NEWBURYPORT – A venerable 165-year-old local bank has dropped the "Five Cents" from its name and launched a rebranding campaign with a new name and logo, unveiled Monday at its newly renovated headquarters on State Street.
Lloyd L Hamm Jr., president and CEO of the previously named Newburyport Five Cents Savings Bank, announced at the bank's annual meeting Monday that the business will now be known as Newburyport Bank, with a campaign urging customers to "journey well."
Hamm, who noted it was just over a year ago he succeeded Janice Morse, who retired as bank president, welcomed more than 100 people to the annual meeting to elect board members. He detailed the bank's growth over the past year and goals for the current one, and announced the launch of the new name, logo and branding campaign.
Hamm said that in its push to "build an even stronger connection" to Greater Newburyport and Seacoast communities, the bank has made changes in four core areas: people, products, facilities and technology.
"We're aggressively seeking out the best people, creating new products, adding banking centers and always looking for the best technology to meet our customers' needs," he said.
Speaking in the renovated headquarters at 63 State St., Hamm said Newburyport Bank now has almost $900 million in assets, nine branches – including a new Dover, New Hampshire, office, and additional branches opening in Exeter, New Hampshire, on May 1, and in Hampton on June 1 – "and over 130 dedicated, energetic employees."
That number includes 16 employees hired over the past year as the bank expanded its services.
Timothy Felter, executive vice president, chief financial officer and treasurer, walked the audience through Newburyport Bank's financial high points from the past year.
Among the highlights for 2018, the bank listed net income of $5.46 million; a 6 percent increase in total assets to $885.7 million; residential loans of $333.7 million; and a 25 percent increase in deposits to $668.1 million.
The past year also saw the introduction of new business lines, including government banking, a treasury services group, private client group and consumer lending group, with the addition of credit cards and auto loans.
One highlight of the meeting was a presentation by Tim Pannell, president and CEO of Financial Marketing Solutions, the company hired by the bank to develop the branding campaign and new logo, which is a modern take on the sextant used under the Five Cents Savings Bank name.
The branding campaign also involves new marketing materials, television, radio and newspaper ads, and a redesigned website, www.newburyportbank.com.
During the meeting, Hamm also praised Richie Eaton and Dorothy LaFrance, both former chairmen of the board of directors who are retiring from the board.