2001 Message to Shareholders
March 15, 2002
Message to Shareholders:
I am pleased to report
on the 2001 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, 2001 and December 31, 2000.
net income was $1.0 million for 2001. This equates to earnings of
$1.31 per share, based on average shares outstanding. At year-end,
our total assets were $129.31 million.
In 2001, the book value
per share of Rich Land Bancorp, Inc. stock rose to $16.78, while
the market price per share ended the year at $22.00. Our capital
grew to $13.11 million. Dividends paid in 2001 totaled the equivalent
of $0.60 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. This 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 2001, examples
of this commitment to exceed customer expectations included:
• The Richland
County Mall and Cisne Branches were remodeled, updating the décor
• Wireless Broadband Internet Access was introduced for the
Olney area through our ISP – OTBnet;
• Our checking account product line was enhanced with the
introduction of the TrustBank Advantage, Advantage Plus and Advantage
Classic checking services.
We anticipate continued
growth of our market area during 2002 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 is to:
Financial Products with Superior Service”.
Bruce A. Runyon
President & Chief Executive Officer
Rich Land Bancorp, Inc.