2003 Message to Shareholders
March 16, 2004
I am pleased to report on
the 2003 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, 2003 and 2002.
net income in 2003 was $1,157,000. This equates to earnings per
share of $1.45, based on average shares outstanding at December
the book value per share of Rich Land Bancorp, Inc. stock increased
by 3.75%, moving from $17.36 per share to $18.01. The market value
ended the year at $20.00 per share. Our capital grew to $14,353,000,
reflecting an increase of 6.17%. Dividends paid in 2003 totaled
the equivalent of $0.62 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 17 consecutive years of increasing dividends
paid to our shareholders.
2003, we introduced an updated Web site located at www.trustbank.net.
The primary goal of the new look was to make accessing information
and online services from TrustBank™ faster and easier. The
redesign improved both the look and functionality of the site.
OUR MOTTO: “The
Only Bank You’ll Ever Need”
“Providing Premier Financial Products with Superior Service”
OUR GOAL: To
be the bank
• whose CUSTOMERS wouldn’t think of banking anywhere
• whose EMPLOYEES are envied by their peers;
• whose SHAREHOLDERS cherish their stock;
• whose REGULATORS consider it the industry standard.
STATEMENT: The mission of TrustBank™ is to be a premier financial
service organization in our market area – that offers superior
long-term return to our shareholders, opportunity for our staff
and both financial and personal support for the market area we serve.
Bruce A. Runyon
President & Chief Executive Officer
Rich Land Bancorp, Inc.