Cambridge, Mass. – East Cambridge Savings Bank and its mutual bank holding company, 1854 Bancorp, recently held their annual meetings in Cambridge on March 23. The primary purpose of these meetings is to elect directors, trustees, corporators, and officers to each respective company, and to review financial performance for the prior year.
The bank's president and chief executive officer, Timothy E. Bombard, opened the meetings by reflecting on the accomplishments, highlights, and new products and services of the prior year. "2025 was another year of stable, responsible, and purposeful growth — marked by an unwavering commitment to the customers and communities who count on us every single day, and by meaningful progress in positioning East Cambridge Savings Bank for the opportunities that lie ahead," Bombard said. He shared several financial highlights including:
• Net income reached $5.7 million — an increase of $3.2 million over the prior year, representing growth of 126%
• $220 million in loans originated, reflecting strong, steady lending activity across the bank's markets
• Deposit growth of $24 million
• Tier 1 leverage ratio of 9.53%, placing the bank firmly in "well capitalized" status for regulatory purposes
• Total assets at year-end of $1.640 billion
Mr. Bombard went on to highlight several areas of growth, including the bank's expanded Community Reinvestment Act Assessment Area, new fintech partnerships featuring enhancements in merchant services and payroll capabilities, and the success of the bank's first-time homebuyer programs. He also spoke about the success that several customers have achieved through their work with ECSB. His full message to the Corporators and these customer profiles can be found in the bank's annual report. He concluded his remarks on an optimistic note: "Gatherings like this annual meeting matter. They remind us why this work is worth doing — and they fuel the energy we carry back into the work ahead. I am genuinely energized about what 2026 holds for this institution and for the communities we serve."
Additionally, new Directors, Trustees, Corporators, and Honorary Trustees were elected to roles for both the Bancorp and the bank:
• Leonard A. Frisoli, a longtime Corporator and local attorney, was elected Trustee of 1854 Bancorp and Director of East Cambridge Savings Bank
• Salwa B. Kaldas, the bank's immediate past chief financial officer and treasurer, who retired on April 3 after 12 years of service to the bank, was elected Trustee of 1854 Bancorp and Director of East Cambridge Savings Bank
• Daniel A. Shea, a Vice President and Wealth Advisor at Bernstein, and a Woburn, Mass., resident, was elected to the 1854 Bancorp Board of Corporators
• Richard D. Olson, Jr., the bank's executive vice president and chief banking officer, was elected to the 1854 Bancorp Board of Corporators
• Charles Aufiero, a longtime Corporator, Director, and Trustee with 50 years of service to the bank in those roles, was elected Honorary Trustee
• Arthur C. Spears, who served as a Trustee, Director, and member of the bank's Executive Committee — and as the bank's President and Chief Executive Officer from 2004 to 2012 — was elected Honorary Trustee
To learn more, please visit ecsb.com.
About East Cambridge Savings Bank:
East Cambridge Savings Bank is a full-service mutually held bank that is committed to being 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