This past year was very challenging for many, both personally and professionally, and the bank’s motto of being right there with you was tested. I am proud to say that the team at Middlesex stepped up in the face of their own daily challenges and delivered, as they always do. As we head into 2021, still facing many of the challenges of the current environment, we do so with a more optimistic view of the future.
Early in 2020, the bank responded to the Paycheck Protection Program. While a very challenging process at the outset, we ended up making almost 1,600 loans totaling $220 million to assist our business customers. In addition, we granted hundreds of temporary loan payment deferrals to both consumer and business customers and the bank continues to work with customers that remain significantly impacted by the current environment.
Internally, we completed the multi-year renovations to our Natick offices and Westborough Operations Center as well as several branches. We opened our Hudson branch in August and most recently, we opened our Westborough branch this month. Our branch renovations in Boxborough and our new branch sites in Acton and Maynard remain on schedule, with completion expected in the first quarter of this year.
We are fortunate to have considerable financial strength that allows us to provide significant support to our community. Our various efforts in 2020 highlighted this commitment. Between customary annual grants by the bank’s charitable foundation, some pre-planned anniversary and employee directed gifts and a $1 million fund focused on pandemic relief, Middlesex distributed over $2.8 million to the community.
Somewhat lost in the year was Middlesex’s 185th anniversary. While we intended to celebrate with much more public fanfare, helping our customers, colleagues and the community at large became our sole focus and was an excellent reminder and representation of why Middlesex was founded back in 1835.
As I write this letter, Middlesex is now the largest mutual bank in Massachusetts. Our commitment to remain a mutual and to our core values of maintaining financial strength, superior customer service and supporting our communities, financially and through volunteerism, has never been stronger. While there is still much uncertainty as to how things will unfold in 2021, rest assured that the bank will continue to be right there with you as we all face these challenges together.
All the best and be well.
Mike McAuliffe
Early in 2020, the bank responded to the Paycheck Protection Program. While a very challenging process at the outset, we ended up making almost 1,600 loans totaling $220 million to assist our business customers. In addition, we granted hundreds of temporary loan payment deferrals to both consumer and business customers and the bank continues to work with customers that remain significantly impacted by the current environment.
Internally, we completed the multi-year renovations to our Natick offices and Westborough Operations Center as well as several branches. We opened our Hudson branch in August and most recently, we opened our Westborough branch this month. Our branch renovations in Boxborough and our new branch sites in Acton and Maynard remain on schedule, with completion expected in the first quarter of this year.
We are fortunate to have considerable financial strength that allows us to provide significant support to our community. Our various efforts in 2020 highlighted this commitment. Between customary annual grants by the bank’s charitable foundation, some pre-planned anniversary and employee directed gifts and a $1 million fund focused on pandemic relief, Middlesex distributed over $2.8 million to the community.
Somewhat lost in the year was Middlesex’s 185th anniversary. While we intended to celebrate with much more public fanfare, helping our customers, colleagues and the community at large became our sole focus and was an excellent reminder and representation of why Middlesex was founded back in 1835.
As I write this letter, Middlesex is now the largest mutual bank in Massachusetts. Our commitment to remain a mutual and to our core values of maintaining financial strength, superior customer service and supporting our communities, financially and through volunteerism, has never been stronger. While there is still much uncertainty as to how things will unfold in 2021, rest assured that the bank will continue to be right there with you as we all face these challenges together.
All the best and be well.
Mike McAuliffe