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A
decision was
also made last
year to exit
the auto leasing
business. This
was driven by
two factors.
First, residual
values continued
to sag below
earlier projections.
This was caused
by both the
recession and
an excess of
used vehicles
in the market.
Secondly, the
drop in interest
rates made leasing
far less attractive
for the customer.
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The
recession and weak
market also impacted
our efforts to grow
our Primevest Full-Service
brokerage franchise.
While we enjoy a core
presence in our Oakland
office, expanding
the franchise in other
communities remains
a challenge. We will
bring greater emphasis
on such expansion
this year, remaining
faithful to our goal
of nurturing relationships
with our many customers
-and not being solely
product-driven. |
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New
Ventures "In the Black" |
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In
2001, Our OakFirst
Loan Center opened
its second office-
in Hagerstown, Maryland.
The Martinsburg, West
Virginia, office is
meeting budget projections
and broke into the
black in late 2001.
This franchise has
been instrumental
in meeting the credit
needs of many in our
market area who customarily
do not use banks. |
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The
integration of Gonder
Insurance Agency continued
through 2001. During
the year Gonder posted
record gross revenues.
The investments in
technology and staffing
are beginning to payoff.
We have seen the first
synergies of Gonder
through numerous quality
referrals from our
commercial lending
group. We expect these
synergies to spread
throughout the Bank
as customers come
to appreciate the
availability of quality
insurance products
provided through First
United by Gonder. |
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First
United remains close
to the cutting edge
in providing banking
technology to its
customers. Where this
has been most readily
apparent is in our
Cash Management Service,
where commercial customers
have computer access
to their accounts
and the ability to
transfer within and
actively manage those
accounts. Slowly,
we are seeing more
widespread use of
our personal Internet
banking solution.
This |
