A Letter From the President

September 25, 2008

It seems every day brings a new challenge to our financial sector- the government takeover of Fannie Mae and Freddie Mac, the bankruptcy filing of Lehman Bros., the sale of Merrill Lynch to Bank of America, and the uncertainty of AIG - many ask when will this end.  Many wonder, "who is next?"  Millions of homeowners are fighting to keep their homes.  Hundreds of thousands have lost their homes, automobile loan delinquencies are on the rise, and credit card debt is slated to hit $1 trillion soon.  No one can forecast when this vicious cycle will end.  One thing that remains certain is that stability will return to the industry.  This process may be uncomfortable for quite some time, but it will return.

Unfortunately the media has been portraying all banks as the same.  They are confusing "Wall Street" with "Main Street".  Princeville State Bank, as most community banks, has remained conservative in its lending activities.  We have always been and continue to be common sense lenders.  We focus our efforts on what is best for our clients and our community.

"Big" has been all the rage.  The "big" have been getting "bigger", taking more market share.  These mega-mergers were to be the best thing since sliced bread.  Due to their size, they were deemed, "too big to fail."  I read one banker's response to these mega-mergers and he stated that they were almost "titanic-like", and we all know how that turned out.

I'm proud to be able to assure you that Princeville State Bank is strong.  We continue to pursue the long-term approach to managed growth.  The short of it, rest easy and remain confident that Princeville State Bank is here for the long haul, through good times and bad.

We intend to continue down the same path for you, our valued clients.

Thank you for your confidence in Princeville State Bank during this period.  I hope we are providing the level of service and assistance you expect from your bank.  Our staff has maintained their focus during this financial turmoil and their dedication gives our clients confidence and peace of mind.

Please do not hesitate to call me if you have further questions.  That's why I'm here.

Respectfully,

Andrew A. Black

President / CEO

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