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Pascack Community Bank
 
 
Mission statement: 

Pascack Community Bank’s mission is to provide a wide array of financial products and services that are vital to the economic health and well-being of the individuals, professionals and businesses in the local communities we serve.  Pascack is committed to delivering these financial products with the highest degree of personalized service and professionalism while engaging in only the best business practices, thereby creating value for our stakeholders and delivering every day on our pledge to “Expect the Exceptional”.
Overview: 

As we all know, the last quarter of 2008 and the first quarter of 2009 have been a time of huge financial dislocations. Brand name financial institutions and world wide companies teetered, and in some instances actually succumbed, as a consequence of a worldwide implosion of credit that began by a bust in the residential housing market.




During this period of systemic financial turmoil and dislocation, we are pleased to report that Pascack Community Bank remains a safe haven for our customers and shareholders. For the year, our assets increased by $20,948,000 or 13.0%, to $181,978,000 while deposits increased by $18,901,000, or 15.5%, to $141,110,000. Net loans increased by $28,334,000, or 32.5%, from $87,296,000 to $115,630,000 with almost all of that growth being generated in the last seven months of the year.



We think it is important to note not only what we did, but also what we did not do to remain strong in a volatile market. Pascack totally avoided the subprime market meltdown. We never invested in equities, especially those of Fannie Mae and Freddie Mac, and we maintained a strong loan portfolio with limited write-downs along with a portfolio of highly rated securities. What we also did in 2008 was focus on building our franchise and increasing market share in a number of ways which included the following:



Expanded our Branch Network. In late August we opened our third branch in Nutley, known as the “Bank of Nutley, a division of Pascack Community Bank”. In January 2009, we officially opened our fourth branch at 9 Polifly Road in Hackensack under the name of “Bank of Hackensack, a division of Pascack Community Bank”. Both branches are housed in imposing buildings located at prominent intersections. In February 2009, we began construction on our fifth branch in Rochelle Park which is scheduled to open early in the fourth quarter of this year. In May 2009, we will begin construction of our sixth branch in Hillsdale which will open in early 2010.



Commercial Lending. We retooled and supplemented our commercial lending department. In September 2008, we hired Michael Kurzawski, an experienced and highly regarded commercial lender, as our Director of Commercial Lending. Mr. Kurzawski has been  servicing businesses and professionals in northern New Jersey for the past twenty five years and personifies the Pascack Community Bank philosophy of true “Relationship Banking”.  



Residential Lending. In July, 2008, we hired Stephen Duess to head our newly formed residential loan department. We believe the time is right to enter the residential loan market in order to provide our customer base with these value added products and services. By October 2008, we began offering traditional residential loans. Decisions on these loans are being based on conservative lending standards in terms of loan to value and debt to income ratios using current values that are now more in line with historical norms.



Aligned Management Roles. In June, 2008, the Board of Directors asked Bruce Meisel to assume the title and responsibilities of President in addition to those of Chief Executive Officer. These responsibilities include a deeper involvement in the day-to-day operations of the Bank. By year-end, both the Board and Mr. Meisel came to the conclusion that good corporate governance dictated that the functions of Chairman and President and CEO be separated. Accordingly, effective January 1, 2009, Jon F. Hanson, our founding and long time Vice Chairman, replaced Mr. Meisel as Chairman of the Board.



Finally, in February, 2009, the Bank elected to participate in the federal government’s TARP program. Unlike the large money center banks, only healthy regional and community banks qualified to participate in the TARP program. Because the $3,756,000 of TARP funds received by the Bank increased our capital, the Bank’s ability to make loans has increased exponentially. While we will be paying the government interest of approximately $205,000 per year, receipt of the funds increased the Bank’s ability to make new loans by approximately $57,000,000 on which we will earn more interest than we are paying. Accordingly, our participation in the TARP program will be accretive to both our net profits and book value.  



Looking forward to 2009, it will be an important year for Pascack as we take another quantum leap in terms of building our franchise. From January to January, the physical number of our branches will increase by 100% from three to six. Our 2009 target is to make over $60,000,000 in new loans thereby substantially increasing loan generated revenue while also increasing our market share and solidifying the important role we continue to play in the economic health and well being of the communities we serve.  



The substantial investment we will make in 2009 in our growth will come at a cost in terms of the short term suppression of profitability over the next 12 to 18 months. By doing so, we will be making a long term strategic investment in our franchise which will result in substantial returns in the future when we return to profitability.



Pascack Community Bank was founded on the premise that an essential component of a vibrant local economy is a strong community bank that provides vital financial services to the communities we serve. We did not know at the time how true this mission would become as big banks cut back on services and reduced, and in some cases virtually eliminated, lending to the businesses, professionals and individuals in the communities they had penetrated. We believe that the nation will certainly recover from this economic downturn and when it does the recovery will be led by local community financial institutions such as Pascack Community Bank.



We at Pascack believe we are in the right place at the right time and welcome this opportunity to contribute to the economic vitality of the communities we serve while simultaneously creating long term value for our shareholders. On behalf of all of our dedicated employees and members of the Board of Directors, we thank you for your continued confidence and support.


 
 
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