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Message from the President
Comparative Statement of Condition
Trustees

Message from the President

Welcome to Winchester Savings Bank, an independent, mutually-chartered institution founded in 1871. Because our trustees, corporators, officers and employees all live locally, we understand the financial needs of local consumers and businesses. We take great pride in our long-standing reputation for integrity, our ability to expediently offer services, the high quality of our products, and the loyalty of our exceptional workforce.

As we navigate this turbulent economic period and its steady recovery, it is important to communicate the following:

  • Winchester Savings Bank's capital ratios remain far above those required to be considered a well-capitalized institution by regulatory authorities.
  • Winchester Savings Bank has not done, nor does it do, sub-prime lending. The credit problems that plagued many of the country's larger financial institutions have had minimal impact on us.
  • All deposits at Winchester Savings Bank are insured in full by the FDIC and the DIF combined. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
  • While other institutions continue to restrain their lending activities, Winchester Savings Bank has money to lend to both individuals and business-owners.

As Winchester Savings Bank enters its 140th year of successful service to the local community, we want to thank you for being part of our rich tradition of excellence. If you or someone you know is looking for a safe place to deposit your hard-earned money, please come in and meet one of our Personal Bankers. If you are thinking about buying a home, paying for college, starting a business or planning for retirement, we can answer your questions and help you every step of the way. I believe you will enjoy becoming part of the Winchester Savings Bank family.

On behalf of everyone here, I extend to you my sincere wishes for a healthy and prosperous 2011.

Peter J. Segerstrom
President and C.E.O.

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Comparative Statement of Condition

Assets
Description December 31, 2010 December 31, 2009
Cash and Due from Banks $ 8,418,969 $ 44,510,748
Federal Funds Sold 43,217,100 3,998,642
U. S. Government Obligations 0 0
Marketable Equity Securities 1,213,094 761,546
Federal Agency Obligations 77,736,345 49,571,329
Corporate Bonds 12,116,027 17,194,474
Municipal Bonds 7,244,454 2,000,000
Certificates of Deposit 5,870,000 1,715,000
Other Equity Investments 4,282,311 4,282,311
Mortgage-Backed Securities 34,991,095 48,065,871
- - -
Loans:    
Real Estate Mortgage Loans 320,543,627 325,722,688
Consumer Loans 900,249 1,216,106
Commercial Loans 4,029,359 4,081,328
(Reserve for Loan Loss) (3,775,111) (3,469,283)
- - -
Other Real Estate Owned 350,000 54,000
Bank Premises and Equipment 7,003,309 7,254,255
Accrued Interest Receivable 1,514,967 1,718,651
Other Assets 5,330,090 5,995,829
Total Assets $ 530,985,885 $ 514,673,495

Liabilities and Surplus
Description December 31, 2010 December 31, 2009
Deposits $ 435,889,182 $ 413,889,993
Borrowed Funds 37,500,000 43,650,529
Mortgagors' Tax & Other Escrow 387,696 396,415
Accrued Expenses & Other Liabilities 3,325,530 4,199,000
Surplus 53,883,477 52,537,558
Total Liabilities and Surplus $ 530,985,885 $ 514,673,495
Letters of Credit $ 10,000 $ 280,000

Trustees
Name
Paul F. Amico
James E. Barger, Ph.D.
Stephen H. Boodakian
Deborah A. Carson, C.P.A.
Evander French, Jr.
Martha C. Grenzeback, Ph.D.
Frank M. Gunby, Jr.
Neal J. Harte, C.P.A.
Judson D. Hale, Jr.
Edward E. Hicks
William P. Hood
Charles F. Johnson
Alan G. Macdonald
Lane McGovern - Honorary Trustee
Andrew L. Nichols
Gerald F. O'Neil, C.P.A.
Steve J. Poulos, Ph.D., Clerk
Peter J. Segerstrom
James R. Willing

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