Co-op Bank Records Growth and Honors Leadership at Annual Meeting

Pittsfield Cooperative Bank (Co-op Bank) held its Annual Meeting on Tuesday, May 19, celebrating a year of exceptional performance, meaningful growth, and significant leadership milestones for the organization. The meeting also provided an important opportunity for depositors to vote on the Bank’s merger of equals with Adams Community Bank, a key step in shaping the future of the institution.

Board Chairman John Martin announced that the Bank surpassed $400 million in total assets for the first time in its history, a defining achievement that reflects its continued momentum and strength. Over the past year, Pittsfield Cooperative Bank delivered impressive results across all key areas, with deposits increasing by $15.2 million, loans growing by $48.4 million, and total assets rising by $37.2 million.

As a result, the Bank reached new heights in lending performance, earning recognition from The Warren Group as the #1 Mortgage Lender in Berkshire County, a remarkable climb from its #6 ranking at the start of the year. In addition, Pittsfield Cooperative Bank was named a top Commercial Lender in the Berkshires, highlighting its expanding role in supporting both homeowners and local businesses across the region.

“Our performance this past year reflects the strength of our team, our strategy, and the trust our customers place in us,” said Michael P. Daly, Chief Executive Officer. “We’ve continued to build momentum while staying true to our commitment to the communities we serve.”

Co-op Bank’s strong performance was driven in large part by thoughtful and strategic investments in both talent and technology over the past year. These included the hiring of a President with deep market knowledge and extensive commercial banking experience, along with senior leaders in both Commercial and Retail Lending to accelerate growth and strengthen customer relationships. At the same time, the Bank enhanced its operational infrastructure through the implementation of new systems to support financial planning, strengthen credit risk oversight, improve efficiency, and enhance collaboration across the organization. The addition of a Chief Accounting Officer further strengthened financial leadership and overall capabilities.

During the meeting, depositors unanimously approved the merger with Adams Community Bank, signaling strong confidence in the future direction of the organization.

“This vote reflects the trust our depositors have in the path we’re on,” said Gregg Levante, President of Pittsfield Cooperative Bank. “Bringing these two institutions together allows us to build on our shared strengths, invest more deeply in our communities, and create a stronger, more dynamic bank for the future—while keeping decision-making right here in the Berkshires.”

The Annual Meeting also served as a moment of reflection and appreciation, marking the close of a distinguished tenure for a highly respected leader whose contributions have helped shape the organization. Edward Chagnon, a long-time member of the Board of Directors, is retiring after twenty-three years of dedicated service, thoughtful leadership, and unwavering commitment to the Bank and the communities it serves. Chagnon has served as Vice Chairman since 2020 and, prior to that, was a long-time chair of the Security Committee, where he provided valuable oversight, insight, and guidance during periods of growth and operational change. Throughout his tenure, he was recognized for his steady leadership, business perspective, and commitment to the long-term success and stability of the institution.

“Ed has been a steady and valued member of the Board, supporting Pittsfield Cooperative Bank’s growth and stability over the past 23 years,” said John Martin, Chairman of the Board of Directors. “His professionalism and long-standing commitment have helped strengthen the institution and support our employees and customers. We thank him for his dedicated service.”

As Pittsfield Cooperative Bank looks ahead, it does so from a position of strength—built on a proud history, a talented team, and a clear path forward. Through its merger with Adams Community Bank, the combined institution will be uniquely positioned to grow, invest, and better serve the individuals, businesses, and communities across the region.

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About Pittsfield Cooperative Bank
Incorporated in 1889, Pittsfield Cooperative Bank (Co-op Bank) is a community-focused financial institution with $440 million in assets dedicated to providing personalized banking solutions to individuals and businesses. Co-op Bank has one of the strongest capital ratios in Massachusetts and is the only Berkshire County bank headquartered in Pittsfield. As an independent, full-service community bank with a commitment to local decision-making, it has a deep history of supporting residents, regional businesses, arts and cultural venues, and not-for-profit organizations through its products, services, sponsorships, donations, and volunteer initiatives. Pittsfield Cooperative Bank has branch offices and ATMs in Pittsfield, Dalton, Great Barrington, and Hinsdale. Member FDIC. Member DIF. Equal Opportunity Lender.