Monson Savings Bank president elected to DIF Board of Directors
MONSON – Monson Savings Bank recently announced that Steve Lowell, president of the bank, has been elected to the Board of Directors of the Depositors Insurance Fund (DIF).
The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered savings banks. The DIF has been insuring deposits since 1934.
"The DIF provides an important safety net for the depositors of Massachusetts-chartered savings banks," Lowell said. "The combination of FDIC and DIF insurance provides these customers with full deposit insurance on all their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF, and I am pleased and honored to serve on the board of such an important organization."***
Monson Savings Bank ranks Number 1 in western Massachusetts and Number 9 in the entire state for making Small Business Administration 7(a) loans according to the recently released quarterly report from the SBA Massachusetts District Office.
The bank has consistently been on the SBA Top 20 list state-wide for more than two years and in the last quarter, from Oct. 1, 2012 through May 31, 2013; Monson Savings had the most loans of 27 banks out of the Springfield branch office covering western Massachusetts and the ninth highest number of loans out of 112 lenders state-wide.
"We are extremely pleased with these results," Lowell said. "We're very focused on helping small businesses and in fact no business is too small for us to get excited about. We believe we have a thorough understanding of our regional business environment as well as the challenges that so many smaller enterprises face."
Monson Savings Bank serves businesses throughout western Massachusetts and Northern Connecticut with a complete portfolio of commercial lending, deposit, and online cash management products and services as well as access to retirement plans and insurance.