(11/23/08 Article in the Auburn, Citizen)

Friends:

            Many folks have asked us about our condition as an institution and about the safety of their deposits and their ability to get a loan.  Here’s what I tell them:  We’re good.

            I’m Bill Ryan and I am the President, CEO and Chairman of the Board for Cayuga Lake National Bank.  We are proud of our history and where we are today.  On March 4, 1864 a group of entrepreneurs met in Aurora to consider establishment of the First National Bank of Aurora.  They offered shares of capital stock and on March 8 convened the first meeting of stockholders, at which they approved the Articles of Association, fixed the capital at $52,000 and elected a Board of Directors.  The Directors promptly held a meeting and increased the capital to $100,000.  Capital has since grown to $11 million.  Henry Wells was the first President and I am the tenth, having served in that capacity since 1975.

            For nearly 100 years the bank in Aurora served its community and close environs.  In 1960 the Board of Directors created a branch office in Union Springs in order to expand delivery of services.  Shareowners in the mid-1970s fought off a proposed merger; the Directors determined the bank’s mission to be to continue to operate as an independent bank, the better to focus on personal service.  In 1976 the bank changed its name to Cayuga Lake National Bank and revised its corporate structure.  Due to increased size and complexity of operations, the head office moved to the Union Springs building and the original home in Aurora became the branch office.

            Our practices have always focused on our customers:  knowing their concerns, filling their needs and providing the best in personal service.  We have served and continue to serve all areas of our community, which is primarily Cayuga County.  We are committed to sound, conservative underwriting practices, which means we do not extend questionable credit, and certainly not subprime mortgages.  In fact, residential mortgages comprise a substantial portion of our loan portfolio; we know our customers and we hold their mortgages and service them ourselves.

            Cayuga Lake National Bank offers usual deposit services and products, safe deposit boxes, ATMs at our offices, and Internet banking.  Individual deposits, for a long time, have been insured up to $100,000.  Today, after steps taken by the Federal government to steady our country’s financial system, the FDIC coverage is extended to $250,000.  Our customer service is a trademark and our employees are competent, helpful and cheerful.  We are still a small-town bank – and we operate like one—but we are very close to being a $100 million institution.

            Through the tough years of the 1930s, when many banks across the U.S. failed, the First National Bank of Aurora maintained a reassuring presence.  In today’s uncertain climate, CLNB is likewise strong.  We are liquid, our loans are quality, our management is superior and our Board oversight is proactive.  Stop in for a visit – we’d like to do business with you.

G. William Ryan
President, CEO &
Chairman of Board

3 N. Cayuga Street                                                                                                       Main Street
Union Springs, NY 13160                                                                                            Aurora, NY  13026
315-889-7358                              www.cayugalakenationalbank.com                      315-364-8071