Hometown Bank Reports Smaller Profit, Increased Assets
Oxford-based Hometown Bank reported a $1.8 million profit for 2009 compared to $2 million the prior year.
The mutual bank said total assets for the year were $211 million, a 4 percent increase over the previous year.
Matthew Sosik, the bank's president and CEO, said the bank is prepared for "continued weakness in housing, employment and the economy as a whole over the next few years."
In 2009, the bank set aside slightly more than $1 million to cover future loan losses.
In a statement, Sosik said increases in Federal Deposit Insurance Corp. insurance assessments are "squeezing the earnings of smaller banks."
Through those increases, small community banks are being "asked to pay for the sins of the larger and irresponsible banks across the country," Sosik said.
The bank has offices in Oxford, Webster and Sturbridge.
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