July 6, 2009
Profit Down, Assets Up At Hometown
By Matthew L. Brown
Oxford-based Hometown Bank said its assets grew more than 7 percent during the 2008 fiscal year as its net income fell to $2 million from $2.35 million the prior year.
The bank's loan portfolio also expanded from $154.4 million in 2007 to $174 million last year.
Bank President and CEO Matthew Sosik said Hometown has had a strong 2009 so far, as well, despite the recession.
The mutual bank recently held its annual meeting, and in addition to reviewing its 2008 financial performance, elected a slate of officers for the year ahead.
Hometown has three offices in Oxford, Webster and Sturbridge.
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