May, 2018 – Portsmouth, NH — Piscataqua Savings Bank recently held its Annual Meeting of the Corporation at the Atlantic Grill, attended by members of the Board of Corporators, members of the Board of Trustees, Bank officers, and staff.
Chairman of the Board Michael J. Asselin welcomed all in attendance to the meeting.
Mr. Asselin acknowledged five employees who had special anniversaries in 2017. The anniversaries range from 15 to 40 years with a combined work tenure of 120 years. “These individuals provide a unique strength for the Bank with their strong institutional and product knowledge”.
President/CEO Richard M. Wallis led a business session. “It has been a long and slow economic recovery since the financial crisis of 2007-2008, but we did see some improvements during 2017,” said Wallis. Deposits grew at a 3.47% rate, the loan portfolio grew at a 14.33% rate, despite a low housing inventory on the Seacoast and the market value of the Trust & Investment Department increased 13.29% from the year before.
Piscataqua Savings Bank introduced a number of new products in 2017, in an effort to continue to make banking for their customers easier. One of those new products was Instant Issue Debit Cards which enables customers to have a temporary card when opening a new account or for those who need an instant replacement for a lost, stolen, or compromised card. Mobile banking became the fastest growing delivery channel Piscataqua Savings Bank offers, with monthly usage of the eMobile app having increased by 73% over the year and a 36% increase in deposits.
The Bank formed a Historic Committee in 2017 to collect and chronicle the Bankâ€™s 141 year history. The Committee presented at the meeting the history of banking in Portsmouth including the formation of Piscataqua Savings Bank in 1877.
Vice President/ IT Officer, Antone Cabral provided a progress report on the building renovation that kicked off in July.
Mr. Wallis said while the renovations will change the customer experience, one thing Piscataqua Savings Bank will never change is delivering great customer service.
Piscataqua Savings Bank is among the highest capitalized banks in the state. The only mutual savings bank based in Portsmouth today, Piscataqua Savings Bank is dedicated to serving local individuals and families and has been a cornerstone of the Portsmouth community since 1877. More information is available at www.piscataqua.com.
Rick Wallis, President/CEO
Piscataqua Savings Bank