ASB 2024 Annual Report_WebVersion

Dear Corporators, While interest rates, jobs, politics and tariffs made headlines in 2024, Athol Savings Bank continued to focus and make progress in growing our market share. As a result, assets increased by $17 million, or 3% over 2023. Importantly, it is this ongoing investment that helps support growth of our People, Customers and Communities. And our focus on market share will continue to support our growth regardless of the operating environment. The Bank reported continued asset growth year-over-year and closed 2024 with total assets of $640.8 million. Similarly, the loan and deposit portfolios also grew year-over-year ending 2024 at $428.5 million and $520.4 million, respectively—and at 5-year highs. In a highly competitive and commoditized banking environment, where every customer has a variety of brick-and-mortar and digital-only choices, we are pleased with this level of performance. Another facet of growth is constantly improving our offerings and our value for current and prospective customers. The Bank’s People are always working together as a team to create and offer the products and services our customers want and need. Growth is also achieved by providing consistent and superior customer service across all departments and service channels. Our Solutions Center, for example, is comprised of talented and driven bankers who have been empowered with the tools and the ability to provide consistent solutions for our customers. This approach to customer service, if consistently provided bank-wide, will sustain growth across all business lines. During 2024, the Bank continued its investment in People through the ASB University initiative, providing enhanced product and customer service skills. Additionally, we continue to make progress with training sessions across bank departments. On the technology side, the Bank’s AVA, interactive automated virtual assistant, at 388 Main Street Athol office, has enhanced adoption and facilitates customer activity with longer hours. As we look forward through 2025, the Bank will leverage off the original AVA investment and introduce the same automation across the branch network to enhance customer service. As it has been year after year and cycle over cycle, the Bank is ready to face any challenges presented, and to better support its People, Customers and Communities. Warm regards, Daniel J. Zona, President & CEO TO THE CORPORATORS OF ATHOL SAVINGS BANK: