Pentucket Bank Tuesday reported it has reached the milestone of topping $1 billion in assets, making it one of the largest mutual banks in Massachusetts and New Hampshire by asset size.
Pentucket Bank CEO Jonathan H. Dowst and President Eric G. Leuteritz issued a joint statement noting the accomplishment for a bank that began in 1891 by being open only one day a week.
“This achievement is a testament to the dedication, hard work and unwavering commitment of each and every one of our employees. It is a testament to everyone embracing the vision of providing exceptional service and providing heartfelt support to our customers, communities, and each other. Reaching $1 billion in assets is not just about the numbers, it is about the trust our customers and our community have placed in us. It is about the honesty in the relationships we have built and the mutual respect we have created,” they said.
The mutual bank has grown since its founding to six full-service offices serving Massachusetts and New Hampshire. Maintaining the mutual community banking model, the mutual holding companies of Pentucket Bank and Newburyport Bank combined earlier this year to become River Run Bancorp, MHC, a single mutual holding company with two independent community banks with more than $2.5 billion in assets.