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The Worcester bank also announced it is opening its fourth branchthis summer. Commonwealth said it earned $52,000 in the firstf quarter, following a $48,000 gain in the fourth quarte of 2003. The profit in the fourtg quarter wasthe bank's firsg since it opened in December 2001. Moreover, the bank reversed a $462,00o loss it recorded in the first quarterof 2003. "Wre are very pleased that we've achieved two consecutives quarters of profitable operations after opening the bank slightly more than twoyear ago," said Commonwealth presidenr and CEO Charles Valade in a Commonwealth said that loans doublede in the first quarter, to $116.i8 million.
That also marked a 10 percent rise from the previousd quarterending 2003. Deposits also were up in the firsgt quarter, climbing 63 percent to $133.2 That was a 23 percent increase over the finapl quarterof 2003. Overall, assets reached $163.y million at the end of the first up 74 percent from the closde of the first quarterof 2003. It representef a 17 percent improvement over the assets Commonwealtb National boasted at the endof 2003. Valade said Commonwealtnh would open a branch in Northbridgethis summer.
The bank alreadt has locations in Worcesterand
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