President's Letter

A Message From The Chairman and President

We are pleased to report another successful year for Medway Co-operative Bank.  In 2006, Medway Co-operative Bank continued its history of growth and profitability. Additionally, by year-end 2006 we reached new milestones as assets grew by 14.1% to $146.2 million, deposits grew 6.5% to $113.4 million, and loans grew 13% to $96.4 million.  Our efforts to expand relationships with local businesses resulted in a 76% growth in commercial loans to a year-end total of $19.4 million.

Our continued success is a direct result of the support we receive from individuals, families and businesses in our community.  Each of you who has chosen Medway Co-operative Bank to help you buy your home, make home improvements, finance your child’s education, open or expand your business, save for retirement or a special event, or process your checks and online payments have contributed to our growth. 

Because you have chosen to support your community bank, we in turn are able to support so many deserving organizations that benefit our community.  During the past year, Medway Co-operative Bank has made financial contributions in excess of $30,000 to non-profit community organizations and our staff (26 FTE) has donated more than 800 hours (the equivalent of 20+ full-time work weeks) of their time and expertise.  This connection to our community is a priority and a clear point of differentiation between Medway Co-operative Bank and other regional and national banks.

This past September, Medway Co-operative Bank opened a full-service branch in Medway High School.  The branch, which serves as an educational facility for juniors and seniors interested in business, finance and banking, serves students, teacher, staff and visitors to Medway High School.  Our experienced supervisor trains the selected students who earn classroom credit for their experience. 

The Medway Fund - a high yielding savings account that allows our depositors to invest their savings directly into community based lending programs that provide access to low cost loans for first time home buyers, home improvement funds for low or fixed income homeowners and small business loans to help our local entrepreneurs expand their businesses and create jobs in our community – is another way Medway Co-operative Bank shows its commitment to enhancing the region.

The Board of Directors and management team are committed to keeping Medway Co-operative Bank a mutual financial institution that is independent and locally managed.  Without pressures from stockholders, we can continue to focus on providing the best possible products and highest quality service – truly personalized service – to you and our community.

Our financial strength continues to be recognized by independent bank rating companies.  After carefully evaluating our financial performance, Bauer Financial Group’s Five Star Rating and Veribanc, Inc.’s Blue Ribbon Rating were awarded. These ratings are the highest achievable and no other bank in Medway currently holds these prestigious designations.

We offer our sincerest thanks to you for supporting Medway Co-operative Bank.  Each day our team strives to raise the level of service we deliver.  With the dedication of our customers and our professional banking team, the coming years continue to look bright. 

Robert J. Parrella
Chairman of the Board

John S. Hamilton
President & CEO