David A. Lahive

Danvers Bancorp, Inc. provides loans to its customers, including commercial and industrial loans, commercial real estate loans, owner-occupied residential mortgages and consumer loans, and invests in investment securities. It funds these lending and investment activities with deposits from the general public, funds generated from operations and selected borrowings. The bank also provides non-deposit investment products and services, cash management, debit and credit card products and online banking services. The company was founded in 1850 and is headquartered in Danvers, MA.

The principal activity of the bank is to attract deposits from the general public. The bank uses these deposits to make residential mortgage, commercial real estate, construction real estate, commercial and consumer loans and to invest in various securities. The Bank also offers a variety of deposit and loan services to small and medium sized businesses in its market area. The Bank has six wholly-owned subsidiaries, FSB, Inc., Security Sub Corp., F.S.B. Development Corporation, Baltic Realty Corporation, Phoenix Realty Holdings, Inc and MWB Insurance Agency, LLC. The company conducts its operations through 17 offices located in 13 communities. Interest and fees on loans accounted for 71% of 2000 revenues; other interest income, 23% and non-interest income, 6%.