Shareholder Update
October 20, 2009
Dear Shareholders:
We are excited to announce that we will be providing quarterly updates for our shareholders
and customers. We realize that many of you do not live in the Reidsville area and
are not able to see the progress of our new building, witness all of the community
events that our staff supports or hear the positive buzz we are creating in our
community. Our hope is that this update will keep you better informed.
Reidsville Community Bank, a division of First Carolina State Bank, is off to a
great start. Since our opening in December of 2008, we have had steady growth in
deposits and are on track with our growth projections.
In fact, our development has exceeded our expectations, which is due in a large
part to our staff. Robin Hundley, Customer Service Representative and Miranda Ashley,
Senior Lender have the combined banking experience of more than 40 years in the
Reidsville market. Both bankers are well respected and have a large customer base.
This past April, we welcomed Brenda McDowell to our Mortgage Department. Brenda
is a mortgage lender with 35 years of experience in the Reidsville market. She too
has a loyal customer base and has made a great impact by significantly increasing
our mortgage loans and fee income.
Recently, Robin Hundley, Brenda McDowell and I attended the Reidsville Chamber of
Commerce’s second annual Reidsville Business Showcase, which welcomed more than
400 people. We were extremely pleased with the number of people who visited our
booth to meet our team and talk about the bank.
The construction of our new building is also generating a lot of new interest in
our bank. As the building continues to progress, our call volume increases – people
are interested in knowing about our bank and what we have to offer. We broke ground
on June 8th and have been working closely with architects, builders and designers
with a goal of having the 6,000 Sq. Ft building open for business no later than
January of 2010. The bank’s new location is 604 S. Scales St. – the second busiest
intersection in Rockingham County, which is why we expect a lot more traffic in
the bank.
These are also exciting times for the city of Reidsville as we prepare for the coming
of the new horse park in Rockingham County. The Chamber of Commerce predicts that
this new venture will produce more than 700 jobs for our community in addition to
a $15 million economic impact. If you would like more information on the horse park,
please visit their Web site at
www.co.rockingham.nc.us/equestrian.htmThese links are provided as a convenience to you. These links are controlled by third parties and Reidsville Community Bank, a division of First Carolina State Bank does not endorse, approve, certify, or control third party sites. Any transactions engaged in or products purchased on these sites is at your own risk.
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Eleven new businesses already opened this year and there are four more scheduled
to open in the fourth quarter.
Our goal is to continue to grow our bank based on the community banking concept.
As always, your support, through referrals and deposits, is very much appreciated.
You are among more than 300 investors who will be great ambassadors for your bank
as we continue to further establish ourselves in the community.
I would like to thank you for your continued patronage as we move forward. If we
can be of any assistance, or if you would like to learn about the bank, please feel
free to call me at 336-361-4088.
Sincerely,
Bill Griffith