| Business Summary | | Woronoco
Bancorp
Inc.,
a
holding
company,
owns
all
of
the
outstanding
shares
of
Woronoco
Savings
Bank
(the
Bank),
a
community-oriented
savings
bank,
which
was
organized
in
1871.
The
Bank's
principal
business
consists
of
the
acceptance
of
retail
deposits
from
the
general
public
in
the
areas
surrounding
its
11
banking
offices.
Deposits
are
then
invested,
together
with
funds
generated
from
operations
and
borrowings,
primarily
in
one-
to
four-family
residential
loans
and
consumer
loans,
mainly
home
equity
loans
and
lines
of
credit.
The
Bank,
to
a
lesser
extent,
also
invests
those
funds
in
multi-family
and
commercial
real
estate
loans,
construction
and
development
loans,
commercial
business
loans
and
other
types
of
consumer
loans,
primarily
automobile
and
personal
loans.
The
Company's
primary
lending
and
deposit
market
areas
include
Hampden
and
Hampshire
Counties
in
western
Massachusetts
and
parts
of
northern
Connecticut | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | WRO
is
a
bank
holding
company
for
Woronoco
Savings
Bank.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
15%
to
$21.5
million.
Net
interest
income
after
loan
loss
provision
rose
7%
to
$9
million.
Net
income
before
accounting
change
decreased
8%
to
$1.9
million.
Net
interest
income
reflects
increased
interest
earning
assets,
partially
offset
by
higher
rates
paid
on
liabilities.
Net
income
was
offset
by
increased
salaries
and
employee
benefits. | More
from
Market Guide: Significant
Developments |
| | | Cornelius
D. Mahoney,
Chmn./Pres./CEO Debra
L. Murphy,
Sr. VP/CFO Agostino
J. Calheno,
Sr. VP. | More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
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