A Message from the President
Jay S. Gibson, President and CEO
Dear Friends and Neighbors,
I'm proud to report that 2010 was another very positive year for Piscataqua Savings. Our continued success stems from our commitment to remain true to our founding principles of responsible lending practices and a conservative approach to investments.
During 2010 we developed many new customer relationships as a result of customer referrals, an ongoing recognition of the Bank's important role as a respected corporate citizen in the
Portsmouth community, and continued
dissatisfaction with large institutions.
Total deposits increased by
$13.2 million from year-end 2009.
We continue to see customers choosing Piscataqua Savings over the large regional banks because of our strong local presence and our commitment to personal service.
Our lending staff originated a volume of mortgages surpassed only by the unprecedented results of the prior year giving us increased market share in the Seacoast. This is due in part to the fact that our mortgage team all live locally. They know the market first-hand and can customize mortgages to suit a customer's specific needs. We also refinanced mortgages for many new customers this past year, and continue to do so.
The Trust and Investment Department had an outstanding year, establishing $20 million in new relationships.Ongoing new business development along with the market's positive performance propelled the Trust Department's total market value to a new high of $166.7 million.
Piscataqua Savings Bank is mutually owned so we operate without shareholders, which allows us to maintain a longer-term vision for the benefit of our customers, and the community we serve. Our first priority is-and always has been-you, our customers. We ensure that you can pick up the phone and get things done locally with people who are dedicated to serving you and who can make quick decisions on your behalf.
Our trustees and corporators are your friends and neighbors and are charged with establishing Bank policies in accord with local interests. This commitment to remaining an independent mutually owned bank has been, and will always be, preserved for the benefit of the people we serve.
As always, if you have suggestions, questions, or concerns, please give me a call, send an email, or stop by my office anytime.
Sincerely,
Jay S. Gibson
President/CEO/Secretary
jgibson@piscataqua.com
603.436.5250
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