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About Us
The Pittsfield Co-operative’s role within our
community was originally defined by our charter dated
February 15, 1889.”With the intention of forming a
corporation under the name The Pittsfield Co-operative
Bank for the purpose of accumulating the savings of its
members paid into such corporation in fixed periodical
installments, and the lending of such funds so
accumulated to its members.” Much has changed
for us since the opening of the Eiffel Tower and the
first issue of the Wall Street Journal. Public banking
requirements have greatly expanded and we have kept pace
with the industry. Adding products and services to meet
the wishes of our members our Mission Statement has
become, "The Pittsfield Cooperative Bank is a
mutual cooperative, community oriented Bank serving
Berkshire County in Massachusetts with a variety of
products and services, designed to meet the needs of
individual consumers and small mid-size businesses.”
There is however a commonality between our Charter
and Mission Statement that binds us today with the
Bank’s founders of 1889. Words like members,
mutual and community have
continued to define us as an institution. We take great
pride in the service and products we bring to our
customers, as well as in our
Children’s Savings Program, Centennial Scholarship
Fund, and our many employees, officers
and directors who volunteer their time and wealth to
civic and charitable organizations.
We will remain dedicated to this commitment,
investigating new products and services that allow us to
respond to the banking necessities of our members.
Further, we will continue delivering these products and
services with the utmost efficiency and friendliness
adhering to our motto,
“We’re easy to deal with.”
Locations & Hours
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Financial News
Annual Statement of Condition
April 30, 2007 and April 30, 2006 |
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Assets |
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2007 |
2006 |
| Cash and cash equivalents: |
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| Cash and due from banks |
2,983,851 |
2,977,944 |
| Short-term investments |
158,900 |
351,996 |
| Total Cash &
Cash Equivalents |
3,142,751 |
3,329,940 |
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| Investment Securities: |
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| Securities
available-for-sale, at fair value
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61,072,134 |
61,436,419 |
| Loans receivable, net |
147,658,028 |
141,221,593 |
| Accrued interest
receivable |
1,379,090 |
1,033,995 |
| Stock in Federal Home
Loan Bank
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1,493,500 |
1,238,500 |
| Deposits with
Cooperative Central Bank
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781,125 |
781,125 |
| Bankers Bank Stock
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208,750 |
0 |
| Premises and equipment,
net |
3,735,321 |
3,717,907 |
| Refundable Federal and
State income taxes
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2,825 |
77,017 |
| Deferred income taxes |
269,915 |
437,497 |
| Other Assets |
10,795,405 |
10,518,414 |
| Total Assets |
230,538,844 |
223,792,407 |
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Liabilities and Equity |
| Liabilities: |
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| Deposits |
175,277,317 |
174,323,474 |
| Advance from Federal Home Loan
Bank |
19,000,000 |
15,500,000 |
| Refundable Federal and State income tax |
0 |
0 |
| Advances from borrowers for
taxes and insurance |
138,844 |
84,948 |
| Deferred income taxes |
0 |
0 |
| Other liabilities |
609,152 |
213,101 |
| Total
liabilities |
195,021,353 |
190,121,523 |
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| Equity: |
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| Retained earnings |
34,982,668 |
33,774,352 |
Unrealized gain on securities
available for sale, net of
applicable deferred
income taxes |
534,823 |
(103,468) |
| Total Equity |
35,517,491 |
33,670,884 |
| Total Liabilities and
Equity |
230,538,844 |
223,792,407 |
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