Annual Report: Weathering the Economic Climate of 2007 - Piscataqua Savings Bank

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Annual Report: Weathering the Economic Climate of 2007

annual report

New Hampshire Bank Commissioner, Peter C. Hildreth, addresses Piscataqua Savings Bank Board of Trustees and Corporators at recent Annual Meeting.

Peter C. Hildreth, Bank Commissioner, for the State of New Hampshire recently addressed our Board of Trustees and Corporators during Piscataqua Savings Bank’s Annual Meeting.

This past year has initiated an aura of pessimism and fear. The housing market was severely affected by the sub prime mortgage situation and a worsening economic outlook combined to create a very challenging environment for banks in 2007. Despite that, Piscataqua Savings Bank enjoyed increased earnings which compared favorably with the majority of our peers. View our 2007 Annual Report here.

Commissioner Hildreth addressed the issues plaguing the financial world today but then reassured the audience by saying, “I’m confident that you have a good, well-run bank. You don’t have to be an economist to figure out that this is a tough time. The fact that Piscataqua Savings has grown is really a credit to what you are as a mutual bank and to the management of the institution.”

The underlying strength for Piscataqua Savings Bank’s year-end results remain our very strong capital position, continued conservative management, and maintaining our mission to serve the banking needs of our customers on a very personal level.

As part of a dedication to serving our customers, the staff and members of the Board of Trustees attend special seminars and workshops conducted the New Hampshire Bankers Association and the FDIC. These programs educate and inform participants of current issues, concerns and regulations.

Commissioner Hildreth acknowledged our active level of participation, and said, “It’s a great thing you’re getting trained in these matters and it’s probably reflected in the great way that the bank is doing.”

We invite you to review our Annual Report for last year and while we do show results better than our peers and recent years, what we really look forward to is the opportunity to better serve our customers and community in 2008.