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July 28, 2003
KENNEBUNK, Maine –Record earnings for 2002 of $5,693,875 were
announced recently by Kennebunk Savings Bank at its Annual Corporators
Meeting. In addition, the bank’s assets grew to $500 million, an
increase of almost 20% over 2001. In commenting on the outstanding
earnings result, Joel W. Stevens, President and CEO, attributed the
performance to better than expected deposit growth and heavy loan
demand. “We have continued to attract new customers in our market
area while also handling an unprecedented loan volume due to lower
interest rates,” notes Stevens. “Best of all, throughout this busy
year, our staff has enabled us to keep up the high level of service
our customers have come to expect from us. This is a real point of
pride for us!”
Stevens also cited a sharp focus on York County’s business community
and the constant improvement of the Internet banking product –
Kenn-e-banking, as well as the growth of its insurance subsidiary,
Morris Insurance Services, Inc as forces behind the record-breaking
numbers. He made special note of the successful opening of the bank’s
eleventh office in Kittery as one of the reasons for such strong
growth. By year end, the Kittery office generated in excess of $11
million in new deposits. Bank-wide, deposits grew by a little over 20%
in 2002, more than any other bank in the state.
Kennebunk Savings’ focus on commercial business development
contributed greatly to the bank’s bottom line. The bank now counts
over 3,000 York County businesses as clients and nearly 50% of its
loan portfolio are for small businesses. Kennebunk Savings continues
to be active in the small business community, working with York County
Community College in producing the York County Small Business
Institute, aimed at educating small business owners in the essential
areas of financing, marketing, and growing their business.
Kennebunk Savings Bank was the number one mortgage lender in York
County for the fourth year in a row. During this historically low
interest rate environment, the bank generated a record $127 million in
residential mortgages and refinances. Yet, Stevens stressed,
throughout the high volume, the bank was able to maintain its high
level of service to all mortgage customers regardless of whether they
were refinancing or purchasing a new home.
As part of its Community Investment Program, the bank designates 10%
of the bank’s earnings each year to support non-profit and
charitable organizations in the communities it serves. As a result of
2002’s earnings, the bank plans to distribute $570,000 in grants and
contributions this year. This amount will bring the total grants
awarded to York County non-profits and charitable organizations since
1995 to just over the $3 million.
Kennebunk Savings Bank is York County’s leading financial
institution with eleven banking offices located from Sanford to
Kittery and $500 million in assets. A true community bank, Kennebunk
Savings Bank emphasizes its local decision-making and community
involvement and provides a full range of consumer and business banking
and loan products to help people manage their money better. Kennebunk
Savings Bank also owns Morris Insurance Services, Inc., headquartered
in Kennebunk with offices in many Kennebunk Savings locations.
For more information contact:
Heather Harris
Community Relations Officer
Kennebunk Savings Bank
1-800-339-6573 |
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