December 22, 2009
Welcome to our new Shareholder Newsletter, “The Prospector”!
During our recent Annual Shareholders’ Meeting, several in attendance said they would find it helpful to have Mother Lode Bank Shareholder information available on our website. Going forward, we will update shareholders on a quarterly basis, and more frequently as warranted. Let us know if you find this publication helpful and please do not hesitate to provide comments and suggestions. We will also continue sending “The Prospector” newsletter to accommodate shareholders who prefer receipt by first class mail.
During the month of December, the FDIC and California Department of Financial Institutions completed an interim examination of our bank to assess compliance with our regulatory order. I am very pleased to report that both agencies noted our progress and that specified performance was within the established timelines. To date, we are in compliance with all items under the order.
We introduced our Silver Mortgage product to the market this past October. We are excited about this new product as it provides our community access to a low fixed rate mortgage with local loan servicing. Several key benefits of this program include:
- Attractive fixed rates & terms, providing significant savings
- Utilization of local appraisers who know our market area
- Fast loan decisions: each loan request is processed locally by Mother Lode Bank
This program is limited and will not last forever. If you know someone who might benefit from this program, please encourage them to call us or just drop by for details.
We are also pleased to announce Mother Lode Bank is now an approved source for FHA and VA Mortgage Loans. Both programs provide affordable access to home mortgage funds. I am sure veterans already in our area, as well as veterans wishing to re-locate to Tuolumne or Calaveras County, will appreciate knowing they have access to a local bank with local decision makers who can assist in providing for their financial needs.
Mother Lode Bank is clearly your “Mortgage Loan Headquarters” in the Mother Lode with honest, upfront answers on loan costs and fees by local mortgage loan professionals.
We recognize our current economic environment remains challenging. Nonetheless, we remain poised to assist our local small business market with loans for new and used equipment, expansion and working capital.
As we look forward to 2010, know that we have worked hard to increase our efficiencies even as we reduced our overhead in order to achieve profitability, a key goal of the new year. We will also be increasing our capital in the first quarter as required by our regulators, not only to replenish capital that was depleted by loans that were not repaid, but as importantly, to provide for growth opportunities as the economy rebounds.
Your Board of Directors, management and staff are committed to making Mother Lode Bank a success and we are as dedicated to serving the financial needs of our community as we were five years ago when our doors first opened.
With your continued support as shareholders and customers, I am confident we will emerge well positioned for the future.
We wish you all a prosperous and healthy New Year!
Charles W. Milazzo
President and CEO
We are Local…and Simply a Better Bank!