Individuals and families are very familiar with what "living beyond our means" can involve. It can be fun for a short while, but a family that consistently spends more than it earns will deplete its savings and build up increasing amounts of debt. And families cannot live beyond their means forever - at some point, lenders will start charging increasingly higher interest rates on the family's borrowing and eventually stop making new loans altogether. At that point, family members will find they cannot spend what they earn on things they need - interest charges and eventual repayment of the principal will cut into their spending, leading to a reduced standard of living.

Complete Report (2.7MB)

Contents

• Letter from the President
• Feature Essay: Living Beyond Our Means
• 2004 Bank Highlights
• The Bank in the Community
• 90th Anniversary
• Board of Directors
• New England Advisory Council Members
• Community Development Advisory Council Members
• Senior Officers
• Financial Statements
• Officers by Department