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President’s Message

January, 2012

We’re just a few short weeks into 2012 and it’s already shaping up to be an interesting year. As the year begins, we’ve already seen evidence that some areas of economic concern may be diminishing and the strain the economy has endured far too long may be easing. Optimism, however modest, may be in order during 2012. I am pleased to report that Dean Bank is well-prepared to face all challenges and opportunities we may encounter during 2012 as we begin the bank’s 123rd year of service to our customers.

Latest indices show the economy emitting positive signs of recovery. The first unemployment news of the year was positive reporting the national unemployment rate standing at 8.5%. This is down from 9.4% at the same time last year and reflects six continuous months of solid hiring, a definite sign of improvement. Massachusetts unemployment figures demonstrated an even more robust recovery with the Commonwealth in the top half of states with lower unemployment. November indices rank Massachusetts 17th lowest in the country with unemployment at 7.0%. Our close neighbor of Rhode Island, however, is still experiencing among the worst unemployment rate in the nation at 10.5%, the 5th highest.

The latest growth numbers show an economy that grew 2.8% over the final quarter of last year and the Federal Reserve predicts that growth in 2012 will be in the 2.5% range. Much of the recent growth is attributed to a 14.8% surge in vehicle sales as well as other long-lasting manufactured goods. People are buying more cars, and consumer confidence is rising. Even the depressed housing market has shown enough improvement to make some economists predict a turnaround has begun. Sustained modest optimism can be displayed if these figures bear out.

What 2012 will bring for our customers is something we at Dean Bank are prepared for right now. Whether you begin to think about a large purchase that has been put off for the last few years, needed home improvements are planned or the purchase of a new vehicle is considered; we will be ready to respond with a variety of mortgage and consumer loan products. If building your savings or adding to your retirement is your priority we can address your needs with savings products that can be tailored to your needs.

Community banks play a critical role in the lives of their customers and we at Dean Bank take that responsibility seriously. We are a local lender who understands your individual needs and we have the experience and expertise to offer loan products that are right for you. We’re a part of the community and want you to think of us first when the time comes to refinance or buy. In addition to serving your existing banking needs, we also continue to explore new technologies and new product possibilities as we strive to do what we do better and more efficiently. As we enter 2012 we know it will be a year of challenge for our region and our nation but it will also be one of progress and optimism for all of us at Dean Bank. 

Sincerely,

Wayne A. Cottle                                                                                                                 President & CEO

Tell us…What do you see? For more information on any of our products and services, to provide us with your comments or feedback, or simply to tell us about your own dreams and visions so that we can help you reach them, please use our Contact Us form, or call any of our offices.