A letter from President and CEO Heidi Gesell
July 2nd, 2010
Dear Valued Customer,
It has been nearly a year since I last provided you with an update on the performance of BankCherokee. During this time we have continued to focus on improving our loan quality, diversifying our loan portfolio, and maintaining our strong liquidity position. Working with customers who are struggling as a result of the challenging economy has been another priority for us. All the while we have remained focused on providing you with unparalleled customer service.
I am pleased to tell you that the trends and ratios we measure are moving in the right direction, albeit at a pace we wish was faster. The Bank’s first quarter 2010 results, although still showing a loss, were the best in three years and our total risk-based capital ratio remains above 11.00%. Based on our projections, the Bank will continue to make steady progress.
BankCherokee has a long history of serving small to mid-sized businesses, professional practices, as well as individuals. We have money available for qualified borrowers. Our rates are competitive and our decisions are made locally. Do you need a loan or do you know someone who needs a loan? We believe the best way to find new customers are referrals from our existing customers!
We appreciate your continued support. Thank you.
Heidi R. Gesell
President & CEO