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President’s Message 2018

To The Members of Winter Hill Bank, FSB:

Sandra L. McGoldrick, President / CEO of Winter Hill Bank

Sandra L. McGoldrick


To the Members of the Winter Hill Bank, FSB:

As we approach our 112th year in operation, it is a special pleasure for me to report that 2017 was yet another successful year. It’s special because last year more than ever we were able to transform challenges into opportunities for the continued growth of the bank and the personal growth of our customers. We remain increasingly confident about our economy and excited about the prospects for the bank’s growth in the years ahead.

In terms of bank growth, total assets increased approximately 14% and this statistic reminds us that there will always be a place for an innovative, progressive community bank and it reinforces our belief that Winter Hill Bank satisfies that local need to local people. Other statistical growth of the Bank is evidenced by loan balances of one to four family residential loans that increased by approximately 22% proving that the Bank’s initiatives to help homeowners and investors alike borrow to meet their lifestyle needs are working.

The need for affordable housing did not go unnoticed and to ensure that this issue was addressed the following was accomplished: 1) over the past several years Senior Management contributed their expertise and served on a variety of task forces to combat the affordable housing crisis, focusing on the financial aspect of the affordable housing issues and; 2) the bank remained committed to financing affordable housing by offering special loan programs for income eligible low-and moderate-income first-time homebuyers through Mass Housing’s mortgage programs. These programs provide competitive interest rates and relaxed terms and qualification guidelines for income-restricted homebuyers and first-time home buyers. The bank also offers an in-house lending program for first-time homebuyers and provides free preapproval services to income restricted first-time homebuyer FTHB 40B lottery candidates.

During 2017 we achieved many of our other strategic initiatives, including expansion of our commercial real estate lending portfolio that includes construction, multi-family, and non-residential lending. The double digit growth in this sector was strong evidence that the commercial real estate financing in 2018 will continue to share a major focus of the Bank’s mission as we assist customers realize their investment potential.

I am pleased to announce that the Business Banking and Personal Checking Account balances also increased. The increased activity in these areas proves that we provide opportunities to everyone and as our customers grow and prosper we’ve grown alongside of them and offer all of the modern technological banking conveniences as we continue to invest in technology to serve everyone’s busy lifestyle. I would be remiss if I didn’t mention that the checking and saving accounts provided by Winter Hill Bank meet the Basic Banking for Massachusetts guidelines established by the Massachusetts Community and Banking Council.

In closing, on behalf of all of our dedicated staff banking professionals, I would like to personally thank you for the confidence you’ve shown in us by making Winter Hill Bank your Community Bank of choice. As a true community bank we will remain focused on delivering Exceptional Service…Without Exception and provide you with banking services and quality products to help you reach your financial goals. We are committed to exceeding your expectations and when you call us we answer the phone, and when you visit us we know you by name. This traditional approach combined with modern technology is the foundation for Winter Hill Bank for years to come.

Respectfully submitted,

Sandra L. McGoldrick