Cambridge, Mass – 1854 Bancorp and East Cambridge Savings Bank held their annual meetings on March 24 in Cambridge. The primary purpose of these meetings is to elect directors, trustees, corporators, and officers to each respective company, as well as review financial performance for the prior year. 1854 Bancorp is a mutual holding company and the parent company of East Cambridge Savings Bank, a full-service mutual bank founded in 1854.
The bank’s president and chief executive officer, Timothy E. Bombard, opened the meetings by reflecting on the accomplishments, highlights, and challenges that occurred in 2024. “I can say this confidently: East Cambridge Savings Bank is a strong, trusted, well-positioned, and well-capitalized organization — one that can count several successes in 2024,” Bombard said. “I am pleased to say that in the past year, the bank’s total assets grew to $1.6 billion; deposits grew by $6.2 million; and net income of $2.5 million was generated. Financials tell only part of our bank’s story in 2024. It is also important to reflect on how we, as a financial institution, empower people. We do this because it is part of our mission to empower our customers, communities, and employees, and because we know that local is empowering.”
In his remarks, Bombard was alluding to the bank’s 2024 annual report which is entitled “Local Is Empowering”. It’s the third year in which the bank’s annual reports stated what it means to be local. The 2023 report’s theme was “Local Is Resilient” and the 2022 report was “Local Is Powerful”. All highlight the bank’s commitment to local investment and community growth. Released at the meeting, the 2024 annual report shares the bank’s consolidated statement of conditions and financial summary, as well as a full listing of bank directors, officers, and employees. Additionally, the report highlighted five bank customers who have been empowered by the bank. Local businesses, first time homebuyers, and nonprofit organizations were among those featured. The full report can be found here.
At the meeting of the 1854 Bancorp Board of Corporators, Mr. Charles Karyanis III was elected to the role of Corporator. Kayani’s is President of City Motor Group, Inc., a family-owned wholesale automotive dealership in Cambridge since 1974. He is the third generation of his family based in Cambridge in this line of work. Karyanis is a resident of Newton, Mass. Additionally, Mr. Daniel A. Leone, a longtime Trustee and Director for both the bancorp and the bank, was named Honorary Trustee. Based on his many years of dedicated service, he was unanimously elected to the honorary role. Also a Newton resident, Leone first joined the bank as a Corporator in 1975. In 1983, he joined the Board of Directors. He has served on the Executive Committee, Audit Committee, Charitable Foundation Board, and Retirement Plans Committee.
To learn more about East Cambridge Savings Bank, please visit ecsb.com or read the full annual report here.
About East Cambridge Savings Bank:
East Cambridge Savings Bank is a full-service mutually held bank that is committed to be the preferred banking partner in the communities it serves. Established in 1854, the Bank strives to provide an exceptional customer experience and generous support for the community. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, Waltham, and Woburn as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender.
CONTACT:
Leo Gayne
Vice President, Public and Community Relations Officer
(617) 551-2353
lgayne@ecsb.com