To Our Customers:

Over the past year and especially in the last few weeks we have experienced shocks to our financial system that are unprecedented.  Both the United Sates government and private investors have taken and are still taking actions that should bring stability to our institutions and markets.

What does this mean to you and to Fairport Savings Bank? 

Let me address some things that should be at the top of your list of questions as they relate to your money and investment management.  First, make sure you understand how FDIC insurance works and to what extent your deposits are covered.  All of our customer service staff have been thoroughly trained in the nuances of FDIC insurance and will be glad to help you become comfortable with your coverage.  Second, take a look at how you have allocated your funds among highly liquid accounts like checking and savings accounts and less liquid accounts like CDs.  We can help you figure out CD maturities and how to balance funds among accounts as your CDs mature.  Finally, if you are considering keeping any significant amount of funds in cash be aware of the risks you are taking, both the risk of loss and the risk of lost earnings.

As the current environment pertains to your Fairport Savings Bank let me provide you with some highlights of our financial condition:

  • We have never made a loan that would fall under the definition of “sub-prime”;
  • Our tangible capital is over 8%;
  • Our troubled loans as a percent of assets were 0.00% at the end of the first quarter and 0.02% at the end of the second quarter;
  • Over the past ten years we have had only one mortgage go through foreclosure;
  • Our lending standards have never been compromised;
  • We continue to plan and execute our strategic growth initiatives.

These are extraordinary times and you should ask questions and get answers that satisfy you from us and from any other bank with which you may do business.  Understand that there are no guaranties in business, but Fairport Savings Bank has been in business since 1888 and we just raised additional capital to insure that we will be able to continue to serve our communities.  We believe that the relationship we have built with you is grounded first in trust, so please let us know if you have concerns of any kind about your deposits or loans with us.  We are willing to do everything we can to help make you as secure as possible, just like we have been doing since 1888.

Dana C. Gavenda
President & CEO