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New Branch Now Open!
The Delaware National Bank of Delhi is proud to announce that its new branch at the intersection of Prosser Hollow Road and State Route 23 at Pindars Corners, Davenport, New York is now open. The full-service branch features three drive-up lanes, a night depository, and a 24-hour ATM.
The following letter was mailed to
all Delhi Bank Corp. Shareholders
on January 23, 2008:
Dear Shareholder:
The “Sub-prime mortgage crisis” continues to be written about in the papers and talked about on various newscasts. Simply put, this situation has resulted from banks and mortgage brokers that wrote and sold mortgages which were not underwritten with sound lending practices. Little or no concern was given to the ability of borrowers to repay these loans. Often, the size of the mortgages greatly exceeded the value of the collateral being offered. Why would financial institutions engage in such a risky business? The answer is the age old, time repeating motive called “Greed”. Now, we sit back and watch as the other age old, time repeating market mover called “Fear” takes over.
Too often over the past few years I have heard
in numerous circles how consumers could get better terms on a
mortgage at a larger bank than at The Delaware National Bank of
Delhi. Some lending institutions were offering rates and terms that
a community bank of our size could not even come close to matching.
Community banks in general soon became the butt of many unflattering
comments about how they were overpricing their products in an
attempt to fill their coffers. In reality, the Delaware National
Bank of
-
Asset Quality.
The bank’s assets continue to perform well and are comprised of
loans and investments that are rooted in conservative policies
and philosophies. We look to grow our balance sheet to produce
more earnings but never to do it in a way that introduces an
unacceptable level of risk.
As I noted in my 2006 report to stockholders, we do not make sub-prime loans and we have no such loans in our portfolio.
I encourage you to review the enclosed un-audited statement of results for the fourth quarter and fiscal year 2007. Shares of Delhi Bank Corp. performed well in 2007, with a 17.2% gain in price for the year. Please compare this performance with that of the institutions known to have participated in the “sub-prime” fiasco and take comfort in the fact that we will continue to operate under the same guiding principles and set of core values that have kept us safe and profitable since 1839.
Sincerely,
Robert W. Armstrong
President & CEO
The Delaware National Bank of
51st
Consecutive 5-Star Safety Rating
February 2008:
The Delaware National Bank of Delhi,
New York
is proud to announce it has once again achieved a 5-Star rating from
BauerFinancial,
Inc.
of
“We are all aware of the problems in the banking
industry these days,” says Karen L. Dorway, president of
BauerFinancial.
“Consumers need to know there are still well-run banks, like
The Delaware National Bank of
