Stockholder Non-Depositor Letter - January 2010
January 29, 2010
It is a privilege and a pleasure to report to you the state of the Bank in which you have invested. Efforts to rapidly grow the Bank in its initial months have succeeded far beyond our expectations. At December 31, 2009, after only two full quarters of operation, results were:
- Total Assets: $60,679,000
- Total Loans: $32,348,000
- Total Deposits: $49,550,000
Compared to our Business Plan projections, total assets have reached more than half of our three-year goal of $120,000,000 in less than 7 months. Recognizing that this initial wave of rapid growth will be difficult to sustain and will require carefully targeted efforts, our goals for 2010 will focus on increasing net interest margin to achieve profitability for you, our shareholders. To do this we must retain interest-bearing deposits through competitive pricing while working diligently to increase the volume of non-interest-bearing transaction accounts, both retail and commercial, and aggressively seeking high-quality loans.
One of the ratios we aspire to improve is the percentage of shareholders who are also depositors of Oak View National Bank. At present just 45% of our investors are depositors. We hope to bring that percentage much closer to 100% as we race to achieve profitability well ahead of schedule for our shareholders. To that end, we sincerely hope that our accomplishments to date have reinforced your faith in us and that you will now consider letting us serve some of your banking needs. I know you will be pleased with the competence and exceptional customer service that our experienced employees provide. We are very grateful for the confidence you have shown by investing in our Bank and hope that you will extend that confidence to the use of our banking services as well.
By far the best investment for the Bank is high-quality loans, and we have money to lend. We also have strong partnerships with other financial institutions that will enable us to share through participations those loans that exceed our statutory loan limits. We have every modern enhancement to support the trend toward electronic transaction account management, along with exceptional one-on-one personal service for all. Any referrals you can send our way, large or small, will enhance our marketing efforts to attract quality loans and less costly transaction accounts.
As always, your interest, support, and assistance with referrals are vitally important and greatly appreciated.
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