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Shareholder News

The Prospector

November 5, 2012 

Dear Shareholder:

I am pleased to report core deposit growth of $3.3 million dollars during the three month period ended September 30, 2012.  Year-over-year core deposit growth for period ending September 30, 2012 reflects a growth of over $6.5 million an increase of 16.4%! Core deposit growth continues to be a measurement of Mother Lode Bank's performance and our least costly funding source for future loan growth. We sincerely thank you, our shareholders and customers, for this continued relationship- driven deposit growth.

As a result of this deposit growth, we are pleased to report the addition of a great new loan product. You've likely heard about the success of our Silver Mortgage product which has been well received over the last few years. However, there have been clients we were unable to assist due to certain conditions such as a residence located on a large land tract resulting in the properties to be "non-conforming". After careful review, we are committing a portion of our deposits to these qualified borrowers in need of home financing.

Our loan officers, Lisa Melville, Tammy Hammond, and Judy Twisselman, stand ready to welcome new borrowers.

As you have heard me say in the past, "we continue to seek lending opportunities and welcome friends and neighbors you direct our way"!

Please join me in welcoming our new Senior Credit Administrator, Dennis King. Dennis has been on board for two months and, in addition to becoming familiar with our existing clients and market area, he is busy developing new lending products focused on our business community.

Finally, I'm pleased to report, positive earnings for the Third Quarter. The Bank recognized net earnings of $11,000, bringing our year-to-date loss down slightly to $300,000. As you may recall in previous communication, following a profitable first quarter, our second quarter results were disappointing due to required recognition of reduced real estate values we hold as collateral for loans on which borrowers have chosen to default.

As always, your Board of Directors and management team continue to work diligently toward our goal of sustained profitability and thank you for your continued support as shareholders and customers.

Sincerely, Charles W. Milazzo - President & CEO

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