Maple City Savings Bank, FSB

01/05/2012
Annual Meeting Press Release

Maple City Savings Bank (MCSB) and Maple City Savings Mutual Holding Company held their annual meeting on December 20, 2011 in Hornell, NY. An overview of the Bank's activities as well as a summary of the financial progress made by the Bank during the fiscal year was presented to the shareholders.

Several management and leadership changes occurred during the fiscal year ending September 30, 2011. Retirements by MCSB Chief Executive Officer Terry Bertram and Board of Directors Chairman Duane Heineman were addressed with the hiring of new CEO Thomas Beers and the appointment of two new board members, Maninder Virdee and David Gray. Dr. Richard Andolina assumed the role of Chairman of the Board and David Parmley took over as Vice-Chairman.

Tom Beers was hired as President of the Bank in September 2010 as successor to Terry Bertram. Tom's previous experience was in commercial banking, working with several regional banks in western NY. Tom was voted onto the MCSB Board of Directors at the December 20th annual meeting. He lives in Arkport with his children.

Maninder Virdee's business background includes the management of two medical offices with her husband, Dr. Tejinder Virdee, and banking experience with a large commercial institution in England. The Virdee's live in Hornell.

David Gray has an engineering and business background, most recently with Gray Manufacturing Industries, LLC, a railway manufacturing company located in Hornell, NY. Dave lives in Hornell with his wife Penny and their children.

At the annual meeting it was noted that several new Bank products were added during the fiscal year. These include expanded commercial lending programs, free business checking and expanded consumer loan products.

Financial highlights during the year included an 8% growth rate. This was partially due to growth in commercial loans, a new area of focus for the Bank. A renewed interest in fixed rate mortgages was responsible for the balance of the loan growth. Mr. Beers thanked local realtors and existing customers who were responsible for referrals to the Bank during the year.

Total interest earned on loans slightly decreased during the year due to a lower interest rate environment. Interest paid on deposits decreased during the year for largely the same reason. The Bank was pleased to announce that a modest net profit was realized for the fiscal year.

Capital remains very strong at the Bank: Total risk-based capital is currently 21% of risk-weighted assets versus a benchmark of 10% to be considered "well capitalized".

President Beers thanked the Bank's loyal customers and looks forward to working with new customers as the Bank diversifies its' offerings to increase its exposure here in the Hornell market area. A full annual report is available at the bank for those who are interested.