Bank assets

surpass

$1.4B

EASTHAMPTON, Mass. — bankESB held its quarterly Director’s meeting Jan. 20 and Matthew S. Sosik, president and CEO of bankESB, reported that the bank’s total assets surpassed $1.4 billion at the end 2015.

Gil Ehmke, executive vice president and CFO, reported the bank’s assets were up $373 million from a year ago, an increase of 35.7 percent. “Much of the growth this past year was driven by our mid-year acquisition of Citizens National Bank in Connecticut,” he added.

Ehmke added, “Total loans increased $210 million over the last quarter.” Total loans now stand at just over $983 million."

He also said the bank’s deposit growth was over $361 million, up 42 percent from a year ago. “bankESB continues to be one of the most profitable and successful banks in the State.” Ehmke added.

Sosik said, “2015 was a true milestone for bankESB.  In addition to exceeding all of our goals for asset growth and earnings, we also once again donated over $350,000 to local charities and community organizations.  At the same time, we were able to successfully close on the acquisition of Citizens National Bank and announce a second merger with Hometown Bank out of central Massachusetts, which is scheduled to close in early 2016.  

 2015 was just a great year and was the result of a lot of hard work and dedication from our Board and staff.”