For immediate release
CONTACT:
Ryan Wellnitz & Associates
Barbara Wellnitz
508-698-3374
bwellnitz@ryanwellnitz.com
or
Hugh Ryan
401-246-2300
hryan@ryanwellnitz.com
Bank of Fall River Announces Increased Assets, Retained Earnings for 2008
“Sound, solvent, with money to lend”: CEO
FALL RIVER, Mass., February 3, 2009 – The Bank of Fall River has released its 2008 year-end financial results, including an increase in total assets, to $141.1 million, and retained earnings totaling $12.9 million. The risk-based capital ratio was 15.87% for the fiscal year, and the Bank’s loan portfolio increased $6.6 million to a total of $93.4 million, according to John H. Clifford, President and Chief Executive Officer of Bank of Fall River.
“The Bank of Fall River maintains a strong balance sheet and is well-positioned to continue to help borrowers with all of their financing needs,” Clifford said. “We are sound, solvent and have money to lend.”
The Bank has launched a commercial lending program to help small business owners with their mortgage and other loan requirements.
Clifford further noted that federal and state regulators continue to recognize the bank for maintaining an “outstanding” Community Reinvestment Act (CRA) rating. Fewer than 10 percent of all banks regulated by the Commonwealth of Massachusetts earn the “outstanding” rating. The Bank has maintained this rating since 1996.
The CRA rating is based on the Bank’s responsiveness to community needs as measured by the volume of small business lending, investments in community development, loans to low and moderate income neighborhoods, and the level of accessibility to the communities the Bank serves.
Chartered in 1888, the Bank of Fall River is an independent bank with four full-service offices, in Fall River, Fairhaven, and North Dighton/Taunton. The Bank of Fall River has assets of more than $141 million and offers loans and lines of credit to consumers, local government, and small businesses (nursing homes, medical practices, owner-occupied strip malls, multi-family dwellings, etc.). The Bank of Fall River is a member of FDIC, SIF and is an Equal Housing Lender.
# # #
