Spring 2009

From the Desk of Richard Elko

The media is full of reports of bank failures and bailouts. Unfortunately, the media tends to lump all banks together and often does not distinguish between Wall Street investment banks, mega banks and community banks. Most of the difficulties you've heard about are with Wall Street investment banks and mega banks.

Conestoga Bank is very different from those companies altogether. Conestoga Bank is a community bank, which means our customers are almost all local individuals and businesses. Our business model is rather simple – we collect deposits from local customers and lend to local customers. We have never participated in sub-prime lending or credit default swaps, two of the biggest causes of the current crisis.

No Credit Freeze Here
Perhaps you've heard about banks freezing loans and tightening credit guidelines so much that borrowers can't get money to operate or expand their businesses. That is not the case at Conestoga Bank. We are still lending money – in fact, we never stopped.

Conestoga Bank is proud of the team of bankers who work to meet and exceed customer expectations every day. Derek Warden, Chief Lending Officer; Tom Turnbach, President, Private Banking Group; and their talented team of bankers assist business customers every step in the lending process.

In today's environment, you rely on people you know and trust. I am constantly reminded by our customers how fortunate they feel knowing and trusting their Conestoga bankers and having confidence in the valuable solutions and advice our bankers provide. We take that responsibility very seriously. Our goal is to help our customers be as successful as possible.

Conestoga Bank remains committed to its mission of providing financing in the greater Philadelphia area. Now, more than ever – for all your financial needs – we've got you covered.

As always, I welcome your questions or comments. Please contact me at relko@conestogabank.com.

Richard A. Elko
President & CEO

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