04/24/2024 – Community Bancorp of the Berkshires, MHC Announces a Year of Strong Financial Performance

ADAMS, MA- The annual meeting of the Community Bancorp of the Berkshires, MHC, the parent company of Adams Community Bank, was held on April 10, 2024, at Charles H. McCann Technical School in North Adams. The meeting included reviewing the 2023 financial statements for the Bank, electing directors and corporators, and highlighting upcoming executive personnel changes.

President and CEO of Adams Community Bank, Charles O’Brien, stated, “In 2023, the Bank experienced another year of growth in assets, loans, and deposits, noting the Pittsfield branch reached $26 million in customer deposits from its opening in December of 2022.” He continued, “Those deposits were loaned out locally during 2023 and helped drive our #1 ranking in both mortgage and commercial real estate lending, according to Banker and Tradesman.”

The Bank’s solid loan and investment portfolios contributed to the overall growth achieved during the year. At year-end 2023, total assets were $995 million, and O’Brien noted the Bank crossed the $1 billion threshold during the first quarter of 2024.

Board chair Jeffrey Grandchamp noted with O’Brien’s upcoming retirement, this will be the final annual meeting of the CEO’s tenure since he joined the Bank in 1997. He thanked him for his 27 years of dedication to the Bank. He acknowledged the evolution of the Bank as it became the premier community bank in the Berkshires, noting that branches grew from 3 to 10, that employees grew from 40 to 135, and that assets grew from $127 million to $1 billion. An executive search is underway for O’Brien’s replacement.

About Community Bancorp of the Berkshires

Community Bancorp of the Berkshires, MHC, is headquartered in Adams, MA, and serves as the parent company of Adams Community Bank. The Bank was incorporated in 1869 and is an independent community savings bank serving the Berkshires of western Massachusetts. The Bank has approximately $995 million in assets and operates nine locations throughout Berkshire County in Adams, Cheshire, Great Barrington, Lanesborough, Lee, Lenox, North Adams, Pittsfield, and Williamstown. Member FDIC. Member DIF. Equal Housing Lender. Visit adamscommunity.com for more information.