October 14, 2009
Dear Shareholders and Friends:
The third quarter of 2009 has been remarkable for Integrity Bank. Some of the highlights include:
to $475 million; a 32% increase from September 2008.
Net loans grew 29% to $427 million and total loan growth for the year may exceed $100 million!
We have added over 4,000 new customers since September 30, 2008, and currently have over 23,000 customers. This number is growing every day!
Income is skyrocketing with 3rd quarter net income of over $1,000,000 after provisions of $482,000 for taxes; $293,000 for the reserve for loan losses; and $200,000 for the increased FDIC premiums.
We are expanding into Lancaster County with two new branch locations that have more traffic and surrounding deposits than our Camp Hill location, which is the second largest branch out of 108 in total deposits in Cumberland County.
Our Preferred Stock offering to existing shareholders was over-subscribed within two weeks of our shareholders meeting, and due to the speed of this response, the Board of Directors has approved exceeding the initial amount.
Although the preferred stock is limited to existing shareholders, please let us know if you interested in purchasing common stock if and when it becomes available. Please contact Laurel Leitzel at 717 920-3690 or at email@example.com to remain on or be added to the list of interested purchasers.
The success of Integrity Bank is apparent in so many ways. As always, we appreciate your business and referrals that continue to help the Bank grow. You can understand why we are so excited about our future!!!
WHAT A RIDE!!!!
James T. Gibson
President and CEO