WAKEFIELD — Robert J. DiBella, president and CEO of Wakefield Bancorp, MHC, the holding company for the Savings Bank, opened the 155th annual meeting of the corporation with words of welcome and a moment of silence for longtime Trustee and Corporator Scott C. Garrant, who died in May 2023.
Garrant, who was elected as a corporator in 2002 and trustee in 2012, served the bank in several capacities, including as a member of the executive committee, as well as the asset liability, compensation, and governance committees, and as chair of the Board of Directors of First Financial Trust, N.A. He was also a member of the Donald E. Garrant Foundation of the Savings Bank since its inception in 2001.
During the business meeting, DiBella touched on the bank’s successes from 2023, its strategic focuses for 2024 and beyond, and how the Bank is addressing the challenges and opportunities the community banking industry continues to face. He noted that the Bank’s day-to-day business practices of lending and banking opportunities exemplify the community bank model and strengthen the communities.
“As a true community home-town bank, we embrace the fact that our role extends beyond meeting the financial needs of our customers and that it includes a responsibility to contribute to the well-being of the communities we serve. It is a part of our everyday thinking; Wakefield Bancorp, MHC strives to help individuals, families, businesses, and our communities thrive.”
“As a testament to our resilience under a complex economic landscape, our balance sheet remains constant with strong liquidity and capital,” he added in his remarks, noting that total assets grew to $784.2 million, an increase of $64.4 million, from the previous year. The fair market value of the investment portfolio grew to $159 million, up from $138 million at year-end 2022.
Looking forward, DiBella announced his plans to retire at the end of 2024 ending a 37-year career at the Savings Bank, the last eight of which he served as president and CEO. He announced the promotion of his successor, Raichelle L. Kallery who will take the helm as president and CEO following his retirement. Kallery, who has been with the Savings Bank for 17 years, currently serves as executive vice president and chief operating officer.
At the conclusion of the business meeting, President DiBella announced the election of two new trustees, two corporators, and one director. Raichelle Kallery, executive vice president and chief operating office of the Savings Bank, and Attorney Patrick Skulley, a partner in the firm of Skulley & Snyder were elected to the Board of Trustees; Cam Garrant, vice president of marketing and partnerships at Knowify Inc., and Deb Colameta, president and founder of Metabright Media LLC were elected as Corporators of Wakefield Bancorp, MHC; and Raichelle Kallery was elected as a director of the Savings Bank Board.
