| August 23, 2010
Dear Bank of Fall River Customer:
We have some good news to share with you.
We are pleased to announce that Bank of Fall River and Citizens-Union Savings Bank will merge and become one bank. The plan was approved by both Bank Boards. Next, there will be a standard period of regulatory review, and this process should be completed within the next several months. At that time the merger will be official and both banks will operate under the name Citizens-Union Savings Bank.
As a Bank of Fall River customer, you will then have access to a growing number of locations, currently 13, including the nine that Citizens-Union Savings Bank currently operates as well as the four locations of Bank of Fall River.
We envision this being a seamless transition for you. All present branches will remain open, and all but two Bank of Fall River employees are currently scheduled to be part of the new Bank.
As a Bank of Fall River customer, you will have access to some new programs under this merger, including trust and investment management services, insurance services, and an expanded branch ATM network.
We sought this merger to make our presence stronger in this market. Both Banks are longstanding members of the community, both in financially good shape, both with proud histories, and both with strong futures. In combining the resources and talents of Bank of Fall River with Citizens-Union, we will be a stronger bank, with an even more promising future. And that is good for everyone.
We are proud to forge this new partnership that will help us serve you, our valued customers, even better. If you have any questions, please do not hesitate to contact us. We thank you for being a Bank of Fall River customer and look forward to continuing to serve you in the months and years ahead.
Sincerely,
Nicholas M. Christ
President & CEO, Citizens-Union Savings Bank
John H. Clifford
President & CEO, Bank of Fall River
March 17, 2010
Financial Highlights:
Total assets exceeded $155.5 million for 2009 versus $141.1 million for 2008
Total loans exceeded $104.4 million for 2009 versus $93.4 million for 2008
Surplus and retained earnings totaled $12.7 million
Year-end surplus stood at 8.08% total assets.
Risk based capital totaled 14.11% and the bank is considered well capitalized by both federal and state regulators.
President Clifford’s Message
The bank was approved in 2009 to participate in the Federal Home loan Bank of Boston’s MPF program. This program will allow the bank to provide our customers with competitive priced fixed rate mortgages. In addition, the bank received approval as an “authorized bank” from the Small Business Administration to underwrite SBA 7A loans and to provide SBA Express loans.
The bank strongly encourages staff participation in local organizations. We’re proud of our staff for their continued commitment to the communities we serve. In 2009 the bank’s staff volunteered their time to local organizations such as the local Rotary Club, SMILES, Fall River Chamber of Commerce, United Way of Greater Fall River, Family Service Association, Lions Club, and various local hospitals, etc.
The Bank is also committed to providing financial support to various social service agencies located within our service area. In 2009, the bank made sizeable donations to the United Way of Greater Fall River, St Anne’s Hospital, Charlton Memorial Hospital, St Luke’s Hospital and Morton Hospital.
In closing, on behalf of the directors I want to thank the Bank’s staff for all of their contributions during the past year.
|
