President’s Message
The year 2006 will go down as one of our most challenging for us to date. Working with an interest rate environment that makes it very difficult to generate strong earnings, we have continued to forge ahead with our aggressive growth strategy. Now that we have two years of building behind us, we have been able to refine and strengthen our infrastructure to meet the ever changing demands of our customers.
During 2006, we continued our originations of high quality commercial real estate and business loans. We are introducing a new small business loan program to position our branches in generating core deposits. With interest rate margins virtually non existent we are focusing on generating low cost deposits and revenue from the fee income.
An important part of our growth strategy is the branch structure that we are implementing. In 2006 we added two new branches that we believe strengthen our position in the New York market. At year end 2006, we have over $50 million in deposits after less then three month at these locations. We will be adding our fourth branch in Midwood, Brooklyn in August this year as well as a new ATM facility in Lower Manhattan.
Utilizing new technology in 2007, the Bank will be implementing remote check capture and Check 21 to strengthen our services as well as new streamlined loan products.
As always, our key to success will be the quality of service we provide to our customers. Our most valuable asset is our staff. Without their hard work and dedication, we would not be where we are today. We see 2007 as another year of solid growth for The Park Avenue Bank.
Thank you.
Charles J. Antonucci Sr.
The President and CEO
