President’s Message

I am pleased to report that as we celebrate 90 years of providing financial services and products to our local communities, Glen Rock Savings Bank has enjoyed another prosperous year.

Despite the ongoing challenges that exist in our economy and in the current real estate market, our portfolio of mortgage loans, equity loans and lines of credit, and mortgage backed securities continued to perform very well.  Strong profitability has resulted in enhanced retained earnings, itself a most important industry measure of safety and soundness.

For the fiscal year ending June 30, 2011, our assets totaled $147,287,174, and our deposits totaled $128,545,894.  As an FDIC insured depository we were able to provide an increased amount of insurance to both existing and new deposit customers. 

During the recently concluded fiscal year we also initiated ADA related enhancements of our ATM’s, and continue to see increased utilization of our internet banking bill paying service.  Of course, we continue to focus on the personal service offered at our three branch offices.

Our mission continues to focus on providing the public courteous and efficient service in addressing their needs for our array of financial products.  We will continue to provide our customers with the most effective privacy and information security possible.

I want to thank our Board of Directors for their guidance and support, as well as our officers and staff for their dedicated effort.

Very truly yours,

Henry P. Ingrassia,
President and Chief Executive Officer