Annual Meeting of the Shareholders
The 2002 Annual Meeting of the Shareholders of Castle Bank and Trust Company was held in the boardroom of Castle Bank at 100 Hanover Street at 10:00 am on Wednesday, May 29, 2002.
Dear Shareholders of Castle Bank,
The year 2001 was a roller coaster ride for the nation, the economy and the emotions of all of us. Through it all, Castle Bank and Trust Company continued to make significant progress in achieving our financial and community development goals.
2001 was our second full year of operation. Our Net Income for the year rose to $350,267 from a loss of $171,069 for 2000. Assets grew 6.3% to $50,232,435. Total loans outstanding more than doubled to $14,952,135. Deposits grew by 29% to $29,456,709. Sweep accounts (repurchase agreements) at year-end totaled an additional $4,832,911. The total number of accounts also rose 29% from 2,213 to 2,864.
Castle Bank continued our efforts to be an influential and positive force in the economic development of our community. The Bank�s quarterly economic luncheons have become an effective forum for communication among the major economic development organizations and the City. We have worked closely with the City Economic Development Department to provide counsel and financial resources to local businesses wishing to expand and to businesses desiring to move to Meriden. The Bank has supported MEDCO, MERG and the Chamber of Commerce on various projects throughout the year as well as provided leadership by the participation of Bank officers on their Boards.
Castle Bank continues to expand its role in the community by supporting the participation of our staff in numerous community organizations and events. The Boys and Girls Club, the United Way, Rotary and Kiwanis are among the many organizations which benefit from the volunteers from Castle Bank. We sponsor a team of our employees in the annual Relay for Life and raised money for the March of Dimes Walkathon.
During 2001, we expanded our sponsorship support for the Daffodil Festival, sponsoring the fireworks and providing an ATM for the event. Our Hanover Street office played host to the local Rotary Club�s 80th Anniversary Celebration as well as a beautiful musical evening with Chorale Connecticut.
Our staff grew with the addition of Daniel DeRosa, Senior Vice President, Senior Lender and Duane Beale, Vice President, Commercial Lender.
In summary, 2002 has been a year of increased profitability and growth. As a fellow shareholder, I hope you share the pride I have in the officers and staff whose dedication and hard work have made this possible. They have created a culture at Castle Bank which makes it a great place for our customers to do business and a wonderful place to work. We all thank you for your continued support.
Lawrence M. McGoldrick
President and Chief Executive Officer
Thursday, May 09, 2002
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