On this page of StockholderLetter.com we present the latest annual shareholder letter from Winchester Bancorp, Inc./MD/ — ticker symbol WSBK. Reading current and past WSBK letters to shareholders can bring important insights into the investment thesis.

To Our Stockholders As we close another year at Winchester Savings Bank, I am thankful to our customers for their trust in us and proud of our employees for their dedication to our customers, communities and to each other. Working as a team is what makes this bank successful. Despite the ever-changing economic landscape, I am pleased to report strong financial results for fiscal year 2025. Our total assets grew by 11.3% year-over-year, driven by a steady increase in both deposits and loans. Our loan growth expanded by 10.2% and deposit growth increased by 6.9%. Our strong performance was a testament to the trust and loyalty of our customers and the dedication of our employees. In December the Bank adopted a Plan of Reorganization from a Mutual Savings Bank to a Mutual Holding Company, Winchester Bancorp, MHC and Plan of Stock Issuance through a Mid-Tier Holding Company, Winchester Bancorp, Inc. In April 2025, Winchester Bancorp, Inc. closed the initial public o ering by raising $40 million. Winchester Bancorp, Inc. began trading on Nasdaq under the symbol WSBK on May 2, 2025. As part of the Reorganization and Stock O ering, we have established the Winchester Savings Bank Charitable Foundation, Inc. The Foundation is dedicated to support charitable organizations operating in our local community now and in the future. Areas of focus are education, health and human services, youth programs and a ordable housing. In 2024 we celebrated the grand opening of our fifth branch o ice in Danvers. The branch is in the downtown area which provides us with consumer and business growth opportunities. The sta consists of Danvers residents that have a tremendous following, allowing the branch to exceed first year expectations. Looking forward, we will continue to look for opportunities where we can expand our branch network in communities that can benefit from our services and customer focus. Our dedication to our constituents extends beyond financial services. We will continue to foster the growth and prosperity of our neighborhoods through the services we o er and our participation in community and professional organizations. We firmly believe that, by working together, we can help enrich the lives of our customers and continue to build a successful future for Winchester Savings Bank. We know that you have many banking options available and we are sincerely grateful that you have chosen Winchester Savings Bank. On behalf of myself and Deborah A. Carson, Chair of the Board, we would like to extend our gratitude for your continued support and partnership. I am excited about the future of Winchester Savings Bank and the opportunities ahead. Sincerely, John A. Carroll President and Chief Executive O icer
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WSBK Shareholder/Stockholder Letter Transcript:



To Our Stockholders
As we close another year at Winchester Savings Bank, I am thankful to our customers for their trust in us
and proud of our employees for their dedication to our customers, communities and to each other. Working
as a team is what makes this bank successful.
Despite the ever-changing economic landscape, I am pleased to report strong financial results for fiscal
year 2025. Our total assets grew by 11.3% year-over-year, driven by a steady increase in both deposits and
loans. Our loan growth expanded by 10.2% and deposit growth increased by 6.9%. Our strong performance
was a testament to the trust and loyalty of our customers and the dedication of our employees.
In December the Bank adopted a Plan of Reorganization from a Mutual Savings Bank to a Mutual Holding
Company, Winchester Bancorp, MHC and Plan of Stock Issuance through a Mid-Tier Holding Company,
Winchester Bancorp, Inc.
In April 2025, Winchester Bancorp, Inc. closed the initial public o  ering by raising $40 million. Winchester
Bancorp, Inc. began trading on Nasdaq under the symbol    WSBK    on May 2, 2025.
As part of the Reorganization and Stock O  ering, we have established the Winchester Savings Bank
Charitable Foundation, Inc. The Foundation is dedicated to support charitable organizations operating in
our local community now and in the future. Areas of focus are education, health and human services,
youth programs and a  ordable housing.
In 2024 we celebrated the grand opening of our fifth branch o  ice in Danvers. The branch is in the
downtown area which provides us with consumer and business growth opportunities. The sta   consists of
Danvers residents that have a tremendous following, allowing the branch to exceed first year expectations.
Looking forward, we will continue to look for opportunities where we can expand our branch network in
communities that can benefit from our services and customer focus.
Our dedication to our constituents extends beyond financial services. We will continue to foster the growth
and prosperity of our neighborhoods through the services we o  er and our participation in community and
professional organizations. We firmly believe that, by working together, we can help enrich the lives of our
customers and continue to build a successful future for Winchester Savings Bank.
We know that you have many banking options available and we are sincerely grateful that you have chosen
Winchester Savings Bank. On behalf of myself and Deborah A. Carson, Chair of the Board, we would like to
extend our gratitude for your continued support and partnership. I am excited about the future of
Winchester Savings Bank and the opportunities ahead.
Sincerely,
John A. Carroll
President and Chief Executive O  icer

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