The Annual Meeting of Corporators of Charles River Bancorp, MHC - the mutual holding company of Charles River Bank - was held on Tuesday, May 16 at Franklin Country Club.

Chairman Steven M. Richardson opened the Annual Meeting and discussed the current banking environment and the significant differences between the risk factors that led the recent failures of the large regional banks and the operating model at Charles River Bank.  He also reiterated that Charles River Bank is one of 74 banks in the country that has full deposit insurance for all customers, with FDIC covering at least $250,000 and DIF covering all deposits in excess of FDIC limits.

 

President and CEO of Charles River Bank Derek Plourde, shared 2023 year-end financial results. At year-end 2022, assets were $308 million with Net Income of $1,147,000, which is 12.6% higher than year end 2021 Net Income. Net interest Margin also showed positive trends, improving from 2.99% at 12/31/21, to 3.13% at 12/31/22, and 3.34% at 3/31/23. CRB’s capital position, as measured by the Tier 1 Leverage Ratio, improved from 6.86% at 12/31/21 to 7.25% at 12/31/22, and improved further to 7.62% at 3/31/23, exceeding regulatory requirements in all periods.

Corporators and Trustees voted to elect Paula Cassidy a Trustee of Charles River Bancorp, MHC. Like all Trustees, Cassidy will also serve as a Director of Charles River Bank.  Additionally, Paul Rao of Milford, Peter Brunelli of Franklin, and James Reardon of Natick were re-elected as Trustees, and David Tuttle III of Bellingham, Paul Gerrish of Bellingham, and Wayne Simpson of Millis were re-elected as Corporators.

Cassidy, who has served as a Corporator since 2021, is an Executive Business Consultant with over 30 years of experience in Human Resources, Business Operations and Strategic Project Management, including global and regional businesses within the Software, IT Services, Life Sciences and Financial Services Industries. She is the recipient of the Worcester Business Journal “40 Under Forty” Award, and is a mentor for “Women and Leadership” course at Bryant university.  Cassidy is a graduate of St. Anselm College. She and her husband John reside in Milford, MA with their two sons.

President and CEO Plourde stated, “Paula brings a unique perspective to our Board of Directors with her senior management roles in Human Resources and experience in strategic project management at a wide array of companies across a variety of industries. I am confident that she will have a positive impact on our organization through her board involvement.”   

Charles River Bank—with assets of $308 million—was founded in 1915, and continues to offer a wide range of individual and business banking services. The Bank's Main Office is located at 70 Main Street in Medway, with branches located on Route 140 at the Bellingham/Franklin town line, and in Mendon at 1 Hastings Street, at the intersection of Rte. 16 and North Avenue. Over the past year, Charles River Bank has contributed more than $35,000 to community non-profit organizations.

For more information call 508-533-8661 or visit www.charlesriverbank.com.