How can Charter Oak Bank and our clients be both green and efficient? While many of us value saving our planet and being environmentally conscious – we don’t always think of being green as either efficient or cost effective. Charter Oak Bank’s Remote Deposit Capture is just that. Many of our customers are now into their third year experiencing our Remote Deposit – being green, while saving money.
These customers are saving gas, paper, and time while making their bank deposit right in their respective offices. We even have a client with a branch in the state of Washington – and they too deposit to their account at Charter Oak Bank from their office in Washington. Funds get into client accounts faster. And should the postal mail be late – our system accepts on-line deposits up to 5:00pm – credited the same day. If you are a business client, and are not experiencing this environmental, efficient, and cost effective means of banking, please call one of our team members for a demonstration. Consumers – I would expect an industry-wide product for you in the next couple years.
Tuesday, October 27, 2009
Monday, October 26, 2009
A Thought From Warren Buffett
A friend of mine sent me the following in an email, that was published in the Business Wire – and thus I give them the credits. I thought it was worth posting to the blog for an interesting perspective.
Billionaire investor Warren Buffett says the economy has passed its lowest point and, while recovering slowly, is clearly on the way back up. "I am not sure about exact quarters or anything of the sort. Who knows about next week or next month? “We made enormous progress since a year ago. We had a real panic. And if you didn’t panic, you didn’t understand what was going on,” Buffett told Business Wire in an interview.
Buffett credits the outgoing Bush administration for making the right moves in the fall of 2009 and into the transition to a new government to keep the financial system from completely collapsing. “While the governmental authorities malign things sometimes, they fortunately did some very right things, very important things. They did them properly, and they kept us from going over the cliff.”
He also said that, while problems remain, the basic capitalist system underneath is healthy and in no need of significant reform. “If you look at this country, we have gone through the Great Depression, we have gone through world wars, we have gone through civil war, and we have progressed like no country in the world. We have the right system,” Buffett said. “It doesn’t avoid all the problems, but it overcomes all the problems.”
Buffett said that he does not see consumer spending rebounding short term. He noted that the unemployment rate would like continue to be high, since job creation always lags a recovery.
While he welcomes financial reforms being made in the federal level, Buffett warned that government’s role, while important, is naturally limited by human nature.
“You can’t rule out human emotions. When people get greedy as a pack, strange things happen. When they get fearful as a pack, strange things happen,” he said.
“Rules will help us avoid some of the problems. They’ll help us modify some of the problems, but they won’t eliminate all future problems.”
As for stocks, Buffett declined to predict that they would be higher in a year, but was more positive about five to 10 years out.
Billionaire investor Warren Buffett says the economy has passed its lowest point and, while recovering slowly, is clearly on the way back up. "I am not sure about exact quarters or anything of the sort. Who knows about next week or next month? “We made enormous progress since a year ago. We had a real panic. And if you didn’t panic, you didn’t understand what was going on,” Buffett told Business Wire in an interview.
Buffett credits the outgoing Bush administration for making the right moves in the fall of 2009 and into the transition to a new government to keep the financial system from completely collapsing. “While the governmental authorities malign things sometimes, they fortunately did some very right things, very important things. They did them properly, and they kept us from going over the cliff.”
He also said that, while problems remain, the basic capitalist system underneath is healthy and in no need of significant reform. “If you look at this country, we have gone through the Great Depression, we have gone through world wars, we have gone through civil war, and we have progressed like no country in the world. We have the right system,” Buffett said. “It doesn’t avoid all the problems, but it overcomes all the problems.”
Buffett said that he does not see consumer spending rebounding short term. He noted that the unemployment rate would like continue to be high, since job creation always lags a recovery.
While he welcomes financial reforms being made in the federal level, Buffett warned that government’s role, while important, is naturally limited by human nature.
“You can’t rule out human emotions. When people get greedy as a pack, strange things happen. When they get fearful as a pack, strange things happen,” he said.
“Rules will help us avoid some of the problems. They’ll help us modify some of the problems, but they won’t eliminate all future problems.”
As for stocks, Buffett declined to predict that they would be higher in a year, but was more positive about five to 10 years out.
Charter Oak Bank Financial Results
As you continue to read, the economy continues to experience tough times. While the recession appears to have ended, the rise back to normality (whatever that is) will take some time. Due to financial turmoil with both consumers and businesses; the banking industry is also experiencing tough times. I must be frank and say that we at Charter Oak Bank will experience some loan losses from our clients. The good news is that we have a very diversified portfolio – significantly more so than most banks. For instance only 13% of our loans are in non-owner occupied commercial real estate, exhibiting proper loan diversity. And these loans are performing well. The problem banks have over 50% of their loans in this category.
We have also set aside loan reserves of almost 2% of our portfolio. This is to protect our capital of any unforeseen issues. Even with this reserve, Charter Oak Bank remains profitable – putting us among the upper tier of banks in California and nationally.
Our capital ratio is above 12%, with the definition of being in a well capitalized (best) position - anything above 10%. You should have confidence in your local bank – as most of our loans are made right here in the Napa Valley. And has been exhibited with our unemployment rate among other factors – our economy is in a better position than most of the state of California – similar with Charter Oak Banks’ loan portfolio.
Thank you for your continued support. We all will be working to make it through these tough times. And to help our current loan clients, we again will soon be offering a skip-a-payment program to support our borrowing clients with their cash flow needs.
We have also set aside loan reserves of almost 2% of our portfolio. This is to protect our capital of any unforeseen issues. Even with this reserve, Charter Oak Bank remains profitable – putting us among the upper tier of banks in California and nationally.
Our capital ratio is above 12%, with the definition of being in a well capitalized (best) position - anything above 10%. You should have confidence in your local bank – as most of our loans are made right here in the Napa Valley. And has been exhibited with our unemployment rate among other factors – our economy is in a better position than most of the state of California – similar with Charter Oak Banks’ loan portfolio.
Thank you for your continued support. We all will be working to make it through these tough times. And to help our current loan clients, we again will soon be offering a skip-a-payment program to support our borrowing clients with their cash flow needs.
Sunday, October 18, 2009
Remote Deposit Capture
Our team at Charter Oak Bank has a fabulous deposit product, one that fore-shadows the bank of the future. For quite a number of years, we as individuals could have our payroll check deposited directly into our checking account at the bank. And very large companies could transfer funds either by wire or ACH (automatic clearing house) transactions. But what about small businesses that still had to come into the bank everyday to make manual deposits?
Remote Deposit Capture eliminates the need to drive to your local bank - allowing the business owner the opportunity to deposit checks in their account - without leaving their offices. This is accomplished through computer automation teamed with scanning technology. Checks now can be deposited faster, after normal banking hours, with significant time savings. This product is also great for our environment - no gas and less paper. It also saves payroll dollars for the employer, as their staff does not need to leave the office. With this automation - copies of each deposited check are saved in the computer, and the business is notified faster of any returned items.
If you are a business and are not using Remote Deposit Capture - contact myself or one of my team. We have a large number of testimonials from happy clients who have been using this product for now a couple years. I would expect that a similar product in time will be available for individuals as well.
Remote Deposit Capture eliminates the need to drive to your local bank - allowing the business owner the opportunity to deposit checks in their account - without leaving their offices. This is accomplished through computer automation teamed with scanning technology. Checks now can be deposited faster, after normal banking hours, with significant time savings. This product is also great for our environment - no gas and less paper. It also saves payroll dollars for the employer, as their staff does not need to leave the office. With this automation - copies of each deposited check are saved in the computer, and the business is notified faster of any returned items.
If you are a business and are not using Remote Deposit Capture - contact myself or one of my team. We have a large number of testimonials from happy clients who have been using this product for now a couple years. I would expect that a similar product in time will be available for individuals as well.
Napa County Unemployment Rate drops
Local unemployment rates are released every third Friday of the month for the month previous. The rate for both California and Napa County dropped in September to 12.2% and 8.7% respectively, while the U.S. rate rose to 9.8%. Last month, Napa was at 9.1%, while a year ago at 5.0%. Napa County continues to be third best in the entire state of 58 counties, with Marin and Santa Barbara the only better.
Prognosis is that while this data and other looks better, perhaps it would be better to say - the fall has stopped. The local economy will continue to struggle with such a high unemployment rate affecting local purchases. Thus as business struggles, commercial real estate will be under increased pressure - adding to the bumpy, though slightly positive recovery. This recovery will be long and slow and well into 2010. In the meantime, we can all work to support each other.
Prognosis is that while this data and other looks better, perhaps it would be better to say - the fall has stopped. The local economy will continue to struggle with such a high unemployment rate affecting local purchases. Thus as business struggles, commercial real estate will be under increased pressure - adding to the bumpy, though slightly positive recovery. This recovery will be long and slow and well into 2010. In the meantime, we can all work to support each other.
Tuesday, October 13, 2009
Buy Local
Lead story in yesterday's Napa Register - "Supervisors look for ways to keep government money here" - in other words "Buy Local". Well it is about time. The local chambers of commerce have been orchestrating a "buy-local" campaign for almost a year now. As this recession prolongs we need to do all we can to help our local merchants. You may read that the recession is ending - but with the continued rise in unemployment - our merchants are the ones who will continue to struggle well into 2010.
At Charter Oak Bank, we did a study of our purchase habits. And though we are not perfect (and some bank items can not be purchased locally), over 75% of both our dollar purchases and our vendors are local. And we are working to improve that even more. Nor am I. Though I purchased my car three years ago from a friend - he was not local. My next one will be.
And as Kate King reminds me - even making purchases at the box stores count as local - IF they are here in the valley. So please when you consider your next purchase - will it be here at home? Thank you.
At Charter Oak Bank, we did a study of our purchase habits. And though we are not perfect (and some bank items can not be purchased locally), over 75% of both our dollar purchases and our vendors are local. And we are working to improve that even more. Nor am I. Though I purchased my car three years ago from a friend - he was not local. My next one will be.
And as Kate King reminds me - even making purchases at the box stores count as local - IF they are here in the valley. So please when you consider your next purchase - will it be here at home? Thank you.
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