7694 Monarch_A.indd - Coastal Home Mortgage Co.,LLC
Transcription
7694 Monarch_A.indd - Coastal Home Mortgage Co.,LLC
MONARCH FINANCIAL HOLDINGS REPORTS STRONG GROWTH IN LOANS, DEPOSITS AND CAPITAL WINTER 2009 VOLUME 8 Monarch Bank continues to grow as it approaches its 10th anniversary. Building lasting relationships for ten years. TEN YEARS AGO , Monarch Bank took flight with a dozen employees and the dream of bringing a true local community banking experience to Hampton Roads. Today, the “butterfly bank” employs more than 300 and caters to personal and business banking needs across Hampton Roads and beyond. And despite what The Wall Street Journal calls the toughest economic times for financial services firms since the Great Depression, Monarch Bank continues to grow as it approaches its 10th anniversary in April. “To look back on the past 10 years is a bit overwhelming,” said William F. “Tree” Rountree Jr., president and CEO of Monarch Bank. “We’ve come so far in a short period of time, thanks in large part to a dedicated group of local people who have made it their mission to make us the best company we can be.” Added Barry Mathias, the Chesapeake president of Monarch Bank who is among the eight remaining employees that were there at the opening of the bank 10 years ago: “It truly is amazing to see what we have accomplished. We started with one bank here in Chesapeake and have grown to eight locations in Hampton Roads, another in the Outer Banks and into a financial services firm that can assist customers with just about any banking, mortgage or investment need imaginable.” Among the other employees who began the new adventure with Rountree and Mathias were Jim Ferber, Debbie Morgan, Terri Truitt White, Jo Ann Lambert, Adele Justice, Bessie Dee, Barbara Murff and Rhonda LeDoyen. “Was it a leap of faith?” Ferber asks. “Yes, kind of. We believed in the community bank approach and Bill Rountree vision. It was exciting to bring something new to the area.” What started as Monarch Bank with one office in Chesapeake has grown with additional offices in Chesapeake, Norfolk (2) and Virginia Beach (4). In May of 2007, Monarch Bank launched a new community bank, OBX Bank, dedicated to the residents and businesses on the Outer Banks of North Carolina located in Kitty Hawk. Along the way, Monarch Mortgage was formed and expanded to 12 locations: five in Hampton Roads; one on the Outer Banks of North Carolina; one in Richmond, Virginia; five in Maryland; Subsidiaries Virginia Asset Group and Monarch Capital also have thrived. “The growth of our organization has been strong yet calculated over the years, something we’ve still been able to maintain over the past 12 months,” Rountree said. Even as the economy faltered and slipped into recession, Monarch Financial Holdings Inc, the bank holding company for Monarch Bank, reported total regulatory capital growing to $77.8 million as of December 31, 2008, (a 54 percent growth rate for the year) from the same time in 2007. Capital equals strength in tough economic conditions. Monarch is rated “Well Capitalized,” the highest rating of capital strength by bank regulatory standards. ◆ F I N A N C I A L U P D AT E William F. Rountree, Jr., President & CEO 2008 Review Net Income and Strong Growth Assets: $597,200,000 +19% Loans: $504,700,000 +20% Deposits: $495,900,000 +27% $1,132,883 -64% Net Income: Mortgages $577,000,000 Message from the President +193% Monarch Completes Treasury Capital Purchase Program Monarch completed the sale and issuance of $14.7 million in preferred stock to the U.S. Department of the Treasury as part of their Capital Purchase Program. The program is a voluntary program designed to provide capital for healthy banks to improve the flow of funds from banks to their customers. The funds received on December 19, 2008 were used to fund loan growth. OBX BANK Team Ambassadors The Outer Banks Chamber of Commerce named team OBX Bank as “Team Ambassador of the Month” for the fourth straight month in a row! 2 009 A R R I V E S T O W E L C O M E Y O U to our eighth issue of the Monarch Flyer. I am extremely proud of our performance and strength during this tough global economic crisis. Our local markets remain stronger than most in our nation, and we see the current disruption in the financial marketplace as an excellent opportunity to grow our franchise and client base. In 2009 we celebrate our decade in business of locals serving locals! The Bank’s capital position remains extremely strong and we are pleased to report a record year of earnings for our non-banking groups at Monarch Mortgage, Virginia Asset Group, and Monarch Capital. Monarch Mortgage closed $577 million in mortgage loans in 2008, up from $197 million during its startup year in 2007. With mortgage rates at historic lows, don’t delay in calling Monarch Mortgage (Virginia Beach 757-390-2200; Chesapeake 757-222-2149; Norfolk 757-623-0055) for a quote to refinance or purchase a home. Virginia Asset Group was the top performing bank investment group for the mid-Atlantic region in 2008 for broker-dealer Infinex Financial Group. Please call Darin Ely, (757-747-2556) president of Virginia Asset Group, Monarch’s investment and insurance division if you do not have your investment or insurance business with Monarch or need a financial review. Monarch’s growth continues in 2009, supported by a new OBX Bank office in Nags Head, NC. I am again pleased with the special recognition our OBX Bankers received from The Outer Banks Chamber of Commerce. Please call David McGlaughon, president of OBX Bank (252-261-9494) to meet his dedicated team. In addition, meet Chesapeake native businessmen, OBBCO President W. Michael Bryant, who serves on the Monarch Chesapeake City Board and Taylor Grissom who has been a member of our Corporate Board of Directors since inception in 1998. Lastly, a warm welcome, as always, to our readers, we hope you will enjoy reading this issue. Please visit www.monarchbank.com to view past issues of the Monarch Flyer. We ask that you help us by passing the newsletter along to your friends, family, work associates and neighbors and spread the Monarch word. Enjoy! Very truly yours, Monarch Financial Holdings, Inc. Shareholders Corner Penny Bentley, Margaret Wells and Phyllis Neal New OBX Bank in South Nags Head We’re thrilled to announce the construction of our newest banking office. Our new Nags Head location near mile post 10.5 in the 2500 block of S. Croatan Hwy. will have two drive through lanes as well as a drive up ATM and safety deposit boxes. Covington Hendrix Anderson Architects W HEN THEY PREDICT A HURRICANE or major storm in our markets they always remind us to fill our bathtubs with water, as well as stock up on supplies. You could equate the stockpiling of water and supplies in the banking world to the reserves we set aside each year for potential loan losses. Due to the problems in our real estate markets and the general economy, Monarch placed over $5 million into our loan loss reserve in 2008 when we experienced $944,000 in true net loan losses. We feel by building up these reserves against losses we protect future profitability, and profit growth should lead to an improved stock price once the markets for bank stocks stabilize. No promises here, but that is how it should work. We will continue to focus our efforts on building a strong capital base of strength and profitability while supporting our clients with all their financial needs, which includes making loans. Have you heard that banks aren’t making loans? We funded and placed over half a billion dollars in mortgage loans in 2008, and grew total loans over $85 million. While we prepare for the storm they call 2009, we think the hurricane on Wall Street and to some degree on Main Street will trickle into a rainstorm when it reaches Monarch. Who needs all that water sitting in the tub anyway once the storm is passed? Umbrella, anyone? ◆ MONARCH FLYER MonarchiansX Chesapeake Board Member W. Michael Bryant Plays it Safe H OW DOES V IRGINIA STAY SAFE ? One way is through OBBCO Safety and Supply, Inc., the largest safety distributor in the state. Founded 23 years ago and based in Chesapeake, OBBCO has supplied the likes of the U.S. Navy, Dominion Power, Stihl Inc., and the Commonwealth of Virginia with a wide variety of safety items. “If it involves safety, we probably have what you’re looking for,” said OBBCO President W. Michael Bryant, who serves on the Monarch Chesapeake City Board. “We buy from some of the best suppliers in the industry, from 3M and DuPont to Honeywell and MSA, and we deliver that quality – and unmatched customer service – to customers all over Virginia and the Mid-Atlantic.” Bryant, a Chesapeake native who graduated from Great Bridge High School and attended Elon University, worked for an industrial supply company in the early 1980s before deciding to start a company from the ground up. The result was OBBCO, a firm that supplies simplistic items like hard hats, safety glasses, gloves and rain suits to more sophisticated items like respiratory protection, fire equipment and gas instrumentation and nuclear clothing. The company has grown to a staff of 17, four of whom have been on board for more than 20 years. “We boast a wonderful family that is at the root of our company’s philosophy: complete customer satisfaction,” Bryant said. OBBCO, a member of the American Society of Safety Engineers and the National Safety Council, has been honored as the Chesapeake Small Business of the Year and the Hampton Roads Quality Business of the Year. Despite a sluggish economy, Bryant expects 2009 to bring additional growth. In his spare time, Bryant is an avid off-shore sports fisherman and enjoys spending time on the Gale-Force, a boat named after his wife. Should something go wrong at sea, you can bet Bryant will be prepared – maybe with some buoys or life preservers from OBBCO supplier Jim Buoy or foul-weather gear from Stearns Safety and Survival. ◆ Meet Monarch Bank’s Chief Credit Officer M ANAGING RISK IN LENDING is one of the cornerstones of Monarch Bank, particularly through the current challenging economy. The Chief Credit Officer is a critical member of the management team. The financial services industry has to comply with an increasing number of State and Federal laws and regulations. The Chief Credit Officer’s job is to ensure that the organization is in full compliance with applicable laws and regulations. He must coordinate the company’s risk management efforts, explain risks and controls to senior management and the Board, and make proper recommendations. Andrew N. “Andy” Lock serves as Monarch’s focal point of accountability on credit decisions. Lock is responsible for risk management and oversight of all the lending as well as loan operations and credit administration (credit policy, counterparty credit risk management, and loss forecasting). Lock has served as executive vice president and chief credit officer since joining Monarch Bank in 2005. Lock came to Monarch from Ocean Sensor Technologies where he was director of finance and accounting for the Virginia Beach-based company. In that position, he was responsible for oversight of finance and budget, risk management and financial reporting. He has more than 13 years of banking experience with Central Fidelity and Wachovia banks, previously serving as Wachovia’s senior vice president, risk management. “This is a very important position at Monarch,” said William F. “Tree” Rountree Jr., president and CEO of Monarch Bank. “For a company with a decade of history, Andy’s skills, community ties and expertise are necessary to help us continue to grow our business in Hampton Roads.” ◆ GETTING TO KNOW Taylor B. Grissom Position: Member of Monarch Bank’s Corporate Board of Directors since inception in 1998. Business: Mr. Grissom has over 22 years in construction management, and 5 years in the pool industry. He is the co-founder of VisuTel, Inc. a broadband telecommunications company and currently serves as its Vice President. Mr. Grissom is also the managing member of Blue Water Pools, LLC, a company involved in the installation of in ground pools and spas. He is responsible for the business operations and sales. Community: Mr. Grissom is a native of Chesapeake. He is a graduate of Virginia Wesleyan College, where he has served on the Alumni Advisory Council. He is an assistant baseball coach at Great Bridge High School and a member of River Oak Baptist Church. MONARCH FLYER WAYS TO S AV E It’s Not What You Earn. It’s What You Keep. Mortgage rates are falling Now is the right time to refinance or buy new. Below are some ways to pay less tax and keep more of your hard earned dollars. Take advantage of tax deferred retirement plans, such as 401(k) plans offered by your employer. They all allow you to make pretax contributions. Another tax deferral is by setting up a health-care flexible spending account (FSA) at work. Your contributions reduce your taxable income. Don’t forget traditional IRAs. If you are not covered by a retirement plan at work you can make a deductible contribution. If you have children, Section 529 plans and Coverdell education savings accounts aren’t tax deductible, but your savings grow tax deferred and withdrawals are tax free when used to pay qualifying educational expenses. Want to know more? Contact Darin Ely at (757) 747-2556 president of Monarch’s Investment & Insurance division. M ORTGAGE RATES FALL AS U.S. EXPANDS RESCUE. As you can see from the Wall Street Journal headline on Wednesday, November 26th, mortgage rates have fallen. Now is a great time to consider refinancing or buying a new home. Mortgage rates for 30-year-fixed home loans fell to their lowest level in 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the declining housing market. Refinancing doesn’t always make sense, but our loan officers are available for one-on-one consultations to show you firsthand how Monarch Mortgage can provide you with the best loan program to meet your specific needs. If you have borrowed heavily against the equity in your home and are feeling squeezed, refinance your home-equity loan and mortgage into one new loan. As a premier local community bank, Monarch offers mortgage loan programs not available through brokers or national or regional banks. With rates at historic lows, don’t delay in calling Monarch Mortgage for a quote (Virginia Beach 390-2200; Chesapeake 222-2149; Norfolk 623-0055). ◆ PRSRT STD U.S. POSTAGE PAID NORFOLK, VA PERMIT NO. 1048 1101 Exec ut ive Blvd. Ch e sap eake , VA 23320 Member FDIC