Greetings!
Greetings from Skowhegan!
There has been a lot of talk lately about home foreclosures, the FDIC and the stability of banks. It is a complicated and often confusing issue that can leave you feeling uncertain about the banking industry. This issue of the Advisor is designed to shed some light on
what it all means, so you, as a Skowhegan Savings' customer, can feel confident in your bank.
In addition, we are very excited for our
upcoming 140th Anniversary which will kick off in October. We are
looking forward to a year long celebration and urge you to stay tuned for
details. Also, be sure to keep an eye out for Trusty Tree and Penny Pine Cone
as they attend parades, fairs, and other community events. They look forward
to meeting you!
Sincerely,
John Witherspoon
President & CEO
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Your Bank, the FDIC and What it All Means
National and local headlines continue to feature problems
with banks and the strain on the FDIC insurance fund caused by bank
failures. Many people ask how the FDIC
operates and question the safety of their bank accounts.
The FDIC operates like an insurance company
in that premiums paid by members (in this case, banks) help to fund losses
incurred by the insurance company (FDIC).
Given the losses in the FDIC's insurance fund, they have raised the
insurance premiums banks are obligated to pay in order to recapitalize the
fund. In addition to this funding, the
Federal Government also stands behind the FDIC's obligations.
In order to protect the FDIC insurance fund, banking
regulators conduct regular audits of banks and get quarterly reports to monitor
the financial health of institutions. There are several measures regulators can
take to correct any issues they have with a bank's performance that range from a
poor rating on exams to the closure of an institution. In most cases, serious
issues arise when a bank has loans that are not performing as agreed, which
typically is due to rapid growth or a concentration of loans in a high-risk
market.
Skowhegan Savings has been run very conservatively for
the past 140 years. As a mutual institution, we have not felt the pressure to
grow to satisfy the demands of shareholders, and we have been prudent in our
lending practices.
When we talk of Integrity, Trust, and Community, we
are referring to our long-held practice of doing what's in the best interest of
our customers for their benefit and that of our communities. That does not
include making loans that are going to put businesses or individuals in a
difficult financial position.
Skowhegan Savings has one of the highest capital levels in
the industry and is very solid financially. We are actively seeking
opportunities to help businesses and individuals who would benefit from a
financially strong partner whose only interest is in helping them succeed.
Please let us know if we can help you or
someone you know. Please stop by and visit with one of our loan officers, or see us online at www.skowsavings.com.
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Trusty and Penny Hit the Town!
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Trusty Tree and Penny
Pine Cone went to the Skowhegan Fair
and Madison-Anson Days in August, and
Oosoola Days for the Labor Day parade - we hope you
had a chance to meet them! Trusty and
Penny had a great time, meeting new friends and enjoying the
festivities.  You can see Trusty and Penny at our 140th Anniversary events beginning in October. To learn more about Trusty and Penny, visit our Web site for their story.
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Skowhegan
Savings, founded in 1869, is an independent mutual savings bank dedicated to
strengthening the Maine
families, businesses and communities it serves.
Named as one of Maine's Best Places to
Work in 2009, Skowhegan Savings' team of friendly, committed employees takes
pride in delivering personalized, competitive banking services with integrity
and putting the needs of their customers first. An innovative and
progressive approach to banking ensures their customers enjoy a banking
experience that is quick, easy and convenient.
Skowhegan Savings' nine Maine branches include two locations in Skowhegan, as
well as locations in Belgrade, Bingham, Dexter, Fairfield, Madison,
Norridgewock, and Pittsfield.
For more information, visit www.skowsavings.com
or contact Customer Service at 800.303.9511. |
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