2023 Annual Letter to Shareholders
March 29, 2023
Fiscal year 2022 and the beginning portion of this year have proven to be an exciting time for our shareholders. In September of last year, the Bank declared and paid its first special cash dividend and simultaneously announced the commencement of a quarterly cash dividend in an effort to provide a competitive return on investment to our shareholder base, thereby enhancing shareholder value. Shortly thereafter, the Bank announced plans to reorganize into a Holding Company structure. This structure provides the Bank with additional financial and operational flexibility as well as better access to capital which we believe is in the shareholder’s best interest. Then last month, the Bank announced our intention to submit an application to list the common shares of the proposed Holding Company to the Nasdaq Capital Market. We believe that this initiative affords the Bank better access to capital, the possibility of greater trading volume through a more comprehensive investor base, possible addition in a stock market index and an enhanced ability to use our stock as acquisition consideration. It is our belief that the initiation and planned successful execution of these three strategies demonstrates the Board and Management’s commitment to building shareholder value.
