Provident Bank posts record earnings
Demand for commercial real estate loans along the New Hampshire seacoast helped The Provident Bank of Amesbury post record earnings of $361 million in 2006, a 9 percent increase over the prior year, the bank reported.
Total loans grew 12 percent, to $249 million. Much of that growth was driven by demand for construction loans, for projects such as mill building condo conversions in the Granite State, where Provident has offices in Seabrook and Portsmouth. "Our growth has really been driven from there," said Charles R. Cullen, the bank's chief executive officer. "There has been a tremendous decline in [condo conversion] projects, due to the build-up in inventory. We're fortunate to have [financed] some very successful projects."
Total deposits were the bank's slowest area of growth, increasing 5 percent to $245 million. Cullen said good returns in the stock market likely cut into its market share. "Any time the stock market is doing well, we see a flight of deposits," he said.
But improving stock performance also helped Provident Financial Advisors, the bank's financial planning and investment unit. The unit's assets now total $91 million , a 26 percent increase over 2005. Provident reported its 2006 financial results last month at its 179th annual meeting. In addition to its main office in downtown Amesbury, the bank has a branch office in Newburyport and the two New Hampshire locations.
In the year ahead, Provident aims to court new customers by rolling out new products. A new Cash-Back Checking account will pay customers 7 cents for every direct deposit made to the account, debit card purchases that require a signature and online bill payments. "The battle for deposits is fierce," Cullen said. "We're looking for customers that want convenience."
A sneak peek at health center
The public can take in a sneak preview of the first phase of the new Malden Family Medical Center, at the corner of Canal and Charles streets in downtown Malden, tomorrow from 4 to 6 p.m.
Cambridge Health Alliance, a public healthcare network, has so far invested $7.2 million in the new center, which will specialize in primary care. Only the first floor of the two-story center is finished. It will be staffed by doctors working for the alliance, plus new physicians enrolled in the Tufts University Family Medicine Residency program.
The center also will offer treatment in specialized areas, including prenatal care, sports medicine, asthma, diabetes and depression. The center is the first new medical facility to open in Malden since 2001, when the former Malden Hospital was closed by Hallmark Health Corp. of Melrose.
The Malden Family Medical Center won't provide emergency care. But it will be open for appointments six days per week, when it officially opens on June 18. It also will offer Sunday appointments, starting in September.
Malden, a city of about 56,000, has a diverse population, including a large number of Asian immigrants. Translation services will be provided in Chinese, Haitian Creole, and Spanish, among other foreign languages.
In addition to the Malden center, Cambridge Health Alliance also owns Whidden Memorial Hospital in Everett, and operates health centers in Everett and Revere.
Most RE awarded top regional prize
A precision metalwork machinery company claimed the top prize in this year's North Shore Business Plan Competition run by the Enterprise Center at Salem State College.
Most RE LLC won a $5,000 cash prize. The company uses rolling mill technology, which shapes metals by passing it through rollers. The technology is applied in the jewelry and precision instruments industries. The company, founded in Marblehead by the Menn family, is moving soon to Salem, officials said.
"Most RE won because the judges believe that it has the potential to create the largest number of jobs on the North Shore," said Christine Sullivan , executive director of the Enterprise Center, and a contest judge.
Sential Corp. of Salem placed second. The firm has designed a warning device for running shoes that signals when the shoe's shock absorbers are worn out. The company received a $3,000 cash prize.
Third place went to Love, Jolan B. , a Beverly-based wholesaler of designer leather belts and handbags. The lines are sold in upscale retail stores across the country. The company received a $2,000 cash prize.
Datebook
A free Small Business Seminar will be held on Wednesday at 8 a.m. at the Greater Newburyport Chamber of Commerce & Industry, 38R Merrimac St. Christine Sullivan, executive director of the Enterprise Center at Salem State College, will discuss "Microbusinesses and Sole Proprietors." To register, call the chamber at 978-462-6680 or go to newburyportchamber.org/events.shtml
The North Shore Labor Council will hold its legislative dinner on June 9 at 5 p.m. at the Sheraton Colonial Conference Center in Wakefield. Former US senator John Edwards, a candidate for the Democratic presidential nomination, will be the guest speaker. Tickets cost $40 for union delegates, $50 for nondelegates, and $27 for students and senior citizens. For tickets, call 781-595-2538 or send an e-mail to northshorelaborcouncil@gmail.com
Kathy McCabe can be reached at kmccabe@globe.com. 
