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Gordon Honegger, Co-Chairman of Hometown Community Bancorp, comments on how Morton Community Bank continues to stay strong in a tough economic environment.

 

It seems that you cannot open a newspaper, view your favorite homepage, or watch the news on television without hearing about the mortgage crisis and how it has upset the financial markets and put the squeeze on bank profits. These problems have found Morton Community Bank (MCB) and its affiliates unscathed. In fact, we are growing and gaining strength because of the financial crises of some banks.

Our policy has always been to make secure loans, loans that customers are financially able to payback...barring any unforeseen changes in their economic status. We make sure we have collateral coverage if those unforeseen changes come to pass. We did not get into the subprime lending market and, therefore, have remained stable.

While some banks are offering high interest rates on short-term investments (which shows they are desperate for deposits), MCB has remained conservative on both the loan and deposit sides.

After the fall of IndyMac and Countrywide (2 of the largest issuers of high-priced CDs in the last 2Ys), you can begin to draw the correlation between banks that pay high rates and those that don’t!

Banks that have been conservative with deposit and loan pricing and the safety and soundness of their institution have remained stable. In other words, sensibly priced deposits are a sign of stability  and strength.

At a time when half of all the banks are reporting lower quarterly earnings in the first three quarters of 2008, with negative growth on average of 5.95% for all insured banks in 2007, MCB’s Return On Equity is among the top 20 banks in Illinois! On average, our asset size has doubled every five years during our history and we intend to continue that success.

Gordon Honegger started at MCB when there were only seven employees. This September, after completing the merger with Alpha Community Bank, MCB now has 400 employees and 1.7 billion in assets.

MCB is small enough to serve the customer that desires the one-on-one personal service, yet large enough to offer the high-tech services that our on-the-go customers expect.

The Owners and Directors of Morton Community Bank have vowed to keep this organization a private, locally-owned, community bank. As we grow we strive to keep the ‘small bank’ feel by giving each office the community name so that each community keeps its small-town community bank.

If you are nervous about your current bank’s stability, we encourage you to stop into one of our offices and ask for a ‘Statement of Condition.’ Come grow with us! We are proud of our strong financial condition.

Gordon Honegger

Co-Chairman HCB Chairman Emeritus

 
   
   
 

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