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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.

Statement from the President & CEO, September 30, 2008:

To Our Community,

The events over the past few weeks have many of you asking questions. Unfortunately, banks in general have been painted with a broad brush. The Wall Street Banks that created the current economic situation are not Community Banks. We want to assure you that “we” are not “them”.

Since 1839, we have been guided by safe and sound banking practices. We have never made a sub-prime mortgage, nor do we have such loans in our portfolio. Further, we have never sold a mortgage to another institution. The quality loans and deposits on our balance sheet come directly from our local community.

We can assure you that we are financially secure. We continue to grow our deposits, and are actively meeting the borrowing needs of our local individuals, businesses, and municipalities.

Sincerely,

Robert W. Armstrong
President & CEO

 

New Year, New Banking Concerns, But Not if You

Bank at The Delaware National Bank of Delhi

January 2009: The Delaware National Bank of Delhi, New York proudly announces it has earned BauerFinancial, Inc.’s highest 5-Star Superior rating for financial strength and stability. BauerFinancial has been analyzing the nation’s banks for over 25 years and has earned the reputation as “the Nation’s Bank Rating Firm”, so to garner its highest 5-Star rating is a time-honored badge of distinction. Customers of The Delaware National Bank of Delhi can be proud that their bank still shines, even under the watchful eye of the BauerFinancial microscope. The rating is based on the overall financial picture of the bank and at 5-Stars indicates that The Delaware National Bank of Delhi is one of the strongest banks in the nation. This is the 55th consecutive quarter that The Delaware National Bank of Delhi has earned this highest honor; only 12% of the nation’s banks can claim this distinction. 

“This New Year in particular brings with it a whole new set of worries, but where a consumer banks shouldn’t be one of them”, remarks Karen L. Dorway, president of BauerFinancial. “Some banks ignored proper loan underwriting standards in recent years and are now paying the price for that decision. But, The Delaware National Bank of Delhi is a prime example of a bank that has stuck to traditional, conservative banking strategies, which, in this climate, is exactly what the ‘other banks’ are returning to. The Delaware National Bank of Delhi is a model of banking safety and soundness and its customers can rest assured in that knowledge.”

Established in 1839, The Delaware National Bank of Delhi has been serving the banking needs of its neighbors and friends for 169 years. It currently operates through three conveniently located offices in Davenport, Delhi and Margaretville and can be found on the internet at www.dnbd.net.

The Delaware National Bank of Delhi: “A Real Community Bank.”

BauerFinancial, Inc., Coral Gables, Florida, the nation’s leading independent bank rating and research firm, has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution pays for its rating, nor can it be eluded. Consumers may obtain star-ratings by visiting www.bauerfinancial.com.

 

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 Delhi was operating under an age old guiding principle as detailed in our strategic plan: 

• 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