From the Office of the CEO
On July 16, 2013, we held our 142nd annual meeting of the Board of Directors and Corporators. At that meeting, we were proud to appoint Chris McMahon, President of McMahon Ford as our newest Corporator.
I am extremely pleased to report the economy’s rise as well as the banking industry’s growth and progression over the last year. Fairfield County Bank not only remained strong through the previous years’ economic difficulties but is demonstrating reciprocity with the banking industry’s more recent financial strength and improvement. We have worked to maintain our strong capital position with total risk based capital exceeding 13%, which will allow us to continue to support our local communities through our banking activities.
We originated over $600 million in loans in 2012, and continue to aid in the economic recovery due to our customers embracing this ideal time to borrow. There is little doubt that the Fed’s actions have had significant impact on market performance. They have pumped trillions of dollars into the market through mortgage bond and US Treasuries purchases keeping interest rates low.
We have been able to continue to manage cost of funds and yet keep pace with the competitive market. Our deposit mix has shifted with commercial deposits now making up 35% of our total deposits and deposits are up $44 million from 2011 levels. Fairfield County Bank market penetration reports indicate we have maintained strong customer following in the markets we serve. Most notable are the Ridgefield, Wilton, and Weston markets where we hold 47%, 17%, and 30% of the households in the market respectively.
We believe that continued emphasis on the core values we have built in the past 142 years has served us well. This is reflected in our balance sheet, customer retention, service delivery, and technological advancements such as mobile banking and payment alternatives. As a bank founded by community members, we are committed to supporting the charitable organizations that do so much for its residents. We donated more than $550,000 during 2012 and will continue this commitment in 2013 and the years ahead.
Among Fairfield County Bank’s many strengths are a well-managed strategy for the future success of the Bank and our emphasis on maintaining a strong capital position. We have a strong company-wide commitment to extraordinary service to our customers. At the same time, we are focused on internal efficiency and expense management. We understand our industry is changing every day, and we are committed to providing the services our customers need, where they need them and when they want them, whether in a branch, on the internet or via mobile.
We wish to thank the Board of Directors, Incorporators and employees for their dedication and hard work in supporting the strategy and direction of the Bank and above all for their support of our dedication to exemplary customer service.
David A. Schneider
Click here to view our 2013 Annual Report