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2006 Stockholder News
February 13, 2006
Dear Shareholders, Associates and Friends,
Our first full year of operation has been extremely rewarding and has resulted in considerable growth and progress towards the business plan. In banker terms, by December 31 st our total loans reached $38 million with total assets of $49 million. Today, those numbers are $45 and $55 million respectively. Our 16 member staff has worked hard to build relationships with shareholders and business clients. Most business clients are referred and as a result we do minimal advertising or retail marketing. Our growth has required us to secure additional office space earlier than planned for the loan department and administration. Our new office is located on the third floor at Market Place near the Farmer’s Market and the Pear Street office continues to house operations and client services.
We are operating under a unique model that largely targets business clients and owners. As such, we have the opportunity to deliver personalized services to an exclusive client base resulting in higher profit opportunities for both our clients and the bank. In addition to standard banking products, we provide a complete complement of value added services for businesses and owners including retirement, health and insurance plans, employee benefit and retention plans, long-term care and investment services by using select providers such as Piper Jaffray.
Thurston First Bank was one of the first banks in the nation to utilize “Check 21” electronic imaging and processing. This has become particularly beneficial to business clients that want faster collection of checks, higher interest earnings on account balances and fraud protection. As a part of this technology, we are also able to process Remote Electronic Deposits generated by the clients at their offices and transmitted to the bank via the internet. Again, this eliminates the need for them to travel to the bank, dramatically reduces check collection times, reduces bookkeeping entries and saves on their back-room expense. In addition, our Mobile Branch has been a big hit picking up deposits and removing the need for clients to make trips to the bank while at the same time expands our geographical reach. In the future, more banks will offer Remote Electronic Deposit capabilities; Thurston First Bank is the future of banking as shown in the enclosed December cover story of the Independent Banker magazine.
Our annual meeting this year will be held on Wednesday, April 5 th, 2006 at the Phoenix Inn at 6pm. Shareholders, please mark your calendar and we will see you then with additional information on the progress of your bank. For those of you that are not yet shareholders, you may wish to add your name to our waiting list and refer your friends and associates to your bank and share our success.
Sincerely,
M. D. Edwards, President and CEO
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