As we look back at 2018, there are a number of accomplishments to highlight. After 40 years in Woburn at the Horn Pond Plaza location, we successfully negotiated a new lease that will keep us there for another 10-20 years. Our focus now is to renovate the branch, allowing us to enhance the customer experience and improve awareness in the surrounding community.
Last year was another strong one for loan growth, in both residential and commercial real estate loans. The Bank continues to expand its customer base and the scope of commercial projects it finances. In spite of the competitive deposit rate environment, both core and term deposits were up from the previous year.
Another accomplishment of note from 2018 was the rigorous and comprehensive review of our core computer system. For a variety of reasons that will be communicated later this year, the Bank has selected to upgrade its system to COCC. Among numerous benefits is an ownership structure comprised of user banks, as well as the ability to offer online deposit account openings. The change will be complete in Q4 2019.
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 2019.
Peter J. Segerstrom
President and CEO