Annual Reports

President’s Letter

By Timothy J. Thompson
President & Chief Executive Officer

(From the 2020 Annual Report)

First and foremost, I want to acknowledge and celebrate the resilience of our customers and communities in response to the challenges of 2020. Additionally, I am most proud of the strength and unyielding customer focus of the employees of Franklin Savings Bank. I credit all the employees with many customer triumphs and Bank achievements in 2020, and the
continued strong financial performance of the Bank.

In times of unrest, we seek security and turn to those we know we can count on. In 2020, many consumers and business owners put their trust in Franklin Savings Bank. New account growth and overall deposit growth both reached historic highs. In addition, FSB implemented systems on the fly to enable the origination of more than 500 paycheck protection program
loans, providing critical support to local businesses and their employees.

As another testament to our dedication to supporting business owners, Franklin Savings Bank was recognized by the Finance Authority of Maine (FAME) as a recipient of their 2020 Lender At Work For Maine Award and by the Small Business Administration (SBA) with their District Director Award.

In 2020, we increased the financial support of our communities. We added much-needed funding for stretched school meal programs and scholarships specific to high school graduates attending Technical or Trade schools.

The dedicated staff at Western Mountain Financial Services continued their commitment to serving as Trusted Advisors to their clients. This commitment resulted in continued growth in assets under management.

In this report, you will see that we have spotlighted the retirement of Mary Ellen Carpenter. Mary Ellen served on the Board of Directors, effectively representing the Skowhegan and Somerset markets for 17 years. I extend my sincere thanks and best wishes to her.

With this 2020 Annual Report, we are excited to introduce the new Franklin Savings Bank logo and branding. The new look and feel is a result of a comprehensive rebranding initiative that started with a redesign of the FSB website launching this summer. The logo and icon are changing, but our
unwavering mission of Franklin Savings Bank and long-term commitment to our customers and communities remain.

As I reflect on the events of 2020 and the unforeseen circumstances we all faced, I find myself grateful. I am thankful for the dedication of the FSB team, the oversight of the Board of Directors, the ongoing support of our Corporators, and our customers that recognize the value of choosing Franklin Savings Bank as their financial partner.

Proud to be FSB!