2007
President's Message
To our Shareholders,
Since 1867, Abington Bank has been dedicated to meeting the banking needs of the local community and to helping our customers achieve their financial goals. Year after year, Abington Bank has continued to do business with this same purpose in mind, and our success is a reflection of this commitment to our customers. This year, as we celebrate Abington Bank’s 140th anniversary, we would like to thank our customers for their commitment to us.
Abington Bank has grown in many ways over the past 140 years, and 2007 was a significant year of change. In June, we completed our second-step conversion and reorganization. Our new parent holding company, Abington Bancorp, Inc., was formed, and we raised nearly $135 million in net proceeds from the related stock offerings. With these proceeds, our total assets have grown to over $1.0 billion. Throughout our future growth, we will remain loyal to our mission of providing exceptional personal service and fast decision making to our customers in the local community. Once again, we have been voted the “#1 Community Bank” in Montgomery Publishing’s Readers’ Choice Awards. With the opening of new branches in Lansdale, Chalfont, Whitemarsh and Spring House, Pennsylvania in 2007, and the planned opening of a new branch in Hatboro, Pennsylvania in the first half of 2008, we look forward to serving new customers in these communities as well.
Amid the turmoil in the financial markets, we are extremely pleased to report record earnings for 2007 and the strengthening of our already strong capital position. We have continued our strategy of consistent, conservative loan underwriting and prudent investing. We have not engaged in, and do not plan to engage in, subprime lending, and our operations have not been directly affected by the fallout in the subprime credit markets. For 140 years, we have lent money in a responsible manner that has contributed to our growth and benefited the communities that we serve.
Now, as a full stock public company, we will continue to provide sound banking services to our customers with the same emphasis on exceptional personal service. Furthermore, we remain focused on strengthening the long-term returns to our shareholders. Year after year, we will continue our commitment to our shareholders and to serving the banking needs of our community.
Robert W. White
President/CEO
