| Business Summary | | MASSBANK
Corp.
is
the
holding
company
for
MASSBANK
(the
Bank).
The
Bank
is
primarily
engaged
in
the
business
of
attracting
deposits
from
the
general
public
through
its
15
full-service
banking
offices
in
Reading,
Chelmsford,
Dracut,
Everett,
Lowell,
Medford,
Melrose,
Stoneham,
Tewksbury,
Westford
and
Wilmington,
Massachusetts,
and
originating
residential
and
commercial
real
estate
mortgages,
construction
loans,
commercial
loans
and
a
variety
of
consumer
loans.
The
Bank
invests
a
significant
portion
of
its
funds
in
United
States
Treasury
and
Government
agency
securities,
mortgage-backed
securities,
federal
funds
sold
and
other
authorized
investments.
The
Bank
also
invests
a
portion
of
its
funds
in
equity
securities
traded
on
a
national
securities
exchange
or
quoted
on
the
NASDAQ
System. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | MASB
is
a
holding
company
whose
principal
subsidiary
is
MASSBANK
(the
``Bank'').
The
Bank
operates
15
full
service
offices
and
provides
a
variety
of
deposit,
lending
and
trust
services.
For
the
six
months
ended
6/30/01,
interest
income
fell
2%
to
$29
million.
Net
interest
income
after
loan
loss
provision
fell
8%
to
$11.6
million.
Net
income
fell
2%
to
$5.4
million.
Results
reflect
decreased
mortgage
loans,
and
higher
deposits
interest
costs,
partially
offset
by
lower
salaries. | More
from
Market Guide: Significant
Developments |
| | | | FY2000
Compensation | | Pay | Exer | |
| Gerard Brandi, 52 Chairman,
Pres, CEO | $544K | $6.6K | Reginald Cormier, 53 CFO,
Sr. VP, Treasurer | 134K | -- | Donna West, 55 Assistant
Sec.; Sr. VP - Community Banking Division, Bank | 150K | 17.6K | David Carroll, 53 VP
- Operations, Bank | 115K | -- | Thomas Queeney, 38 VP
and Sr. Trust Officer of the Bank | -- | -- | Dollar
amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.; "Exer" is the value of options excercised during the fiscal year. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|