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Cape Cod's First Community Bank - Seamen's Bank:
Annual Report

A Letter from the President

‘To Our Community:


     Highlighting the attributes and histories of our communities, our 2009 Annual Report celebrates the small-town ideal and small-town governance by which we live.

     In attempting to draw some parallels to Seamen’s Bank, I am struck by the writings of Frank Bryan, a chronicler of Vermont’s town meetings for over three decades. His central claim is that ordinary citizens are prepared to work at and practice real democracy in towns, the smaller the better, more than they are prepared to participate in representative democracy in America. Citizens are more prepared to expend their energy and direct their focus in a small community setting where they know each individual has a voice.

     Banks are no different. A small-town bank measures success through a more focused lens and its employees must be receptive to the community view.

     Where was the outcry of employees at Citibank, Bank of America, and the Wall Street Banks when they were busy packaging and selling the “toxic” loans that ignited the economic mess from which we are just beginning to emerge? Simply put, those banks were too big, their employees too isolated, and their commitment too unfocused. Employees of small banks live with their mistakes as well as their accomplishments. They must be responsive and responsible. While the nation’s policy makers continue to blame “banks” for the distressed economy and fault them for not lending to bring us out of the recession, it is the small community banks of this country that continue their better brand of banking. It is the small community banks, like Seamen’s, that have not accepted government funds while continuing to make loans and serve the needs of the community.

     Although community banks did not participate in the sub-prime markets, they were, unfortunately, not immune to the expanding economic deterioration. Losses in FNMA stock holdings, investment portfolios, and real estate values brought a real challenge to small banks. Indeed, while our core banking product remains strong, Seamen’s Bank experienced some losses in our investment portfolio resulting in a drop in overall year-end net income. The good news is that net interest income increased over the previous year demonstrating the strength of our core banking product and our future remains sound. Our deposits grew $20 million (9.5%), loans grew by $12.6 million (7.5%), and our capital remained solid at 11.45%, almost three times the required regulatory amount.

     While there are those pundits who continue to maintain that big is better, I remain steadfast and confident in the virtues of a small bank. Like those participants in town meetings, we benefit from the focused commitment of our employees, trustees, and corporators. I am deeply appreciative of that commitment and, as we all do, I take a good measure of pride in the continued success of our communities and in the 158-year-old success of Seamen’s Bank.

Respectfully
John K. Roderick
President

Respectfully,


John K. Roderick
President/C.E.O
Seamen's Bank

2009 Annual ReportView a PDF
of this year's
Annual Report

 

 

 

 

 

Consolidated Balance Sheet

Year ended March 31

2009

2008

Assets     
  Cash and Due from Banks

 $4,899,000

 $6,425,000

  Securities

46,937,000

37,846,000

  Federal Funds Sold

9,342,000

8,803,000

  Loans

196,472,000

183,786,000

  Reserve for Losses

(2,408,000)

(2,497,000)

  Land, Buildings, Equipment

4,113,000

4,192,000

  Other Real Estate

0

0

  Other Assets

4,574,000

4,095,000

Total Assets

$263,929,000

$242,650,000


Liabilities and Surplus

   
  Deposits

$225,290,000

$205,715,000

  Other Liabilities

9,604,000

8,154,000

Total Liabilities

$234,894,000

$213,869,000


  Undivided Profits


$29,613,000


$29,144,000

  Net Unrealized Gains on Securities held for sale

(578,000)

(363,000)

Total Surplus

$29,035,000

$28,781,000


Total Liabilities and Surplus


$263,929,000


$242,650,000

This statement has not been reviewed, or confirmed for accuracy, by the Federal Deposit Insurance Corporation.

 

- We are proudly serving the Financial Needs of the Lower Cape from Provincetown to Eastham -