|Community Bancorp of the Berkshires Announces a Year of Strong Financial Performance|
|12:04PM / Tuesday, May 03, 2022|
ADAMS, Mass. — The annual meeting of the Community Bancorp of the Berkshires, MHC, the newly formed parent company of Adams Community Bank, was held on April 13, 2022, at Charles H. McCann Technical School in North Adams.
The meeting included a review of the 2021 financial statements for the Bank, highlighting record-breaking growth in assets, loans, deposits, and net income.
Charles O'Brien, President and CEO of Adams Community Bank, presented an overview of the year's strong results during his remarks.
"Adams Community Bank reached record levels in many key areas including growth in assets, loans, and deposits to $891 million, $663 million, and $792 million, respectively," he said. "Plus, we achieved record net income levels in 2021 as earnings totaled $4.2 million."
He noted that the catalyst for these results are the staff's strong connections with customers. These strong connections enhanced customers' trust in the Bank even during the pandemic. O'Brien also praised the mortgage lending team for achieving the #1 ranking for mortgage lending in Berkshire County.
O'Brien, along with Senior Vice President Kathy Luczynski, also recognized the efforts of a team of employees who refined and updated the Bank's culture benchmarks during 2021. The Bank's culture of positivity has been in place for more than a decade and is credited as a driving force in our sustained growth.
O'Brien also thanked the corporators for voting to form the new mutual holding company, Community Bancorp of the Berkshires, MHC.
"Your confidence in voting to create this new corporate structure will allow us to continue growing and further deepening trusted relationships with our customers and broaden our footprint in Berkshire County," he said. "The new mutual holding company was formed on January 1, 2022, with Adams Community Bank being a subsidiary. The Bank will be opening branches in Pittsfield later in 2022 and Great Barrington in 2023."