As a bank that takes to heart the needs of our customers, communities, and employees, there's a lot of compassion within our branches—and a special dedication to supporting the neighbors we serve. While it takes more than heart to create solutions that help families flourish, businesses grow, and communities thrive, the heart is where it starts.
In 2023, Pentucket Bank continued our legacy of investment (in our branches, communities, and people) while building toward a stronger future for everyone. We continually innovate and evolve to serve you better. We also stay true to the fundamentals that have served this mutual bank well since 1891, which is to be a local servant and leader—stable and reliable—that invests our profits back into the community, volunteers our time and resources, and works hard to make other people's lives better.
A stable, community-focused partner Our stability as a well-capitalized bank allows us to be there for our communities throughout times of triumph and in moments of uncertainty. Our long-standing service to our customers and community has created an unwavering foundation that endures even during times of distress, from the pandemic to the recent bank failures. Despite those challenges, we've grown and we reached an important financial milestone this year: surpassing $1 billion in assets. We're nearly 150 years strong, and we're not going anywhere. Since we offer both FDIC and DIF insurance, all deposits are fully insured and safe. Communities need a community bank like ours and we are committed to remaining such an organization. Most importantly, you can count on us to be there for you; it's what we're made to do. Being part of the River Run organization allows us to remain steady, reliable, strong, and community-focused.
Strong, local leadership As a local bank, we recruit, mentor, and nurture homegrown talent. In the same way, we keep our profits local, we look locally for the people to lead this bank. Our communities are full of bright, talented professionals who want to make a difference—and they're making a difference right here. In 2023, our team donated over 5,600 hours in service hours, working together to make our communities better. Our employees supported local non-profit organizations by donating their own money and time to the organizations that make a difference where we live and work. We invest in the community; we invest in you.
Focus on growth Where other banks see uncertainty, we see opportunity. In times of economic volatility, our strength, stability, and long-term vision have allowed us to be purposeful about the ways in which we grow. We're investing heavily in technology and the customer experience, which means our customers benefit from local personalized service while enjoying all the extra conveniences provided by larger financial institutions.
Supporting businesses Our commercial portfolio experienced historic growth this year, which is proof that whether you're a small business or a larger commercial enterprise, you can find a true partnership and support at Pentucket Bank. We offer business banking for smaller businesses and startups; commercial banking services for larger corporations, and treasury services to help businesses of all sizes manage cash flow more efficiently. We make it our mission to understand the day-to-day challenges businesses face and the goals they have for their future. Since we're a local establishment, too, we understand what's at stake. You provide tremendous value to our communities, and it's important you have everything you need to succeed, from tailored solutions to quick decision-making.
Investing in the development of our communities Welcome to our new Stadium Branch on Lincoln Avenue, which reopened in February. More than a branch, this state-of-the-art facility is home to Pentucket Bank's Stadium Branch team as well as offices and collaboration space for River Run team members. At the Stadium Branch building, customers will enjoy a welcoming atmosphere, expert guidance, enhanced technology, and a customized banking experience focused on achieving your financial goals.
Our Main Office Branch located at One Merrimack Street in Haverhill, is at the center of a five-acre downtown redevelopment project called “District Square.” A new Branch is incorporated into the master plan, to reopen in the same location. During construction, our temporary HC Media Branch is located at 2 Merrimack Street on the first floor, ensuring a presence in the heart of downtown Haverhill where we've always been.
As we look forward to the year ahead, it remains our greatest pleasure to serve you and to help you succeed in life and business. As a true local bank, we're focused on you, and we're doing everything we can to support you and our communities. To that end, your support of community banking makes a huge difference. Whatever you need, whatever you wish to achieve, we encourage you to reach out to us.
Amazing things can happen when you start with heart.
Jon Dowst, Chief Executive Officer
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NMLS# 413282
