(Wakefield, MA) – The Savings Bank reaffirmed its commitment to stability and growth, community investments, and innovation in opening remarks presented by Raichelle L. Kallery, President and Chief Executive Officer at the 157th annual meeting of the Wakefield Bancorp, MHC, the holding company for The Savings Bank.
“Over the past year, we have strategically focused on listening to our customers, improving customer experience, and offering financial products and services relevant to our customers and communities,” Kallery said. “Our team of compassionate community bankers takes pride in knowing local markets and creating lasting relationships.”
Executive Vice President and Chief Executive Officer Craig MacKenzie cited the Bank’s focus on the future of banking while honoring its history of community involvement and customer-centric relationships.
He also touched on the products and services launched during the year which aligned with the increasing preference of digital and mobile banking while balancing in-person transactions and interactions. He highlighted the Digital Metrics Framework that was developed in 2025 to provide deeper analytics into customer relationships and product and service usage.
The Bank also launched a number of initiatives that focused on employee engagement, including its first survey to create baseline metrics which yielded positive results.
“Our commitment to employee engagement is focused on creating an environment where employees feel heard, valued and empowered and that they understand the value of the role that they play and why what they do matters,” MacKenzie continued.
A peer-to-peer recognition program was also developed to celebrate achievements and fosterer a culture of appreciation. The learning and development program was enhanced to offer opportunities for both internal and external education, and the job shadowing program provided employees with the option to learn more about other positions or areas of interest.
“We have been able to sustain these initiatives despite the challenging economic conditions because of our commitment to staying true to who we are, making sound business decisions, fostering our strong relationships with our depositors and borrowers, investing in our employees and focusing on organic growth that fits our risk profile,” Bank President Kallery added.
Although the financial environment of 2025 tested community banking institutions with strong headwinds, unforeseen economic landscapes, and uncertain global financial impacts, The Savings Bank stayed committed to stable growth. Total assets increased 6% from 2024, and the investment portfolio remained a solid source of liquidity, growing by $10.1 million from the previous year. Total deposits were $763 million, with deposit growth of $34 million, which represented an increase of 4.65% from 2024.
Residential and consumer lending had a strong year, with loan originations totaling $58 million. Loan balances increased $18 million or 3.0%, while commercial loan originations totaled $60 million. The First-time Homebuyer Program continued to perform strongly with total originations at $21 million, $7.5 million higher than 2024. Assets under management by the First Financial Trust wealth management division reached a milestone in 2025, surpassing the half billion mark at $504 million.
“As a true community bank, we continually endeavor to support the people and businesses in the cities and towns in our geographic footprint,” Bank President Kallery told the meeting. “Whether through charitable contributions, sponsorships of organizations, volunteering, or service on local boards, we remain committed to improving the quality of life and enhancing the economic vitality of our communities.”
In 2025, The Savings Bank and First Financial Trust supported more than 100 local organizations through financial support, volunteering, and event attendance, in addition to financial awards and grants from the Donald E. Garrant Foundation and TSB Charitable Foundation.
Bank President Kallery closed her remarks by looking to the future while acknowledging the strengths of the past.
“Our commitment to innovation and technology adoption, paired with a calculated growth strategy have helped us mitigate external factors, keep customer data safe, and remain independent and salient. Staying committed to local growth we will ensure TSB and FFT are offering deposit, loan and financial products that are both relevant and accessible. In closing, we would like to thank you for placing your trust and confidence in us. It is these trusting relationships that have propelled the growth of the Bank while enriching the economic and local fabric of our communities,” she concluded.
The business meeting concluded with the election of two new Corporators: Stephanie Bettinelli of Chelmsford, Managing Principal of HR Consulting Services for the East region, which covers New England and New York; and Robert A.M. Barressi, of Miami, FL, Senior Vice President, Starkweather & Shepley Insurance Brokerage of Boston.
Stephanie Bettinelli
As a human resource professional with more than 25 years’ experience, Stephanie Bettinelli provides vision and strategy to a multifaceted team that provides HR consulting, recruiting and talent acquisition services, and compensation and benefits survey solutions that are scalable to each client’s needs. She has extensive experience in leading teams in all aspects of HR, including benefits, compensation, recruitment, employee relations, and leadership development, and has served as a speaker and facilitator for HR associations and events throughout New England. She holds a bachelor’s degree in management from Regis College and attended Emmanuel College’s HR Master’s program.
Robert A.M. Barressi, CRM, CIC, ARM, CRIS
As Senior Vice President at Starkweather & Shepley Insurance Brokerage, Robert Barressi has more than 20 years of experience in driving business development and market expansion within the Boston construction and real estate development sector. He received his Bachelor of Arts degree in political science and economics, summa cum laude from Merrimack College.
