Piscataqua Savings Bank Announces Annual Meeting Results

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Piscataqua Savings Bank Announces Annual Meeting Results

June 5, 2012 – Portsmouth, NH – Piscataqua Savings Bank recently held its Annual Meeting of the Corporation at the Wentworth by the Sea Hotel. This year’s meeting also celebrated the 40 years of service to the Bank performed by outgoing President/CEO Jay S. Gibson. In attendance were senior Bank officers, members of the Board of Trustees, members of the Board of Corporators, staff, friends and family.

Several prominent citizens paid tribute to retiring President/CEO, Jay Gibson during the dinner celebration. Speakers included Joan Gile, Piscataqua Savings Bank Executive VP/Operations Officer; Charlie Griffin, Vice Chairman of the Board; NH Governor John Lynch; Jerry Little, Retired NH Bankers President; Ken Clark, Chairman of the Board; Rick Wallis, incoming President/CEO; Ron Wilbur, NH Banking Commissioner; Ann H. Peters, Chief Executive Director of Lamprey Health Care; and closing remarks were from Gibson’s wife, Mary Pat Gibson.

David H. Bryan, Treasurer/Financial Officer conveyed financial results in the 2011 Piscataqua Savings Bank Annual Report. Bryan stated, “Another strong earnings year combined with controlled growth has enabled the Bank to maintain a Capital ratio in excess of 16%. Most financial institutions operate with more leverage, or a lower Capital ratio, for the benefit of shareholder returns. At Piscataqua Savings Bank, the Capital accounts are viewed as the foundation of the financial base that enables the Bank to continue being a vibrant and productive force in the community.”

Incoming President/CEO Rick Wallis said, “Although Jay is stepping down as President and CEO, his impact on the organization will remain for years to come. Jay has been a mentor and a friend to everyone who has worked alongside him over the past 40 years. Thanks to his leadership the Bank is on solid footing; an institution that is financially strong and a cornerstone of the Portsmouth community.”

And so a new chapter in the Bank’s 135-year history begins.

The only mutual bank based in Portsmouth today, Piscataqua Savings is dedicated to serving local individuals and families and has been a cornerstone of the Portsmouth community since 1877. Information is available at www.piscataqua.com.

Rick Wallis