From the President’s Desk:
A Message Regarding Turbulent Markets and Community Banks

Over the past several months, you’ve probably seen and read much about our country’s economy and the impact of the decline of the housing market. As with any economic event, some sectors are impacted more than others, and the same can be said for businesses within sectors. Such is the case with the banking industry today.

Today’s environment has been extremely harsh on housing and the mortgage market. Financial services companies which have much exposure to sub-prime mortgages have been particularly hard hit. Without going into great detail, the term “banks” is being used to describe firms hit with large losses, when in fact, community banks like North Shore Bank bear NO resemblance to these companies.

Generally speaking, community banks have not participated in the more risky operations which have caused so much distress. Here at North Shore Bank, we have been very conservative with our lending practices, always keeping in mind the financial well being of our customers.

You should find comfort in knowing that all deposits in North Shore Bank are 100% insured. The FDIC insures amounts up to $250,000 and then the Share Insurance Fund (SIF) of the Cooperative Central Bank covers amounts over the FDIC threshold. Not all banks have this coverage, but depositors in North Shore Bank enjoy the peace of mind of knowing that their deposits are safe. No depositor in Massachusetts has lost a penny in an FDIC/SIF insured institution.

In summary, I’d like to point out that North Shore Bank has been serving the people and businesses of our beautiful area for 120 years. We try very hard to help our customers reach their financial goals, and we take seriously the trust they put in us. Throughout good times and difficult times, we pledge to deliver banking that is “Well North of Your Expectations.” Should you have any questions or concerns, please call us at 877-712-7000, or stop in to the office nearest you to speak with one of our knowledgeable staff.

Here to serve you!
If you have any questions about our products and services, please use our Information Request Form, or call (978) 538-7000 to speak with one of our Customer Service Representatives. We will be happy to answer your questions and assist you in selecting the products and services that best meet your financial needs.