financial year ended June 30.

During that year the company had a 19 percent increase in deposits, or $5.46 million, bringing net deposits up to about $34.76 million. Bermuda Savings also had mortgages and loans outstanding at June 30 of about $29.36 million, a 23 percent increase over the previous financial year.

Managing director Campbell McBeath said the company has had an about 20 percent increase in deposits for each of the past two years.

"There has been healthy growth in both sides of the operation,'' he said.

The company tends to mostly make mortgage loans for buyers of new homes.

Bermuda Savings is majority owned by First Bermuda Securities Ltd. Argus Insurance Co. Ltd. owns the other 47 percent.