Danvers Bancorp, Inc. Names Panella Executive Vice President

Topsfield's L. Mark Panella, CFO at Danversbank, was recently promoted from Senior Vice President to Executive Vice President. (Photo: Business Wire)

DANVERS, Mass.--()--Danvers Bancorp, Inc. (the “Company”) (NASDAQ: DNBK), the holding company for Danversbank (the “Bank”), today announced the promotion of L. Mark Panella, the Company’s Chief Financial Officer, from Senior Vice President to Executive Vice President. Panella is primarily responsible for the Company’s financial reporting, investor relations, budgeting, insurance contract negotiations and overall accounting and regulatory compliance.

Panella joined the Bank in 1995 as Senior Vice President and CFO, after spending five years with Boston Private Bank & Trust in Boston. His experience in banking dates back over thirty years, and includes not only finance but also core banking software support.

Panella earned a Bachelors degree in Economics from Dartmouth College in 1978. He and his wife, Sue, live in Topsfield and are the parents of three children.

Company Profile

Danvers Bancorp, Inc. is the holding company for Danversbank, a Massachusetts-chartered savings bank headquartered in Danvers, Massachusetts. Originally founded in 1850 as a Massachusetts-chartered mutual savings bank, we have grown to $1.7 billion in assets through acquisitions and internal growth, including de novo branching. We conduct business from our main office located at One Conant Street, Danvers, Massachusetts, and our 16 other branch offices located in Andover, Beverly, Boston, Chelsea, Danvers, Malden, Middleton, Peabody, Reading, Revere, Salem, Saugus, Wilmington, and Woburn, Massachusetts. Our business consists primarily of making loans to our customers, including commercial and industrial, commercial real estate loans, owner-occupied residential mortgages and consumer loans, and investing in a variety of investment securities. We fund these lending and investment activities with deposits from our customers; funds generated from operations and selected borrowings. We also provide non-deposit investment products and services, cash management, debit and credit card products and online banking services. Additional information about the Company and its subsidiaries is available at www.danversbank.com.

Forward Looking Statements

Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and expectations of management, as well as the assumptions made using information currently available to management. Since these statements reflect the views of management concerning future events, these statements involve risks, uncertainties and assumptions. As a result, actual results may differ from those contemplated by these statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,’ and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes and the risk factors described in the Company’s December 31, 2007 Form 10-K, issued March 28, 2008, as updated by our Quarterly Reports on Form 10-Q, that adversely affect the business in which Danvers Bancorp is engaged and changes in the securities market. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and the associated conference call. The Company disclaims any intent or obligation to update any forward-looking statements, whether in response to new information, future events or otherwise.

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Contacts

Danvers Bancorp, Inc.
Kevin T. Bottomley, 978-739-0263
President and CEO
kevin.bottomley@danversbank.com
or
L. Mark Panella, 978-739-0217
Chief Financial Officer
mark.panella@danversbank.com

Contacts

Danvers Bancorp, Inc.
Kevin T. Bottomley, 978-739-0263
President and CEO
kevin.bottomley@danversbank.com
or
L. Mark Panella, 978-739-0217
Chief Financial Officer
mark.panella@danversbank.com