West Town Savings Bank Assets Reach $100 Million

Cicero, IL.  Eric J. Bergevin, President & CEO of West Town Savings Bank, announces that the Bank’s assets have exceeded $100 Million.  This milestone was realized just 11 months after a group of North Carolina investors recapitalized West Town Savings Bank by infusing $8.5 Million of capital into the 88 year old Savings Bank.

After the recapitalization in August of 2009, West Town Savings Bank expanded their existing executive management team and Board of Directors; Mr. Bergevin was named President & CEO and appointed to the Board of Directors along with Marc McConnell, a North Carolina based investor, who was also appointed to the Board of Directors.  The Bank also expanded their footprint by establishing three additional loan production offices in North Carolina; the offices are located in Edenton and Greenville operate under the name of Albemarle Bank & Trust and one office in Greensboro operating under the name The Gate City’s Community Bank both as divisions of West Town Savings Bank.

Mr. Bergevin commented, “We are proud of the progress we have made with West Town Savings Bank and exceeding $100MM in assets is one of many milestones we have achieved clearly demonstrating that positive and profitable results are still attainable even in today’s economy.  We expect to continue our strategic growth plans but are keenly aware that credit quality is the number one concern for any bank and we intend to continue to operate with West Town’s long-term conservative philosophy to protect and expand shareholder value.”

Balance Sheet snap shot prior to recapitalization August 2009:

Assets - $58.4 mm
Deposits - $54.7 mm
Capital - $3.7 mm
Net Interest Margin – 1.86%

Balance Sheet as of 7-27-10:

Assets - $102 mm
Deposits - $75.5 mm
Capital – $10.2 mm
Net Interest Margin – 4.20%

Currently, West Town Savings Bank operates 

• 2 full service branches in Cicero, IL and North Riverside, IL
• two loan production offices that operate as Albemarle Bank & Trust – a division of WTSB in Edenton, NC and Greenville, NC
•  one loan production office that operates as The Gate City’s Community Bank – a division of WTSB in Greensboro, NC
•  15 Residential Mortgage Loan Offices in 6 states

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