2002 Message to Shareholders
March 10, 2003
Message to Shareholders:
I am pleased
to report on the 2002 accomplishments of Rich Land Bancorp, Inc.
and its wholly owned subsidiary, TrustBank™. This Annual Report
reflects the comparative consolidated financial statements of Rich
Land Bancorp, Inc. as of December 31, 2002 and 2001.
The Corporation’s
net income in 2002 was $803,000. This equates to earnings per share
of $1.03, based on average shares outstanding at December 31, 2002.
Total Assets at year end were $136,737,000 - representing a 5.74%
increase in the 12 month period.
During 2002,
the book value per share of stock increased by 3.46%, moving from
$16.78 per share to $17.36 per share. The market value ended the
year at $20.00 per share. Our capital grew to $13,519,000, reflecting
an increase of 3.16%. Dividends paid in 2002 totaled the equivalent
of $0.61 per share, paid in the form of a stock dividend, with fractional
shares paid in cash. Rich Land Bancorp, Inc. is proud of its record
of 16 consecutive years of increasing dividends payable to our shareholders.
On September
13, 2002, TrustBank™ celebrated its 90th anniversary. During
its 90 year history, the bank has seen two name changes. Olney Trust
& Banking Company was formed in 1912. The name was shortened
in 1983 to Olney Trust Bank in connection with the formation of
our bank holding company: Rich Land Bancorp, Inc. The name was changed
again in 1999 to TrustBank™, following the acquisition of
Cisne State Bank. We are proud of our rich history now spanning
90 years – with a tradition of superior service to the market
area we serve.
In our 91st
year of operation, our pledge to you, the shareholder, is to manage
the corporation in a manner that results in maximum shareholder
value. Our strategy in accomplishing this promise is to:
“Provide
Premier Financial Products with Superior Service”.
Sincerely,
Bruce A Runyon
President and Chief Executive Officer
Rich Land Bancorp, Inc.
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Letters
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