President's Message
March 26, 2010
Dear Shareholder,
Since opening its
doors for business in 1951, Community State Bank of Orbisonia (CSB) has
had one mission – to provide it’s customers with value based products
and services, delivered with a personal touch by knowledgeable staff
members.
From its modest
beginnings Community State has grown into a $250 Million institution
with seven full service locations. It is during uncertain economic times
like we are experiencing now, when customers turn to their local
community banks for the stability and safety they provide. Our customers
can sleep well at night knowing that CSB’s capital ratios are well above
those required to be considered well-capitalized by regulatory
authorities.
While other
institutions have stopped or dramatically cut back on their lending
activities, CSB has been lending as usual. This is evidenced by the fact
that in 2009 our loan portfolio increased in excess of $22,000,000 an
increase of 11%. Total deposits increased by more than $31,000,000 or
16%. However, net income for 2009 was $1,593,917 a decrease of $370,000.
Earnings per share of Common Stock was $2.06 a decrease of .48¢ per
share. The decrease in earnings was primarily due to the special FDIC
insurance assessments, additional funding of the loan reserve and of
course the additional hiring and other costs associated with the new
McConnellsburg Office which was opened in August 2009 at 415 Fulton
Drive, McConnellsburg, Pa. The citizens of McConnellsburg as well as the
surrounding communities welcomed us with open arms. We are excited to be
a part of this vibrant community and to be of service to its residents
and business owners.
The current
environment makes it very difficult to make long term business plans. At
the same time, we have to be involved in the communities that we’ve
helped build. More than ever it’s important that we continue to maintain
connections with our customers.
Having grown up in
the neighborhood where our main office is located, I have many high
school friends and old neighbors as bank customers. We’re now
servicing four generations of some families. It is very rewarding to
help so many neighbors and friends fulfill their dreams of homeownership
and prosperity. Some customers have been banking with us since
depositing their first birthday money or paycheck. We’ve helped them buy
their first homes or automobiles. Being connected to them is what
community banking is all about.
Therefore one of the
challenges we face in staying connected is the perception that community
banks do not offer all the products provided by large national banks. We
must make sure our existing and potential customers know that we can
satisfy all of their financial needs as well, if not better than large
banks. In this regard the Community State Bank promises to once again
continue to rely on our talented staff to realize our mission everyday,
and on the Board of Directors for wisdom, guidance and outreach. I am
extremely grateful for the extraordinary effort put forth by these
wonderful people, thru loyalty of our customers and the confidence and
support of our shareholders. Once again God has touched and blessed all
of us.
Our appreciation is
extended to you, our shareholder, for your interest and ownership in the
Orbisonia Community Bancorp, and its subsidiary the Community State Bank
of Orbisonia
Paul H. Yohn, Jr.
President / CEO
