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26 Business Profiles 2014 Worcester Business Journal www.wbjournal.com e stablished in 1871 as a Mutual Savings Bank, SpencerBANK has been a leader in Central Massachusetts for nearly 150 years, assisting individuals, families and busi- nesses achieve and maintain financial sta- bility. Today, SpencerBANK continues that tradition of building strong fiscal foundations for all those it serves. Since its inception, SpencerBANK has continued to grow at a strong, steady pace. Despite a slow economic recovery, the Bank has had impressive asset growth. Assets are now $422 million. Last year, the Bank earned $1.6 million. Due to its outstanding financial perfor- mance and overall strength, SpencerBANK was given a Five-Star superior rating from BauerFinancial. SpencerBANK also experienced an upsurge in other areas; during 2013, mortgage balances increased $24.8 million and deposit balances rose $21 million, totaling $310.6 million. All deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The Bank's surplus increased $2.9 million in 2013 to $53.2 million, resulting in a 13.11% surplus to asset ratio. "These figures repre- sent an extremely strong and sound financial picture," stated K. Michael Robbins, president & CEO. From personal and residential loans to small business and large commercial loans, SpencerBANK continues to have ample funds to lend to qualified borrowers. The Bank has an experienced, dedicated team of local profes- sionals that can make prompt decisions and service your loan in the community where you live and work. Recently, SpencerBANK earned the distinction of Preferred Lender from the U.S. Small Business Administration, an honor that allows the Bank's custom- ers a streamlined and expedited loan approval process. In addition to a full range of financing options, SpencerBANK offers an array of deposit products that focus on the needs of individuals and businesses to meet and exceed financial goals, such as checking accounts, savings accounts, CDs, IRAs and more. The Bank also offers a variety of personal and business banking services to manage customer needs including direct deposit, remote deposit capture and merchant services, to name a few. In this high-tech age, SpencerBANK understands that customers want access to manage their accounts any- time, anywhere. The Bank offers convenient services ranging from mobile banking and online banking to online account opening. The Bank continues to increase and make ongoing investments in technology and secu- rity to enable customers a more secure and successful financial future. SpencerBANK understands the unique needs of its customers and carries on the tradition of exceptional service, personal attention and local decision-making that extends to a diverse set of individuals and busi- nesses to ensure customers' financial stability and growth. Giving back is an integral part of SpencerBANK's core philosophy. As an institution, the Bank takes pride in reinvesting in its communities by providing financial support for various organizations, and on an individual level, many of the Bank's employees volunteer countless hours for a variety of charitable causes. SpencerBANK currently operates branches in Leicester, Rutland, Spencer, Warren and Worcester. In 2014, the Bank will renovate and open a full-service branch at 230 Park Avenue in the former Fire Alarm & Telegraph Building, which will also house a community room managed by Preservation Worcester. SpencerBANK is excited about this expansion that will allow additional opportunities to build and sustain strong relationships, which is important to us as a community bank. SpencerBANK has a distinguished history of stability and dependability. This, coupled with its flexibility in working with its customers, sound business practices, and diverse product and service offerings, has solidified SpencerBANK's reputation as a strong, healthy financial institution. n SpencerBANK: Your Bank for Life s P e N c e r , m a spencerBaNk Address: 176 Main Street, P.O. Box 912 Spencer, MA 01562 Phone: 800-547-2885 Fax: 508-885-8614 Website: www.spencerbankonline.com Product or Service: Mutual Savings Bank offering personal and business products and services Number of Employees: 98 Head of Company: K. Michael Robbins, President & CEO Year Founded: 1871