In many ways, 2017 was a challenging year for Winchester Savings Bank, as it was for community banks throughout the country. Maintaining and growing core deposits when stock market performance is at an all-time high is even more difficult in a low-rate environment. Nonetheless, the Bank showed a 30% increase in the bottom line (before taxes) and continues to improve the breadth and depth of our loan portfolios.
The past year was not without significant highlights, including the launch of a new Loan Origination System, which integrates a user-friendly, online application site with a robust processing and underwriting system. It is designed to give consumers the resources and convenience they need to apply for any real-estate-secured credit from the Bank. On the retail side, we upgraded our online banking systems for both personal and business customers, as well as our mobile banking application. As part of our continuous effort to expand the services we offer to local businesses, we partnered with Merchant Consulting Group to provide merchant services, allowing business customers to accept credit card and debit card payments.
Winchester Savings Bank also implemented its first coordinated digital marketing campaign, using Facebook, Instagram, and Google AdWords Display Network to tell potential customers about our checking, CD, and online mortgage application offerings. Please look for tokenization (Apple Pay, Google Pay, and Samsung Pay) to roll out early in 2018.
As always, we are proud to be a local bank with a strong financial foundation, a tradition of exceptional service and a legacy of community involvement and support. For more than 145 years, Winchester Savings Bank has been an excellent place to keep your money safe; to speak with friendly, knowledgeable experts about financing a home, saving for the future, and guiding your business; and to access services that offer both value and convenience. You will always find someone here who will work with you to explore your options and help you make smart financial choices.
All of us here at Winchester Savings Bank wish you a healthy and prosperous 2018.
Peter J. Segerstrom
President and CEO