Fitchburg-based Rollstone Bancorp MHC, a wholly owned subsidiary of Rollstone Bancorp MHC, said that assets last year grew to $554.6 million, up 4 percent from $532.9 million the year before.

Commercial loans rose by 24.5 percent to $163.4 million. Net income for the year was $2.6 million. The bank’s wealth management division reached total assets of $66.4 million, up 34.6 percent over the previous year.

Noting that the bank had weathered the economic storm through safe and sound business practices, Rollstone Bank & Trust President and CEO Martin F. Connors Jr. reported a capital ratio that reached 9.36 percent, almost twice the required 5 percent.

In August 2012, Rollstone broke ground for a new location at 24 Monument Square in Leominster. The three-story banking center will feature a full-service branch, and house the Wealth Management and Commercial Loan Divisions.

Rollstone also said that Samuel Martino Jr., retired as chairman of the board, with Noel Bartsch stepping in. Directors Robert R. LaLancette and John Chicknavorian retired, as well. Jeffrey Aveni, Esquire, and Laura Reynolds were elected board members.