President’s LetterJuly 9, 2013

Greetings,

In essence, a bank—any bank—has a clear cut purpose:

Offer a suite of secure, comprehensive financial products and services while remaining price competitive in the delivery of those offerings. What sets one bank apart from others is its commitment to adhere to a high level of customer service in the performance of its operations.

In many respects that statement should be the definition of Banking 101. Although it sounds simple and seems logical, the execution on that “commitment” is often lost on bank executives who often worry about profitability to the detriment of optimal customer satisfaction.

This has never been more evident than during recent times when we have experienced historically low interest rates. Low rates place tremendous pressure on banks’ margins and bottom lines. While many institutions have succumbed to the pressures by raising fees and reducing services, Manasquan Savings Bank, has adhered to its devotion to high service standards throughout the entire organization. Our business banking units and branch personnel go out of their way to service our communities. Our slogan of living local and lending local has never been more apparent.

Our quest for service excellence has paid off handsomely. Over the past several years, the banking industry has seen an unprecedented consolidation. Huge banks have been absorbed by mega banks. Local institutions have merged with regional banks. Yet, according to a recent survey we commissioned, Manasquan Savings Bank is one of the few Monmouth & Ocean banks that gained market share. That growth has come as the result of a daily commitment and re-commitment to the statement above.

We are continually looking for ways to further enhance the customer experience. Recently we enhanced the entire look and functionality of our website and are working to expand our electronic/mobile banking platform. We are planning the introduction of a relationship banking product which creates incentives and rewards for those who maintain certain balance criteria and conduct a number of required transactions.

But above all, we understand our responsibility to each and every customer that visits our branches, that logs on to our site or who inquires about a business or personal loan. We remain devoted to the communities we serve through our active support of Habitat for Humanity, The Foodbank of Monmouth and Ocean Counties, Shred Days and Big Brothers Big Sisters just to name a few.

We carefully balance our resources between automation and human interaction. We will never deviate from the concept that, at its core, stellar community banking will always be a business driven by people.

Thank you for permitting us to be of personal service.

James S. Vaccaro

Sincerely,
James S. Vaccaro
President and Chief Executive Officer

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