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April 1, 2013

5 Cent Bank reports record-setting equity

NEWBURYPORT - The Newburyport Five Cents Bancorp, MHC, parent company of the Newburyport Five Cents Savings Bank, recently announced that its net income for 2012 was $6 million, which officials say exceeded 2011 results.

Bank leaders said their loan portfolio is now $491 million. Total deposits are $488 million and total assets reached a new high of $636 million.

Total equity for the bank increased by 4.7 percent to a historic high of $103.6 million.

“We finished 2012 with a very strong financial rating, and continue to be extremely well-capitalized even with the headwinds from the unprecedented low-interest rate environment,” said Janice C. Morse, president and CEO of the bank.

Morse said the bank donated more than $1 million in 2012 to over 150 local non-profit institutions.

“The more successful we are, the more we can offer to benefit the community in this unique partnership,” said Morse.

The following appointments took place at the bank’s recent annual meeting: Timothy Felter, to senior vice president, CFO, treasurer; Jerry Bazata, to vice president, commercial banking officer; David Goodwin, to vice president, information technology; Joanna Buccieri, to assistant vice president, senior mortgage underwriter.

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