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26 Business Profiles 2015 Worcester Business Journal www.wbjournal.com S ince inception in 1871, SpencerBANK remains closely tied and actively engaged in developing and strengthening its communi- ties. Among SpencerBANK's many accomplish- ments in 2014, the most visible was the com- pletion and opening of the Bank's new Elm Park branch location at 230 Park Avenue, Worcester. The Elm Park branch is located in the former Fire Alarm and Telegraph building, which had been listed on Preservation Worcester's "Most Endangered Structures" list. New ventures such as this are an example of how SpencerBANK is building on its future without forget- ting its past, including its longstanding commitment to the community. "I enjoyed working in collaboration with the City of Worcester and Preservation Worcester to restore this building to historical standards while creating a modern, state-of-the-art banking environment. Our new branch features offices, teller pods, a free-standing ATM and drive-through banking, along with a community room to promote the public use, preservation and stewardship of Elm Park," said SpencerBANK President & CEO K. Michael Robbins. SpencerBANK's strength comes from a strong capital position, well-managed risk and high quality loan port- folio. In addition, the Bank's success is due in large part to its commitment to customer engagement and strong customer relationships, along with its ability to lend to local businesses and individuals, which strengthens the community and economy. Today, SpencerBANK looks forward to continuing to serve the community from its new Elm Park branch. "We have assembled an experienced team of banking professionals that know the Worcester area and its resi- dents. We have friendly, attentive and knowledgeable staff at all of our branches and they are extremely enthu- siastic about serving the community," said Robbins. In 2014, SpencerBANK reported earnings of over $2 million due to an increase in earning assets funded by deposit growth and a stabilized net interest margin. SpencerBANK remains a well-capitalized financial insti- tution. Assets surpassed $460 million, up from $406 million in 2013, an increase of 13.36%. The loan portfo- lio increased by 11.50%, or $37.5 million in 2014. Deposits improved by 17.66% or $55 million, at $365 million. Surplus broke $55 million in 2014, leading to a 12% surplus-to-asset ratio. Net operating income totaled $3.2 million, a 22% increase over 2013. SpencerBANK is led by its strategic plan and remains committed to updating and improving technology through products and services that enhance the cus- tomer experience. The vision and strategy of the Bank have not changed; SpencerBANK is steadfast in its com- mitment to exceptional customer service, personal atten- tion, local decision-making and a focus on the financial well-being of its customers and the Bank. SpencerBANK employees understand that a great amount of care goes into choosing a bank and believe that customers enjoy the personal contact they receive at each one of the Bank's branches. "Your Bank for Life" is more than a tagline to SpencerBANK employees; as one of their core values, it is what they strive to accomplish every day! n SpencerBANK: Building on Its Future, Remembering Its Past. 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: 102 Head of Company: K. Michael Robbins, President & CEO Year Founded: 1871 K. Michael Robbins, President & CEO Worcester branch personnel: Left to right (front row) Tiffany Brunelle, Lori Kelly, Nada Kanaan, Beatriz Rivera, Eneo Kureta, (2nd row) Armen Hagopian, Michael Quink, K. Michael Robbins, Kyle Bourque and Thomas Moschos 230 Park Avenue branch in Worcester P h o t o s / C o u r t e s y