2000 Message to Shareholders
March 12, 2001
Message to Shareholders:
I am pleased
to report on the 2000 accomplishments of Rich Land Bancorp, Inc.
and its wholly owned subsidiary, TrustBank™. This Annual Report
reflects the comparative consolidated financial statements as of
December 31, 2000 and December 31, 1999.
The Corporation’s
net income was $1.05 million for 2000. Earnings per share, based
on average shares outstanding, were $1.34.
Out Total Assets
increased 7.07% in 2000 to $130.74 million. Deposits increased $7.88
million while our loans increased $7.94 million.
In 2000, the
book value per share of Rich Land Bancorp, Inc. stock rose to 15.57,
while the market price per share rose to $23.00. Our capital grew
to $12.18 million. Dividends paid in 2000 totaled the equivalent
of $0.59 per share, paid in the form of a stock dividend, with fractional
shares paid in cash. Shareholders of Rich Land Bancorp, Inc. have
realized increasing dividends each year since 1986.
The continuing
success of Rich Land Bancorp, Inc. is supported by the positive
economic influences in our community, along with the efforts of
a progressive board of directors and a very talented staff. The
key element in the success of Rich Land Bancorp, Inc. is found in
our persistent commitment to finding ways to better serve our customers.
The promise of better customer service requires investments in technology,
delivery systems and products to develop convenient and innovative
solutions in order to exceed the expectations of our customers.
During 2000,
examples of this commitment to exceed customer expectations included:
• In May,
we introduced Online Banking. This new service delivery system allows
customers the ability to securely access their account information
and process transactions via any internet-connected computer at
any time. Premium features of our Online Banking include the ability
to view images of the front and back of checks and the ability to
categorize income and expenses in your account register.
• In August, Image Statements were introduced. The Image Statement
provides the convenience of an organized record of deposits and
checks in the form of multiple images on a page. Three ring binder
notebooks were provided for our customer’s convenience.
• In August, the Cisne State Bank, a wholly owned subsidiary
of Rich Land Bancorp, Inc. was merged into TrustBank™. The
full line of TrustBank™ products and services were introduced
at this newest branch, including an ATM.
We anticipate
continued growth of our market area during 2001 and look forward
to the resulting new opportunities. Our commitment to providing
Quality Customer Service remains a priority.
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 to:
“Provide
Premier Financial Products with Superior Service”.
Sincerely,
Bruce A. Runyon
President & Chief Executive Officer
Rich Land Bancorp, Inc.
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Letters
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