, introduce business unit leaders and maintain an overall
sense of engagement with MountainOne. These meetings began as a result
of feedback that as MountainOne evolved from three banks into one,
our Corporators had become less informed, confused as to our strategic
direction, and disengaged. I am hopeful the effort to improve communication,
as well as the opportunity to meet with me in smaller informal settings, has
provided all interested Corporators with a much better understanding
of MountainOne. It is my intent to continue with these meetings during 2016
and I encourage all Corporators to attend whenever possible.
Last year I reported on our decision to repopulate our building at 296 Main
Street in Williamstown, which includes a MountainOne drive-up ATM
and offices for Coakley, Pierpan, Dolan & Collins Insurance Agency and True
North Financial Services. We have recently finished leasing out the remaining
space in the building and have now achieved 100% occupancy. I am thrilled
that we were able to bring this beautiful and centrally-located Williamstown
building back to life.
It is with a deep sense of gratitude and thanks that I acknowledge the
contributions of our retiring director, Richard J. Phelps. Dick became a
Corporator of Rockland Savings Bank in 1966 and joined the board in 1967.
Upon the merger of South Coastal into MountainOne in 2007, Dick joined the
MountainOne board as a trustee. Dick also served as Chair of South Coastal
Bank until its merger into Hoosac Bank creating MountainOne Bank. His
dedication and commitment to our organization has been unwavering and
a critical component of our success. He has been a friend and mentor to me.
Thank you, Dick!
And, to our Community, your continued support of MountainOne
is greatly appreciated!
Robert J. Fraser
President & Chief Executive Officer
Banking I Insurance I Investments I Group Benefits
MountainOne 2015 Annual Report
Trustees of MountainOne Financial, MHC
Directors of MountainOne Financial, Inc.
Directors of MountainOne BankPamela B. Art
James J. Bailey, Jr.
Daniel E. Bosley
Richard B. Bullett
Noreen Carey-Neville
David W. Crane
Robert J. Fraser
Susan S. Hogan
Stephen P. Klass
Kevin A. Maguire
Thomas P. O’Connell
William F. Spence
Joseph C. Thompson
CorporatorsFaisal Ali
Billie Lynn Allard
William Apkin
James Art
Pamela B. Art
James J. Bailey, Jr.
Ann Bartlett
Ray Belanger, Jr.
Blair Benjamin
Daniel E. Bosley
John Bradley
Diana D. Brooks
Andrew B. Budz
Richard B. Bullett
Daniel H. Campbell
Noreen Carey-Neville
Gailanne M. Cariddi
Lynne Carlotto
David Carver
Donald B. Clark
Eileen M. Clark
Paula J. Clough
Jonathan Cluett
Carol A. Colantuono
Robert W. Collins
David W. Crane
Stephen G. Crowe
Richard D. Curtis, Jr.
Steven Del Negro
Suzanne R. Dewey
Donald R. Dubendorf
Paul R. Dupuis
Rosemary T. Earley
William E. Elder
J. Adam Filson
David F. Fowle
Robert J. Fraser
Thomas A. Gajda
Michael J. Gardner, Jr.
Michael J. Gardner, Sr.
Brice George
Dean M. Grimes
Vincent P. Guntlow
Michael Haddad, Jr.
Allen L. Hall
Kevin Hanley
Paula Harris
Ruth G. Harrison
Paul Hart
Susan S. Hogan
John C. Holden
Thomas P. Kaegi
Christopher Kapiloff
Stephen P. Klass
Kevin A. Lamb
Richard C. Lamb
Teresa H. Lamb
Kevin A. Maguire
Robert Manzella
Marcia McFarland-Gray
Corlis A. McGee
Jon McGrath
Maureen N. McGuire
Amy Moresi
David Moresi
K. Elaine Neely
Kimberly P. Nelson
Linda Neville
Edward F. Nimmons
Thomas P. O’Connell
Maureen M. O’Mara
Steven Owens
Charles Perfetuo
Felicia Pharr
Leslie Reed-Evans
Denise C. Richardello
Mireille Roy
Jonathan B. Sabin
Robert J. Scerbo
Graham Shalgian
Ann P. Shannon
Matt Sheehy
Eva Sheridan
Anthony M. Smeglin
Edwin L Smith
William F. Spence
Susan B. Spooner
Roger E. St. Pierre
Suzanne J. Stinson
Bradley C. Svrluga
Joseph C. Thompson
F. Steven Triffletti
Donald Trimarchi
Robert C. Ware
Susannah Wells
David J. Westall
Susan J. Yates-Mulder
Our Mission
To deliver solutions of real value that help individuals, businesses, and community
institutions manage their financial lives with clarity and confidence.
INVESTMENT AND INSURANCE PRODUCTS:
• ARE NOT A DEPOSIT
• ARE NOT FDIC-INSURED
• ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
• ARE NOT GUARANTEED BY THE BANK
• MAY GO DOWN IN VALUE
MountainOne Financial is a mutual holding company headquartered in North Adams,
MA. MountainOne Bank is a subsidiary of MountainOne Financial, and includes the
following divisions: Coakley, Pierpan, Dolan & Collins Insurance; True North Insurance;
and True North Financial (financial professionals offering securities and advisory
services through Commonwealth Financial Network,® Member FINRA/SIPC, a
Registered Investment Advisor). Founded in 1848, MountainOne Bank has assets
of over $840 million and provides a broad range of banking services to personal
and business customers. MountainOne Bank has three full service offices serving
the Berkshires, three serving Boston South, and one serving Boston North.
MountainOne Bank is Member FDIC. Member DIF. Equal Housing Lender.
Danvers | North Adams | Pittsfield | Quincy | Rockland | Scituate | Williamstown
Dear MountainOne Community:
I am pleased to report that our Net
Income of $2.7 million in 2015 represented
a 97% increase from earnings in 2014
and is the highest level of profitability for
MountainOne since 2005. Our 2015
financial performance should be considered
a baseline going forward. The ongoing
improvement in earnings, starting in 2013,
is the result of executing upon strategic
initiatives to improve asset quality, increase
commercial construction lending in
eastern Massachusetts, grow our residential
mortgage business, increase deposits and shed high-cost borrowings.
During the summer and fall of 2015, I held informal “Coffee with Corporators”
breakfast meetings in North Adams and Rockland, in an attempt to
keep Corporators abreast of our interim financial results, provide updates
on initiatives, introduce business unit leaders and maintain an overall
sense of engagement with MountainOne. These meetings began as a result
of feedback that as MountainOne evolved from three banks into one,
our Corporators had become less informed, confused as to our strategic
direction, and disengaged. I am hopeful the effort to improve communication,
as well as the opportunity to meet with me in smaller informal settings, has
provided all interested Corporators with a much better understanding
of MountainOne. It is my intent to continue with these meetings during 2016
and I encourage all Corporators to attend whenever possible.
Last year I reported on our decision to repopulate our building at 296 Main
Street in Williamstown, which includes a MountainOne drive-up ATM
and offices for Coakley, Pierpan, Dolan & Collins Insurance Agency and True
North Financial Services. We have recently finished leasing out the remaining
space in the building and have now achieved 100% occupancy. I am thrilled
that we were able to bring this beautiful and centrally-located Williamstown
building back to life.
It is with a deep sense of gratitude and thanks that I acknowledge the
contributions of our retiring director, Richard J. Phelps. Dick became a
Corporator of Rockland Savings Bank in 1966 and joined the board in 1967.
Upon the merger of South Coastal into MountainOne in 2007, Dick joined the
MountainOne board as a trustee. Dick also served as Chair of South Coastal
Bank until its merger into Hoosac Bank creating MountainOne Bank. His
dedication and commitment to our organization has been unwavering and
a critical component of our success. He has been a friend and mentor to me.
Thank you, Dick!
And, to our Community, your continued support of MountainOne
is greatly appreciated!
Robert J. Fraser
President & Chief Executive Officer
Banking I Insurance I Investments I Group Benefits
MountainOne 2015 Annual Report
MountainOne Financial Consolidated Statements of Income
Years Ended December 31
2015 2014
(Dollars in Thousands)
Interest and dividend income:
Loans, including fees $27,683 $25,627
Securities 1,793 2,222
Federal funds sold and other 23 21
Total interest and dividend income 29,499 27,870
Interest expense:
Deposits 3,946 3,860
Federal Home Loan Bank borrowings 2,715 3,155
Subordinated debt 914 783
Notes payable and other items — 6
Total interest expense 7,575 7,804
Net interest income 21,924 20,066
Provision for loan losses 1,600 1,300
Net interest income after provision for loan losses 20,324 18,766
Non-interest income:
Customer service charges on deposits 873 892
Commissions on insurance and investment products 8,418 9,580
Net gain on sales of loans 1,538 778
Net gain (loss) on securities transactions 326 (205)
Writedowns of securities — (265)
Other income 1,656 1,300
Total non-interest income 12,811 12,080
Non-interest expense:
Salaries and employee benefits 17,084 16,502
Occupancy expense 2,736 2,491
Equipment expense 826 857
Computer services 1,612 1,442
FDIC deposit insurance assessments 601 640
Other expense 6,366 6,379
Total non-interest expense 29,225 28,311
Income before income taxes 3,910 2,535
Income tax expense 1,184 1,151
Net income $2,726 $1,384
MountainOne Financial Consolidated Balance Sheets
As of December 31
2015 2014
(Dollars in Thousands)
Assets
Cash and due from banks $12,055 $19,625
Interest-bearing time deposits with other banks 1,000 1,000
Securities available for sale, at fair value 87,259 92,381
Federal Home Loan Bank of Boston stock, at cost 7,529 8,789
Loans held for sale 12,436 7,800
Loans:
Residential real estate 225,696 223,279
Home equity 60,678 59,955
Commercial real estate 243,535 226,023
Construction and land 69,387 49,060
Commercial 72,691 68,317
Consumer 1,678 1,810
Total loans 673,665 628,444
Deferred loan costs, net 1,472 1,930
Allowance for loan losses (9,019) (8,024)
Net loans 666,118 622,350
Other real estate owned 507 707
Premises and equipment 16,454 16,867
Deferred tax asset, net 10,538 10,333
Bank-owned life insurance 24,089 23,441
Goodwill and other intangible assets 3,506 3,574
Other assets 8,087 8,197
Total assets $849,578 $815,064
Liabilities and Capital
Deposits:
Non-interest-bearing $105,004 $82,563
Interest-bearing 515,884 485,230
Total deposits 620,888 567,793
Federal Home Loan Bank borrowings 119,800 142,800
Subordinated debt 20,620 20,620
Other liabilities 19,352 16,025
Total liabilities 780,660 747,238
Total capital 68,918 67,826
Total liabilities and capital $849,578 $815,064
MountainOne FinancialOfficers
Daniel E. Bosley Chair
Pamela B. Art Vice Chair
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management Officer
Steven J. Owens EVP, CFO, COO, CIO, Treasurer
Noelle M. Pandell Corporate Secretary
I. Michelle Devine Assistant Secretary
True North Financial, A Division of MountainOne BankOfficers
Linda B. Levesque Supervising Principal, Chief Administrative Officer
Robert G. Abel Senior Financial Advisor
James E. Durand Vice President, Chief Investment Officer
True North Insurance, A Division of MountainOne BankOfficers
Holly A. Taylor President & Chief Operating Officer
Jean M. Stone Vice President
Coakley, Pierpan, Dolan & Collins, A Division of MountainOne BankOfficers
Jonathan S. Denmark President & Chief Operating Officer
William R. Robinson Senior Vice President, Sales
Donna M. Bishop Vice President, Commercial Lines
Linda A. Febles Vice President
Grace J. Gray Vice President, Agency Administration
& Customer Service
Eric P. Pratt Vice President, Bonding Manager
MountainOne BankOfficers
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management & CRA Officer
Steven J. Owens EVP, CFO, CIO, COO, Treasurer
Robert G. Abel SVP, Financial Services
Paul E. Brindle SVP, Team Leader Commercial Banking
Richard W. Bromberg SVP, IT Director, Information Security Officer
Stacy D. Litke SVP, Senior Operations Officer
Michael Z. Pang SVP, Credit Administration Officer
Peter W. Radigan SVP, Senior Mortgage Banking Officer
Timothy P. Rhuda SVP, Senior Commercial Banking Officer
Eva Sheridan SVP, Senior Human Resources Officer
Debra A. Wooley SVP, Controller
Kim E. Anderson VP, Loan Compliance Officer
Elizabeth A. Bissell VP, Senior Marketing Officer
Judith A. Cogan VP, Commercial Banking
Jonathan S. Denmark VP, Insurance Services
Richard W. Fanning VP, Mortgage Sales
John J. Hubbard VP, Eastern Mortgage Banking Sales Manager
Matthew B. Kreiser VP, Commercial Banking Officer
Linda B. Levesque VP, Financial Services
Tracy L. McConnell VP, Commercial Banking
Brian W. McDavitt VP, Commercial Banking & Portfolio Manager
Mary M. Morrow VP, Senior Community Banking Officer
Cheryl A. Scioscia VP, Mortgage Banking Production Officer
Joel C. Scussel VP, Commercial Banking
Jean L. Sherman VP, Compliance & BSA Officer
Elizabeth C. Trifone VP, Commercial Banking
Donna M. Choquette AVP, Branch Administration
Paula J. Clough AVP, Finance
Adam C. Conrad AVP, Community Banking Officer
Maureen Courtney AVP, Regional Branch Operations Manager
Paula M. Dolan AVP, Loan Operations
Marie A. Harris AVP, Credit Administrator
Elizabeth D. Kapner AVP, Marketing Manager
Kelli E. Kozak AVP, Community Engagement Officer
Cynthia P. Noyes AVP, IT Operations Officer
Erika L. Bailey Consumer Loan Resolution Officer
Alfred L. Bedini, Jr. Community Banking Officer
Alicia A. Benoit Electronic Banking Officer
Gwenn D. Bishop Mortgage Underwriter
Brandon D. Cannata Portfolio Manager
Rachel E. Caryofilles Community Banking Officer
I. Michelle Devine Asst. to President & CEO, HR Liasion Officer, Asst. Sec.
Kelly L. Dubie Customer Care Officer
Meghan L. Dunphy Community Banking Officer
Sarah E. Gaffey Community Development Lending Officer
Kelly C. Grant Community Banking Officer
Nellie M. Homen Community Banking Officer
Jessica A. McGovern Executive Commercial Banking Assistant & Officer
Lisa J. Mineau Human Resources Officer
Lisa M. Noseworthy Loan Quality Control Officer
Rebecca L. O’Regan Mortgage Banking Officer & Administrative Officer
Noelle M. Pandell Executive Administrator, Corporate Secretary
Jeffrey P. Polucci Facilities, Security & Real Estate Officer
Stephanie Scott Risk and Fraud Analytics Officer
Jacquelyn L. Shambaugh Business Development Officer
Timothy J. Shepard Information Technology Officer
Lucille A. Weare Community Banking Officer
MountainOne Financial Consolidated Statements of Income
Years Ended December 31
2015 2014
(Dollars in Thousands)
Interest and dividend income:
Loans, including fees $27,683 $25,627
Securities 1,793 2,222
Federal funds sold and other 23 21
Total interest and dividend income 29,499 27,870
Interest expense:
Deposits 3,946 3,860
Federal Home Loan Bank borrowings 2,715 3,155
Subordinated debt 914 783
Notes payable and other items — 6
Total interest expense 7,575 7,804
Net interest income 21,924 20,066
Provision for loan losses 1,600 1,300
Net interest income after provision for loan losses 20,324 18,766
Non-interest income:
Customer service charges on deposits 873 892
Commissions on insurance and investment products 8,418 9,580
Net gain on sales of loans 1,538 778
Net gain (loss) on securities transactions 326 (205)
Writedowns of securities — (265)
Other income 1,656 1,300
Total non-interest income 12,811 12,080
Non-interest expense:
Salaries and employee benefits 17,084 16,502
Occupancy expense 2,736 2,491
Equipment expense 826 857
Computer services 1,612 1,442
FDIC deposit insurance assessments 601 640
Other expense 6,366 6,379
Total non-interest expense 29,225 28,311
Income before income taxes 3,910 2,535
Income tax expense 1,184 1,151
Net income $2,726 $1,384
MountainOne Financial Consolidated Balance Sheets
As of December 31
2015 2014
(Dollars in Thousands)
Assets
Cash and due from banks $12,055 $19,625
Interest-bearing time deposits with other banks 1,000 1,000
Securities available for sale, at fair value 87,259 92,381
Federal Home Loan Bank of Boston stock, at cost 7,529 8,789
Loans held for sale 12,436 7,800
Loans:
Residential real estate 225,696 223,279
Home equity 60,678 59,955
Commercial real estate 243,535 226,023
Construction and land 69,387 49,060
Commercial 72,691 68,317
Consumer 1,678 1,810
Total loans 673,665 628,444
Deferred loan costs, net 1,472 1,930
Allowance for loan losses (9,019) (8,024)
Net loans 666,118 622,350
Other real estate owned 507 707
Premises and equipment 16,454 16,867
Deferred tax asset, net 10,538 10,333
Bank-owned life insurance 24,089 23,441
Goodwill and other intangible assets 3,506 3,574
Other assets 8,087 8,197
Total assets $849,578 $815,064
Liabilities and Capital
Deposits:
Non-interest-bearing $105,004 $82,563
Interest-bearing 515,884 485,230
Total deposits 620,888 567,793
Federal Home Loan Bank borrowings 119,800 142,800
Subordinated debt 20,620 20,620
Other liabilities 19,352 16,025
Total liabilities 780,660 747,238
Total capital 68,918 67,826
Total liabilities and capital $849,578 $815,064
MountainOne FinancialOfficers
Daniel E. Bosley Chair
Pamela B. Art Vice Chair
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management Officer
Steven J. Owens EVP, CFO, COO, CIO, Treasurer
Noelle M. Pandell Corporate Secretary
I. Michelle Devine Assistant Secretary
True North Financial, A Division of MountainOne BankOfficers
Linda B. Levesque Supervising Principal, Chief Administrative Officer
Robert G. Abel Senior Financial Advisor
James E. Durand Vice President, Chief Investment Officer
True North Insurance, A Division of MountainOne BankOfficers
Holly A. Taylor President & Chief Operating Officer
Jean M. Stone Vice President
Coakley, Pierpan, Dolan & Collins, A Division of MountainOne BankOfficers
Jonathan S. Denmark President & Chief Operating Officer
William R. Robinson Senior Vice President, Sales
Donna M. Bishop Vice President, Commercial Lines
Linda A. Febles Vice President
Grace J. Gray Vice President, Agency Administration
& Customer Service
Eric P. Pratt Vice President, Bonding Manager
MountainOne BankOfficers
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management & CRA Officer
Steven J. Owens EVP, CFO, CIO, COO, Treasurer
Robert G. Abel SVP, Financial Services
Paul E. Brindle SVP, Team Leader Commercial Banking
Richard W. Bromberg SVP, IT Director, Information Security Officer
Stacy D. Litke SVP, Senior Operations Officer
Michael Z. Pang SVP, Credit Administration Officer
Peter W. Radigan SVP, Senior Mortgage Banking Officer
Timothy P. Rhuda SVP, Senior Commercial Banking Officer
Eva Sheridan SVP, Senior Human Resources Officer
Debra A. Wooley SVP, Controller
Kim E. Anderson VP, Loan Compliance Officer
Elizabeth A. Bissell VP, Senior Marketing Officer
Judith A. Cogan VP, Commercial Banking
Jonathan S. Denmark VP, Insurance Services
Richard W. Fanning VP, Mortgage Sales
John J. Hubbard VP, Eastern Mortgage Banking Sales Manager
Matthew B. Kreiser VP, Commercial Banking Officer
Linda B. Levesque VP, Financial Services
Tracy L. McConnell VP, Commercial Banking
Brian W. McDavitt VP, Commercial Banking & Portfolio Manager
Mary M. Morrow VP, Senior Community Banking Officer
Cheryl A. Scioscia VP, Mortgage Banking Production Officer
Joel C. Scussel VP, Commercial Banking
Jean L. Sherman VP, Compliance & BSA Officer
Elizabeth C. Trifone VP, Commercial Banking
Donna M. Choquette AVP, Branch Administration
Paula J. Clough AVP, Finance
Adam C. Conrad AVP, Community Banking Officer
Maureen Courtney AVP, Regional Branch Operations Manager
Paula M. Dolan AVP, Loan Operations
Marie A. Harris AVP, Credit Administrator
Elizabeth D. Kapner AVP, Marketing Manager
Kelli E. Kozak AVP, Community Engagement Officer
Cynthia P. Noyes AVP, IT Operations Officer
Erika L. Bailey Consumer Loan Resolution Officer
Alfred L. Bedini, Jr. Community Banking Officer
Alicia A. Benoit Electronic Banking Officer
Gwenn D. Bishop Mortgage Underwriter
Brandon D. Cannata Portfolio Manager
Rachel E. Caryofilles Community Banking Officer
I. Michelle Devine Asst. to President & CEO, HR Liasion Officer, Asst. Sec.
Kelly L. Dubie Customer Care Officer
Meghan L. Dunphy Community Banking Officer
Sarah E. Gaffey Community Development Lending Officer
Kelly C. Grant Community Banking Officer
Nellie M. Homen Community Banking Officer
Jessica A. McGovern Executive Commercial Banking Assistant & Officer
Lisa J. Mineau Human Resources Officer
Lisa M. Noseworthy Loan Quality Control Officer
Rebecca L. O’Regan Mortgage Banking Officer & Administrative Officer
Noelle M. Pandell Executive Administrator, Corporate Secretary
Jeffrey P. Polucci Facilities, Security & Real Estate Officer
Stephanie Scott Risk and Fraud Analytics Officer
Jacquelyn L. Shambaugh Business Development Officer
Timothy J. Shepard Information Technology Officer
Lucille A. Weare Community Banking Officer
MountainOne Financial Consolidated Statements of Income
Years Ended December 31
2015 2014
(Dollars in Thousands)
Interest and dividend income:
Loans, including fees $27,683 $25,627
Securities 1,793 2,222
Federal funds sold and other 23 21
Total interest and dividend income 29,499 27,870
Interest expense:
Deposits 3,946 3,860
Federal Home Loan Bank borrowings 2,715 3,155
Subordinated debt 914 783
Notes payable and other items — 6
Total interest expense 7,575 7,804
Net interest income 21,924 20,066
Provision for loan losses 1,600 1,300
Net interest income after provision for loan losses 20,324 18,766
Non-interest income:
Customer service charges on deposits 873 892
Commissions on insurance and investment products 8,418 9,580
Net gain on sales of loans 1,538 778
Net gain (loss) on securities transactions 326 (205)
Writedowns of securities — (265)
Other income 1,656 1,300
Total non-interest income 12,811 12,080
Non-interest expense:
Salaries and employee benefits 17,084 16,502
Occupancy expense 2,736 2,491
Equipment expense 826 857
Computer services 1,612 1,442
FDIC deposit insurance assessments 601 640
Other expense 6,366 6,379
Total non-interest expense 29,225 28,311
Income before income taxes 3,910 2,535
Income tax expense 1,184 1,151
Net income $2,726 $1,384
MountainOne Financial Consolidated Balance Sheets
As of December 31
2015 2014
(Dollars in Thousands)
Assets
Cash and due from banks $12,055 $19,625
Interest-bearing time deposits with other banks 1,000 1,000
Securities available for sale, at fair value 87,259 92,381
Federal Home Loan Bank of Boston stock, at cost 7,529 8,789
Loans held for sale 12,436 7,800
Loans:
Residential real estate 225,696 223,279
Home equity 60,678 59,955
Commercial real estate 243,535 226,023
Construction and land 69,387 49,060
Commercial 72,691 68,317
Consumer 1,678 1,810
Total loans 673,665 628,444
Deferred loan costs, net 1,472 1,930
Allowance for loan losses (9,019) (8,024)
Net loans 666,118 622,350
Other real estate owned 507 707
Premises and equipment 16,454 16,867
Deferred tax asset, net 10,538 10,333
Bank-owned life insurance 24,089 23,441
Goodwill and other intangible assets 3,506 3,574
Other assets 8,087 8,197
Total assets $849,578 $815,064
Liabilities and Capital
Deposits:
Non-interest-bearing $105,004 $82,563
Interest-bearing 515,884 485,230
Total deposits 620,888 567,793
Federal Home Loan Bank borrowings 119,800 142,800
Subordinated debt 20,620 20,620
Other liabilities 19,352 16,025
Total liabilities 780,660 747,238
Total capital 68,918 67,826
Total liabilities and capital $849,578 $815,064
MountainOne FinancialOfficers
Daniel E. Bosley Chair
Pamela B. Art Vice Chair
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management Officer
Steven J. Owens EVP, CFO, COO, CIO, Treasurer
Noelle M. Pandell Corporate Secretary
I. Michelle Devine Assistant Secretary
True North Financial, A Division of MountainOne BankOfficers
Linda B. Levesque Supervising Principal, Chief Administrative Officer
Robert G. Abel Senior Financial Advisor
James E. Durand Vice President, Chief Investment Officer
True North Insurance, A Division of MountainOne BankOfficers
Holly A. Taylor President & Chief Operating Officer
Jean M. Stone Vice President
Coakley, Pierpan, Dolan & Collins, A Division of MountainOne BankOfficers
Jonathan S. Denmark President & Chief Operating Officer
William R. Robinson Senior Vice President, Sales
Donna M. Bishop Vice President, Commercial Lines
Linda A. Febles Vice President
Grace J. Gray Vice President, Agency Administration
& Customer Service
Eric P. Pratt Vice President, Bonding Manager
MountainOne BankOfficers
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management & CRA Officer
Steven J. Owens EVP, CFO, CIO, COO, Treasurer
Robert G. Abel SVP, Financial Services
Paul E. Brindle SVP, Team Leader Commercial Banking
Richard W. Bromberg SVP, IT Director, Information Security Officer
Stacy D. Litke SVP, Senior Operations Officer
Michael Z. Pang SVP, Credit Administration Officer
Peter W. Radigan SVP, Senior Mortgage Banking Officer
Timothy P. Rhuda SVP, Senior Commercial Banking Officer
Eva Sheridan SVP, Senior Human Resources Officer
Debra A. Wooley SVP, Controller
Kim E. Anderson VP, Loan Compliance Officer
Elizabeth A. Bissell VP, Senior Marketing Officer
Judith A. Cogan VP, Commercial Banking
Jonathan S. Denmark VP, Insurance Services
Richard W. Fanning VP, Mortgage Sales
John J. Hubbard VP, Eastern Mortgage Banking Sales Manager
Matthew B. Kreiser VP, Commercial Banking Officer
Linda B. Levesque VP, Financial Services
Tracy L. McConnell VP, Commercial Banking
Brian W. McDavitt VP, Commercial Banking & Portfolio Manager
Mary M. Morrow VP, Senior Community Banking Officer
Cheryl A. Scioscia VP, Mortgage Banking Production Officer
Joel C. Scussel VP, Commercial Banking
Jean L. Sherman VP, Compliance & BSA Officer
Elizabeth C. Trifone VP, Commercial Banking
Donna M. Choquette AVP, Branch Administration
Paula J. Clough AVP, Finance
Adam C. Conrad AVP, Community Banking Officer
Maureen Courtney AVP, Regional Branch Operations Manager
Paula M. Dolan AVP, Loan Operations
Marie A. Harris AVP, Credit Administrator
Elizabeth D. Kapner AVP, Marketing Manager
Kelli E. Kozak AVP, Community Engagement Officer
Cynthia P. Noyes AVP, IT Operations Officer
Erika L. Bailey Consumer Loan Resolution Officer
Alfred L. Bedini, Jr. Community Banking Officer
Alicia A. Benoit Electronic Banking Officer
Gwenn D. Bishop Mortgage Underwriter
Brandon D. Cannata Portfolio Manager
Rachel E. Caryofilles Community Banking Officer
I. Michelle Devine Asst. to President & CEO, HR Liasion Officer, Asst. Sec.
Kelly L. Dubie Customer Care Officer
Meghan L. Dunphy Community Banking Officer
Sarah E. Gaffey Community Development Lending Officer
Kelly C. Grant Community Banking Officer
Nellie M. Homen Community Banking Officer
Jessica A. McGovern Executive Commercial Banking Assistant & Officer
Lisa J. Mineau Human Resources Officer
Lisa M. Noseworthy Loan Quality Control Officer
Rebecca L. O’Regan Mortgage Banking Officer & Administrative Officer
Noelle M. Pandell Executive Administrator, Corporate Secretary
Jeffrey P. Polucci Facilities, Security & Real Estate Officer
Stephanie Scott Risk and Fraud Analytics Officer
Jacquelyn L. Shambaugh Business Development Officer
Timothy J. Shepard Information Technology Officer
Lucille A. Weare Community Banking Officer
MountainOne Financial Consolidated Statements of Income
Years Ended December 31
2015 2014
(Dollars in Thousands)
Interest and dividend income:
Loans, including fees $27,683 $25,627
Securities 1,793 2,222
Federal funds sold and other 23 21
Total interest and dividend income 29,499 27,870
Interest expense:
Deposits 3,946 3,860
Federal Home Loan Bank borrowings 2,715 3,155
Subordinated debt 914 783
Notes payable and other items — 6
Total interest expense 7,575 7,804
Net interest income 21,924 20,066
Provision for loan losses 1,600 1,300
Net interest income after provision for loan losses 20,324 18,766
Non-interest income:
Customer service charges on deposits 873 892
Commissions on insurance and investment products 8,418 9,580
Net gain on sales of loans 1,538 778
Net gain (loss) on securities transactions 326 (205)
Writedowns of securities — (265)
Other income 1,656 1,300
Total non-interest income 12,811 12,080
Non-interest expense:
Salaries and employee benefits 17,084 16,502
Occupancy expense 2,736 2,491
Equipment expense 826 857
Computer services 1,612 1,442
FDIC deposit insurance assessments 601 640
Other expense 6,366 6,379
Total non-interest expense 29,225 28,311
Income before income taxes 3,910 2,535
Income tax expense 1,184 1,151
Net income $2,726 $1,384
MountainOne Financial Consolidated Balance Sheets
As of December 31
2015 2014
(Dollars in Thousands)
Assets
Cash and due from banks $12,055 $19,625
Interest-bearing time deposits with other banks 1,000 1,000
Securities available for sale, at fair value 87,259 92,381
Federal Home Loan Bank of Boston stock, at cost 7,529 8,789
Loans held for sale 12,436 7,800
Loans:
Residential real estate 225,696 223,279
Home equity 60,678 59,955
Commercial real estate 243,535 226,023
Construction and land 69,387 49,060
Commercial 72,691 68,317
Consumer 1,678 1,810
Total loans 673,665 628,444
Deferred loan costs, net 1,472 1,930
Allowance for loan losses (9,019) (8,024)
Net loans 666,118 622,350
Other real estate owned 507 707
Premises and equipment 16,454 16,867
Deferred tax asset, net 10,538 10,333
Bank-owned life insurance 24,089 23,441
Goodwill and other intangible assets 3,506 3,574
Other assets 8,087 8,197
Total assets $849,578 $815,064
Liabilities and Capital
Deposits:
Non-interest-bearing $105,004 $82,563
Interest-bearing 515,884 485,230
Total deposits 620,888 567,793
Federal Home Loan Bank borrowings 119,800 142,800
Subordinated debt 20,620 20,620
Other liabilities 19,352 16,025
Total liabilities 780,660 747,238
Total capital 68,918 67,826
Total liabilities and capital $849,578 $815,064
MountainOne FinancialOfficers
Daniel E. Bosley Chair
Pamela B. Art Vice Chair
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management Officer
Steven J. Owens EVP, CFO, COO, CIO, Treasurer
Noelle M. Pandell Corporate Secretary
I. Michelle Devine Assistant Secretary
True North Financial, A Division of MountainOne BankOfficers
Linda B. Levesque Supervising Principal, Chief Administrative Officer
Robert G. Abel Senior Financial Advisor
James E. Durand Vice President, Chief Investment Officer
True North Insurance, A Division of MountainOne BankOfficers
Holly A. Taylor President & Chief Operating Officer
Jean M. Stone Vice President
Coakley, Pierpan, Dolan & Collins, A Division of MountainOne BankOfficers
Jonathan S. Denmark President & Chief Operating Officer
William R. Robinson Senior Vice President, Sales
Donna M. Bishop Vice President, Commercial Lines
Linda A. Febles Vice President
Grace J. Gray Vice President, Agency Administration
& Customer Service
Eric P. Pratt Vice President, Bonding Manager
MountainOne BankOfficers
Robert J. Fraser President & Chief Executive Officer
Lynne M. Carlotto EVP, Senior Risk Management & CRA Officer
Steven J. Owens EVP, CFO, CIO, COO, Treasurer
Robert G. Abel SVP, Financial Services
Paul E. Brindle SVP, Team Leader Commercial Banking
Richard W. Bromberg SVP, IT Director, Information Security Officer
Stacy D. Litke SVP, Senior Operations Officer
Michael Z. Pang SVP, Credit Administration Officer
Peter W. Radigan SVP, Senior Mortgage Banking Officer
Timothy P. Rhuda SVP, Senior Commercial Banking Officer
Eva Sheridan SVP, Senior Human Resources Officer
Debra A. Wooley SVP, Controller
Kim E. Anderson VP, Loan Compliance Officer
Elizabeth A. Bissell VP, Senior Marketing Officer
Judith A. Cogan VP, Commercial Banking
Jonathan S. Denmark VP, Insurance Services
Richard W. Fanning VP, Mortgage Sales
John J. Hubbard VP, Eastern Mortgage Banking Sales Manager
Matthew B. Kreiser VP, Commercial Banking Officer
Linda B. Levesque VP, Financial Services
Tracy L. McConnell VP, Commercial Banking
Brian W. McDavitt VP, Commercial Banking & Portfolio Manager
Mary M. Morrow VP, Senior Community Banking Officer
Cheryl A. Scioscia VP, Mortgage Banking Production Officer
Joel C. Scussel VP, Commercial Banking
Jean L. Sherman VP, Compliance & BSA Officer
Elizabeth C. Trifone VP, Commercial Banking
Donna M. Choquette AVP, Branch Administration
Paula J. Clough AVP, Finance
Adam C. Conrad AVP, Community Banking Officer
Maureen Courtney AVP, Regional Branch Operations Manager
Paula M. Dolan AVP, Loan Operations
Marie A. Harris AVP, Credit Administrator
Elizabeth D. Kapner AVP, Marketing Manager
Kelli E. Kozak AVP, Community Engagement Officer
Cynthia P. Noyes AVP, IT Operations Officer
Erika L. Bailey Consumer Loan Resolution Officer
Alfred L. Bedini, Jr. Community Banking Officer
Alicia A. Benoit Electronic Banking Officer
Gwenn D. Bishop Mortgage Underwriter
Brandon D. Cannata Portfolio Manager
Rachel E. Caryofilles Community Banking Officer
I. Michelle Devine Asst. to President & CEO, HR Liasion Officer, Asst. Sec.
Kelly L. Dubie Customer Care Officer
Meghan L. Dunphy Community Banking Officer
Sarah E. Gaffey Community Development Lending Officer
Kelly C. Grant Community Banking Officer
Nellie M. Homen Community Banking Officer
Jessica A. McGovern Executive Commercial Banking Assistant & Officer
Lisa J. Mineau Human Resources Officer
Lisa M. Noseworthy Loan Quality Control Officer
Rebecca L. O’Regan Mortgage Banking Officer & Administrative Officer
Noelle M. Pandell Executive Administrator, Corporate Secretary
Jeffrey P. Polucci Facilities, Security & Real Estate Officer
Stephanie Scott Risk and Fraud Analytics Officer
Jacquelyn L. Shambaugh Business Development Officer
Timothy J. Shepard Information Technology Officer
Lucille A. Weare Community Banking Officer
Trustees of MountainOne Financial, MHC
Directors of MountainOne Financial, Inc.
Directors of MountainOne BankPamela B. Art
James J. Bailey, Jr.
Daniel E. Bosley
Richard B. Bullett
Noreen Carey-Neville
David W. Crane
Robert J. Fraser
Susan S. Hogan
Stephen P. Klass
Kevin A. Maguire
Thomas P. O’Connell
William F. Spence
Joseph C. Thompson
CorporatorsFaisal Ali
Billie Lynn Allard
William Apkin
James Art
Pamela B. Art
James J. Bailey, Jr.
Ann Bartlett
Ray Belanger, Jr.
Blair Benjamin
Daniel E. Bosley
John Bradley
Diana D. Brooks
Andrew B. Budz
Richard B. Bullett
Daniel H. Campbell
Noreen Carey-Neville
Gailanne M. Cariddi
Lynne Carlotto
David Carver
Donald B. Clark
Eileen M. Clark
Paula J. Clough
Jonathan Cluett
Carol A. Colantuono
Robert W. Collins
David W. Crane
Stephen G. Crowe
Richard D. Curtis, Jr.
Steven Del Negro
Suzanne R. Dewey
Donald R. Dubendorf
Paul R. Dupuis
Rosemary T. Earley
William E. Elder
J. Adam Filson
David F. Fowle
Robert J. Fraser
Thomas A. Gajda
Michael J. Gardner, Jr.
Michael J. Gardner, Sr.
Brice George
Dean M. Grimes
Vincent P. Guntlow
Michael Haddad, Jr.
Allen L. Hall
Kevin Hanley
Paula Harris
Ruth G. Harrison
Paul Hart
Susan S. Hogan
John C. Holden
Thomas P. Kaegi
Christopher Kapiloff
Stephen P. Klass
Kevin A. Lamb
Richard C. Lamb
Teresa H. Lamb
Kevin A. Maguire
Robert Manzella
Marcia McFarland-Gray
Corlis A. McGee
Jon McGrath
Maureen N. McGuire
Amy Moresi
David Moresi
K. Elaine Neely
Kimberly P. Nelson
Linda Neville
Edward F. Nimmons
Thomas P. O’Connell
Maureen M. O’Mara
Steven Owens
Charles Perfetuo
Felicia Pharr
Leslie Reed-Evans
Denise C. Richardello
Mireille Roy
Jonathan B. Sabin
Robert J. Scerbo
Graham Shalgian
Ann P. Shannon
Matt Sheehy
Eva Sheridan
Anthony M. Smeglin
Edwin L Smith
William F. Spence
Susan B. Spooner
Roger E. St. Pierre
Suzanne J. Stinson
Bradley C. Svrluga
Joseph C. Thompson
F. Steven Triffletti
Donald Trimarchi
Robert C. Ware
Susannah Wells
David J. Westall
Susan J. Yates-Mulder
Our Mission
To deliver solutions of real value that help individuals, businesses, and community
institutions manage their financial lives with clarity and confidence.
INVESTMENT AND INSURANCE PRODUCTS:
• ARE NOT A DEPOSIT
• ARE NOT FDIC-INSURED
• ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
• ARE NOT GUARANTEED BY THE BANK
• MAY GO DOWN IN VALUE
MountainOne Financial is a mutual holding company headquartered in North Adams,
MA. MountainOne Bank is a subsidiary of MountainOne Financial, and includes the
following divisions: Coakley, Pierpan, Dolan & Collins Insurance; True North Insurance;
and True North Financial (financial professionals offering securities and advisory
services through Commonwealth Financial Network,® Member FINRA/SIPC, a
Registered Investment Advisor). Founded in 1848, MountainOne Bank has assets
of over $840 million and provides a broad range of banking services to personal
and business customers. MountainOne Bank has three full service offices serving
the Berkshires, three serving Boston South, and one serving Boston North.
MountainOne Bank is Member FDIC. Member DIF. Equal Housing Lender.
Danvers | North Adams | Pittsfield | Quincy | Rockland | Scituate | Williamstown
Dear MountainOne Community:
I am pleased to report that our Net
Income of $2.7 million in 2015 represented
a 97% increase from earnings in 2014
and is the highest level of profitability for
MountainOne since 2005. Our 2015
financial performance should be considered
a baseline going forward. The ongoing
improvement in earnings, starting in 2013,
is the result of executing upon strategic
initiatives to improve asset quality, increase
commercial construction lending in
eastern Massachusetts, grow our residential
mortgage business, increase deposits and shed high-cost borrowings.
During the summer and fall of 2015, I held informal “Coffee with Corporators”
breakfast meetings in North Adams and Rockland, in an attempt to
keep Corporators abreast of our interim financial results, provide updates
on initiatives, introduce business unit leaders and maintain an overall
sense of engagement with MountainOne. These meetings began as a result
of feedback that as MountainOne evolved from three banks into one,
our Corporators had become less informed, confused as to our strategic
direction, and disengaged. I am hopeful the effort to improve communication,
as well as the opportunity to meet with me in smaller informal settings, has
provided all interested Corporators with a much better understanding
of MountainOne. It is my intent to continue with these meetings during 2016
and I encourage all Corporators to attend whenever possible.
Last year I reported on our decision to repopulate our building at 296 Main
Street in Williamstown, which includes a MountainOne drive-up ATM
and offices for Coakley, Pierpan, Dolan & Collins Insurance Agency and True
North Financial Services. We have recently finished leasing out the remaining
space in the building and have now achieved 100% occupancy. I am thrilled
that we were able to bring this beautiful and centrally-located Williamstown
building back to life.
It is with a deep sense of gratitude and thanks that I acknowledge the
contributions of our retiring director, Richard J. Phelps. Dick became a
Corporator of Rockland Savings Bank in 1966 and joined the board in 1967.
Upon the merger of South Coastal into MountainOne in 2007, Dick joined the
MountainOne board as a trustee. Dick also served as Chair of South Coastal
Bank until its merger into Hoosac Bank creating MountainOne Bank. His
dedication and commitment to our organization has been unwavering and
a critical component of our success. He has been a friend and mentor to me.
Thank you, Dick!
And, to our Community, your continued support of MountainOne
is greatly appreciated!
Robert J. Fraser
President & Chief Executive Officer
Banking I Insurance I Investments I Group Benefits
MountainOne 2015 Annual Report
