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Letter From the President
Dear Valued Customer:
Over the past couple of years, almost all individuals and businesses have felt the impact of the current economic environment, and many have not yet felt any relief from the downturn. As a provider of loans and banking services to local businesses, real estate investors, and consumers, the bank has experienced some of the same impacts that the recession has had on its customers. The severity of this economic downturn has proven that even those businesses, real estate investors, and consumers which accepted moderate amounts of risk prior to the downturn, are now experiencing greater difficulty than they have in past recessions.
Like many community banks, First American State Bank has been working closely with both State and Federal regulators since the economic downturn began more than two years ago to ensure that the bank continues to meet all of its regulatory obligations, while focusing our efforts on supporting our loyal customer base of business owners, real estate investors, and consumers as they weather the financial storm.
On August 20, 2010, First American State Bank, and its parent company First American Bancorp, entered into a Written Agreement with the Federal Reserve Bank of Kansas City and the State of Colorado Division of Banking. This agreement does not limit our ability to conduct business with our depositing customers in any way. There is no change to the FDIC deposit insurance coverage available to our depositors, and there will be no changes to the products and services that we offer. The agreement merely describes the commitments that the bank has made to augment our capital base, strengthen our balance sheet, and periodically provide regulatory agencies with additional information in order for them to assess our progress.
It is business as usual at First American State Bank and we remain committed to providing you with exemplary service and first-rate products and services for many years to come. We value all of our customers and appreciate your business very much.
First American State Bank