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Press Room
Growth Defines the Past, Present and Future
Southbridge Savings Bank Holds 157th Annual Meeting
SOUTHBRIDGE, MA-May 2, 2005-Southbridge Savings Bank held it’s 157th Annual Corporators Meeting
on May 2, 2005, at Rom’s Restaurant in Sturbridge. In his remarks to Trustees, Corporators,
Officers and employees in attendance, Southbridge Savings Bank President and CEO Philip Pettinelli
presented his annual report. He reflected on the capital growth of the institution, both dollars
and human capital. An emphasis on the commitment to strategically charged growth prevailed. The
Bank has been focused upon not only growing the assets but the employees as well. A commitment to
maximizing customer service, community reinvestment, technological proficiency and being prepared
to deliver the most positive experience possible helps every employee to "live the strategy".
"Each year we take time to honor the people who have recently retired their positions after
graciously serving the organization", Mr. Pettinelli stated. The retirement of Corporators
Clement E. Lacoste, Francis A. Prince and John B. Dirlam were announced. "Clem Lacoste and
Francis Prince have served a combined 51 years on behalf of the bank. In addition, Thomas Hardy
resigned his position as Corporator this past November. I would like to thank them all for their
service to the Bank."
The Bank’s commitment to network expansion is evident in the city of Worcester where the twelfth
branch opened last fall. The newest branch is located inside of the Big Y Supermarket on May Street.
Additionally the Bank moved their former Shaw’s Gold Star Blvd. location to a temporary freestanding
mobile unit in the upper parking lot last winter after Shaw’s relocated to their new building.
Southbridge Savings Bank is committed to developing a full service, traditional banking location with
drive-thru facilities in the Gold Star Blvd. area and plans to open the new location in 2006. Prior
to the opening of the new Worcester Gold Star Blvd. location, the Bank is planning it’s thirteenth
branch to be located at the Big Y Supermarket in Palmer, offering a convenient alternative and
compliment to their existing Western, MA branch network. The branch is scheduled to open in late 2005.
Net income for the year ended December 31, 2004 of $2.79 million compared to $2.81 million in 2003.
At December 31, 2004 the bank reached a record high in asset size, at $360 million, compared to $345
million in 2003.
In addition to all of the new branches, the bank has welcomed new management talent as well. Brian
Chandley, well known to the Worcester Banking Community, has recently joined the Bank and is filling
the position of Vice President-Commercial Services Division. Additionally, Todd Tallman, Chief
Financial Officer for the institution for the past seven years, has been elected to the position of
Vice President Chief Financial Officer.
During the meeting, Chairman of the Board Nerio W. Pioppi acknowledged the retirement of Corporators
John B. Dirlam, Clement E. Lacoste and Francis A Prince. John. B. Dirlam is retiring as a Corporator
after 40 years of service to the Bank. He was elected as a Corporator in May 1965, as Trustee in May
1968, and elected Clerk of the Corporation in 1996. Also retiring, Clement E. Lacoste was elected as
Corporator in May 1979 and Francis A. Prince who was elected in May 1980.
New Corporator, Atty. Jim Gerrish was introduced at the meeting. He is resident of Brimfield and a
partner in the law firm of Gerrish & Rousseau located on Park Ave. in Worcester. The firm is in the
process of renovating the former Sturbridge Travel building and plans to open a Sturbridge office
later this month. In addition Reed Hillman, former State Representative representing the first
Hampden District, has been appointed to Trustee. Mr. Hillman has been a Corporator of the Bank since
May of 2002.
Judith W. McClurg, was elected as Clerk for one year. Elected as Corporators for ten years were
Patricia D. Bair, Albert D. Batista, Alberta Sebolt George, James G. Gerrish, David P. Laliberte
and Ruben Rios. Elected Trustee for One Year was Reed V. Hillman. Trustees elected for Three Years
included Richard Bouvier, John Q. Colognesi, Judith McClurg, Robert B. Muenzberg, Jr. and Philip
Pettinelli. Philip Pettinelli was re-elected President for one Year. Other re-elections included
Janet E. Garon as Executive Vice President for one year along with Lora A. Baldracchi, Susan Keough,
Todd Tallman and Brian Chandley as Vice Presidents for one year.
During the evening service awards were presented to long-term employees as thanks for their on-going
contribution to the organization. Ann. M. McCurdy and Deborah Gregoire-Lefebvre received and award
for their twenty-five years of service. Rachel L. Sprague and JoAnn Santelli received an award for
fifteen years of service while Frank Franconeri, Megan Kearns, Tanya Hryzan and Jason Main all
received an award for five years of service to the institution.
Since 1848, Southbridge Savings Bank has been providing products and services to the residents of
Massachusetts. With the opening of their Palmer branch later this year, they will offer thirteen
full-service locations throughout Central and Western Massachusetts, including seven in-store
branches that are open extended hours and seven days per week.
For more information about Southbridge Savings Bank, or their products and services, please
visit one of their conveniently located branches, call 800-939-9103 or visit them on the web at
www.southbridgesavingsbank.com.
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