President's Letter - June 2009
June 8, 2009
Due to May being a busy month, I inadvertently skipped my regular "Letter from the President". It's hard to believe the school year is over and for a lot of you, family vacations have already begun. Backyard barbeques, town festivals and family reunions are well underway.
Lesa and I joined about 45 other bankers from the Community Bankers Association of Illinois (CBAI) on their Annual Washington visit mid-May. Not having traveled to Washington D.C. for quite some time, it was interesting to go back. We arrived at a very critical time for banks in general. The word "bank" keeps getting a great deal of press. The "Too Big To Fail" continue to be under the watchful eye of the government and capital is more important now than ever. We originally had a fairly packed agenda for our three day trip but as you can expect, some of our meetings were cancelled. We had several legislative briefings with the CBAI group and also with the Independent Community Bankers of America (ICBA). We had breakfast with the FDIC one morning and heard firsthand the state of caution they are experiencing. Banks continue to fail because of poor management and careless lending practices. We then met with one of the Federal Reserve Governors, Governor Tarullo. It was interesting to hear his take on how the overall economy has gotten to this point. Then for the highlight of the trip, we were bused off to the Nation's Capitol to meet with our individual legislators. We had a meeting scheduled with Congressmen Aaron Schock. Fortunately, we arrived 15 minutes early or we would have missed him. He was heading out of his office to get to the House floor for a vote. He invited us to join him on his brisk walk, so we agreed and was able to talk to him for ten to fifteen minutes on the way over. He was appreciative of us coming to see him and wished he would have had more time. He did however tell everyone in Princeville and Peoria, "Hello".
We are truly in unprecedented times. Who would have thought Chrysler and GM would be in the shape they are in?
I'm a firm believer that strength in numbers helps any situation. That is why we must all pull together and try to stay as positive as we can. We can and will weather the storm. As I've said in previous letters, Princeville State Bank is here to stay. Safety and stability should be a concern to all of us. As the big banks continue to get scrutinized it only makes sense to deal with a local bank. If you aren't part of a family of Community Banks, why not give PSB a try. You'll be more than pleased with the services and products we have to offer. More importantly, you will be viewed as a client and not a number.
As always, please do not hesitate to call me if you have further questions.
Andrew A. Black
President / CEO