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A Message from the CEO

September 28, 2023

By: Mike McAuliffe, Chairman & CEO  

2023 is proving to be one of the most unusual and challenging years for the banking industry that I have seen in my 36-year career. I don’t think anyone would have predicted the large bank failures that occurred in March. In short, the failures showed that in today’s world, a loss of faith and trust by customers can have a quickly devastating impact. As one of the oldest mutual banks in the country, our straightforward business model continues to keep us on solid financial ground. Your continued trust in us is a key piece to our long-term success. 

The rapid increase in interest rates by the Federal Reserve has impacted all banks as some loans originated over the past several years are now yielding less than today’s savings rates. As a result, a majority of banks will see reduced profitability in 2023. Despite the rate increases, loan delinquencies remain at historic lows indicating our commercial and personal banking customers are successfully navigating these challenging times. 

Middlesex continues to look forward and as such, we are close to opening our new branch in Worcester. While we remain committed to serving our customers face-to-face, we also continue to invest in technology aimed at improving the online and mobile experience. 

We are proud to announce that we are once again one of the state’s most charitable corporate contributors. This year, we ranked 34th on the Boston Business Journal’s annual list, well ahead of many organizations much larger than Middlesex. In addition, the bank recently received an Outstanding Community Reinvestment Act (CRA) rating from the FDIC and MA Division of Banks. The rating measures a bank’s record of helping to meet the credit needs of its entire community, with less than 10% of banks receiving an “Outstanding”. Our commitment to support our community, both financially and through volunteerism, is unwavering, regardless of the economic environment.
As always, thank you for your continued relationship with Middlesex and all the best for the remainder of 2023 and beyond.