Financial Statement (2008)
Letter From Our Chairman
TO OUR GOOD FRIENDS,
Asset growth slowed to 4.5% during 2008 as the full impact of the recession stalled the economy and had an adverse impact on Jefferson's customers and, consequently, the bank. Earnings declined substantially to $3,659,374 attesting to the consequence of a sick economy.
The excesses of over abundant credit and the expansion of subprime lending (aided and abetted, some believe by federal legislative mandate) has resulted in an economic quagmire for our country. Let us hope that the massive "stimulus" spending programs now underway have the desired effect.
In the meantime, interest rates remain low and this might be a good time to take advantage of real estate or other investment opportunities.
Jefferson, as always, stands ready to help so give us a call when the time is right. A real person will answer the phone.
Sincerely,
Michael J. Ross,
Chairman of the Board
