Significant economic growth in Newburyport may be a little way in the future, but in general the port city has held its own over the last two years even as the nation suffered one of its worst recessions, according to Richard Eaton, president and CEO of the Newburyport Five Cents Savings Bank.

Eaton, who runs one of Newburyport’s largest banks, is optimistic about the future of the local economy. He said: “There are not too many empty stores in town.” But he is worried about the unemployment rate and thinks it may be the end of 2011 before housing prices start rising. With two months left on the 2009 calendar, the bank is also having one of its best years, closing in on a profit comparable to 2007, he said.

Eaton praised the Greater Newburyport Chamber of Commerce and Industry for staging events that bring more tourists to town, which has helped keep the retail businesses viable during the recession.

He believes Newburyport needs to have a large, riverfront hotel not just to provide rooms for tourists and space for conferences that bring more visitors, but for rooms for business travelers. From his personal experience, bank examiners have a hard time finding hotel rooms in Newburyport.

Eaton is excited about the New Pavilion convention center that just opened on Salisbury Beach. The project, developed by Wayne Capolupo, owner of SPS New England, creates a large event space for the area. The Tupelo Music Hall (south), which seats 450, opened there last week. It is owned by Scott Hayward, owner of the TupeloMusic Hall Londonderry, NH.

Eaton’s concern for the economy – locally and nationally -- centers around the unemployment rate. “Unemployment affects everything,” he said. The bank expected more customers to have problems last year making their mortgage payments than they did, but it was actually this year when unemployment began taking its toll, said Eaton.

He believes Newburyport housing remains a buyers’ market and predicts that it will be end of 2011 before there will be any price escalation. Eaton said: “There are lots of houses on the market.”

President of the bank since 1994, Eaton said he thinks the national media's the criticism of banks for not lending money is somewhat unfair. He said: “We have money to lend.” And he thinks the other local banks also have money to lend.

He concedes that some of the larger, national banks may not be lending as readily. “Banks are being more cautious,” he said. But to his surprise the bank has not seen as many bad credit scores as expected. In fact, the bank’s loan department is more surprised at how high the credit ratings of some loan applicants are, he said. However, “our rejections are about the same as before,” he said.

Eaton is bullish on Newburyport’s future. The schools are good, which will continue to attract residents and businesses, he said. He believes the future waterfront development will be very positive for the town.

As well known as Eaton is as a banker, he may be even better known for his favorite hobby -- announcing local high school sports. In 1981 Eaton was recruited by his half-brother, Al Mozier, to call a football game between Newburyport High School and Ipswich High School. They then announced the Thanksgiving game on radio and cable television. He has been doing it ever since, expanding to announce high school basketball games and hockey matches.

With Win Damon, he announces the high school football games on WNBP 1450 AM. And twice each week, PortMedia broadcasts his play-by-play of the football games. Eaton, who started scoring games and imitating legendary broadcaster Curt Gowdy at seven years old, said he makes time for calling the games because “it is a nice outlet from work.”

He took his future bride, Kathy, to several high school football games before they married so she would know that life with him would include a lot of sports. They even planned their wedding around the school’s football schedule. Now he announces charity auctions and the Yankee Homecoming Parade as well.

Eaton said: “People seem to appreciate me doing it. They come up and thank me.” And if he didn’t announce the games, he said: “I might not get to see the games.”