Centrix, Chittenden assets grow

Bedford-based Centrix Bank’s assets grew to more than $285 million at the end of its first quarter, which ended March 31 — 29 percent more than it was at the first quarter of 2006.

Net loans ($218.1 million) were up by a third and deposits ($227.2 million) grew by 26 percent over last year. Quarterly income of $553,380 was 30 percent more than the previous quarter. That translates into 18 cents per diluted share.

CEO Joseph Reilly credits the bank’s expanded branch network for the growth. It opened a loan production office in Dover on March 20.

Meanwhile Chittenden Corp., the Vermont-based parent company of Ocean National Bank in New Hampshire, reported first-quarter earnings of $20.2 million, or 43 cents per diluted share, compared to $19.1 million form the same period a year ago.

Total assets ($6.45 billion) increased by 6.3 percent. Total deposits stand at $5.38 billion and total loans of $4.54 billion rose by 10 percent. Nonperforming assets of $24.8 million were higher than the year-earlier quarter’s $20.7 million, but that was primarily due to one bad loan.

Chittenden also announced a quarterly dividend of 20 cents per share to be paid on May 12 to shareholders of record on April 28. – BOB SANDERS