Quarterly Statement of Conditions

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Letter from President & CEO 

Dramatic developments in the various segments of the nation's financial landscape continue to unfold weekly, as the Administration, Congress and the Federal Reserve tweak policies and rates to achieve economic stability. The initial response to TARP has shifted considerably as banks and financial firms withdraw their requests or seek to exit the program, providing reinforcement to Kirkpatrick Bank's decision to bypass this program.

Consumers have generally retrenched, increasing the savings rate.  The “flight to safety” investment in U.S. Treasury Bonds amid the financial turmoil has increased the strength of the dollar in world markets.  In Oklahoma, although the unemployment rate has increased recently, at 5.9% it is still well below the double digit rates recorded elsewhere.  Similarly, the state’s community banks continue to operate from a position of strength.  

Kirkpatrick Bank experienced asset growth of 11% during the first quarter, with deposits increasing
$51.3 million as we saw local evidence of the national trend in the increased numbers of new savings accounts opened and insured Certificates of Deposit purchased.  In response to this trend, we now offer a Certificate of Deposit Account Registry Service, or CDARS (pronounced "cedars").  CDARS combines the convenience of working with one financial institution with the security of FDIC Insurance for amounts up to $50,000,000.  

As a member of a network of banks, we place customer funds into certificates of deposit issued by banks in the network in amounts below the standard FDIC insurance maximum. This means the principal and the interest earned are eligible for full FDIC insurance.  We believe this product will provide an effective, secure investment vehicle for private investors, businesses, and non-profit organizations.

Knowing how valuable simplicity in a complicated world can be, we have undertaken to redesign our personal checking account options.  We will now offer three basic accounts, together with options to include services which will help customers stretch their budgets in these challenging times.
These new account options will be available to new and current customers by the first of June.

Kirkpatrick Bank has also refreshed its website.  Along with being more attractive, it offers better functionality, with convenient login located on any page, as well as a variety of new capabilities.  
We encourage you to visit the site and hope you enjoy our new look.

George M. Drew - President & CEO

2009 First Quarter

2009 Second Quarter