Business
Bank Statement
The Martha’s Vineyard Savings Bank reported it closed $90.6 million in mortgage loans during 2008. As a result, the bank grew its loan portfolio 6.89 per cent for the year. The bank’s total assets grew 2.55 per cent for the year. Core deposits grew to $360.9 million, and capital grew to $53.2 million at year end Dec. 31, 2008.
Richard J. Labrecque has been named senior vice president at the Edgartown National Bank.
The new title reflects Mr. Labrecque’s accomplishments in the commercial lending area, said bank president and chief executive Fielding Moore: “Rick has done an excellent job of working with Island businesses to find innovative solutions to meet the banking needs of our Island business community.”
Mr. Labrecque has 25 years of community banking experience.
Gas
And now, more good news on the proposed gas tax. A group that includes the Greater Boston Chamber of Commerce doesn’t think 19 cents is enough; they’d like to make it 25 cents. Still another group thinks 29 cents sounds just right. At either 25 or 29 cents, Massachusetts will have the highest gas tax in the country. Welcome, tourists!
Prices for regular unleaded gas as of Mar. 4:
Edgartown
Airport Mobil 2.699 Depot Corner 2.599
Edgartown Mobil 2.659
Gas
You’ll be tacking on another 19 cents per gallon soon if Governor Deval Patrick has his way. But that’s okay because that tax will preclude the need to raise tolls on roads you don’t use. Wait, what? The Massachusetts Turnpike Authority just approved a set of toll hikes before the vote on the gas tax increase. Is this part of the stimulus package?
Prices for regular unleaded gas as of Feb. 25:
Edgartown
Airport Mobil2.699
Depot Corner2.599
The Martha’s Vineyard Savings Bank announced this week that it will consolidate its two Vineyard Haven branch offices. The downtown Main street branch will be closed while the larger branch office (formerly the Cooperative Bank headquarters) at the corner of Main and State Road will become the sole Vineyard Haven branch, with its on-site parking and drive-through teller lanes.
The Martha’s Vineyard Women’s Network will host Lynn Switanowski of the Boston-based Creative Business Consulting Group to present an interactive seminar titled Embracing the Economic Challenges of Today, aimed at discussing how businesses can thrive during economic downturns and recessions if they know the right strategies to use.