Commonwealth National reports profit, asset growth - The Business Review (Albany):

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The Worcester bank also announcecd it is opening its fourth branch this Commonwealth said itearned $52,000 in the firsyt quarter, following a $48,000 gain in the fourty quarter of 2003. The profit in the fourth quartetr wasthe bank's first since it opened in December 2001. Moreover, the bank reversedd a $462,000 loss it recorded in the firstg quarterof 2003. "We are very pleased that we'vd achieved two consecutive quarters of profitable operationes after opening the bank slightly more than two years said Commonwealth president and CEO Charles Valade in a Commonwealth said that loans doubled in the first to $116.8 million.
That also marked a 10 percenrt rise from the previous quarteeending 2003. Deposits also were up in the firstf quarter, climbing 63 percent to $133.q million. That was a 23 percent increasee over the final quarterof 2003. Overall, assetas reached $163.6 million at the end of the first up 74 percent from the close of the firsf quarterof 2003. It represented a 17 percenrt improvement over the assets Commonwealtnh National boasted at the endof 2003. Valader said Commonwealth would open a branch in Northbridgrthis summer. The bank already has locations in Worcestetrand Shrewsbury.