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Financial institutions and bank products which survive the tests of time are enduring, but quite rare. Such is the case with State Bank & Trust Company and the superior products and services we have historically provided our customers. Since our founding 110 years ago, weve successfully navigated this bank through the Great Depression, two World Wars, numerous military occupations and conflicts, societal changes, floods, droughts, ice storms, hurricanes, tornadoes, $1 cotton with instant prosperity and Boll Weevils from Texas accompanied by instant poverty.
Over the last 110 years, weve seen many changes and advancements that have also influenced the way we deliver services to our customers. From the paving of highways and the construction of Interstates to the development of the Internet with all its accompanying technological advancements and opportunities, this bank has been able to grow and to serve more and more customers. Today, we are a $1 billion bank with full service branches in Mississippi, Louisiana and Alabama. Were adding new locations constantly opening new banks at the rate of at least one per quarter. Equally as important to our physical locations are the growing number of ways our customers can access their accounts electronically. With the addition of Online Banking, Bill Pay, Remote Deposit, Account Opening Online, Electronic Statements - just to name a few, we are providing the latest in banking technology to satisfy an ever more diverse and varied customer base.
Concurrent with the foregoing advancements, our growth has been phenomenal. Over the last 10 years we experienced an increase in net worth of 990% representing growth of 23% compounded annually. Needless to say, weve proven ourselves as a financial institution established and developed on the bedrock values of the banking industry. That foundation shall continue to provide us permanence and sustainability going forward as we embrace the future.
In the face of rising energy cost and increased health care expense, our banks immediate challenge is to go through a down economic cycle and credit crisis, all of which State Bank & Trust Company is positioning itself for. This past year, we merged The American Bank in Geneva, Alabama into our system marking our entrance into Alabama. Today, we operate in Alabama as SB&T Bank. The American Bank is a well run bank headed up by its former CEO, H. G. Hayes, Jr. thus providing us the opportunity to expand our already strong presence in this area with the operation of a full service location and a strong loan and deposit base. At the same time, we opened our new Alabama Regional Office in Mobile and named Stephen J. Davitt, Jr. Executive Vice President and Regional Executive for Alabama. We have since acquired a site for a new branch across Mobile Bay just beyond the entrance to the beautiful Willow Creek golf resort and are in negotiations for another full service site at this time for a prime location in West Mobile.
In addition to our expansion into Alabama, we opened new full service branches in Baton Rouge on Sherwood Drive, in Byram and Cleveland, MS and will open another of our new prototype full-service branches in Grenada, MS within the next 30 days. We completely renovated inside and out and refurnished our branches in Brandon and Ridgeland, MS. At the same time, we opened our new Mortgage Department in Jackson and staffed it with the best talented and experienced Mortgage Bankers in the south. At year end 2007, we had grown our Loans and Deposits by 16% and 11% respectively. Total Assets increased to $964,983,795 representing a 16% increase and had grown our Capital to $112,416,274 for a total capital increase of 24.84% making State Bank & Trust Company one of the most highly capitalized banks of our size in the nation. Funding this aggressive growth does have its associated costs which temporarily diminished period profits by 16%. I assure you, our growth related expenses for 2007 are sound investments for the banks continued profitability and the assurance of long-term shareholder value.
One hundred ten years from now, when someone looks back across time and considers how this world has continued to change, I predict they will be equally impressed with the sustainability, growth and advancement of State Bank & Trust over the course of our second hundred years. Even then, it is my earnest desire that State Bank shall be operating with the firm resolve our founders stated in the banks official records back in 1898, We shall serve families, farmers and business people and provide a safe and friendly place in which to do banking business. * |
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Sincerely, |
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Stewart M. Brumfield |
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Chairman of the Board |
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Equal Housing Lender.