Letter from the CEO
Johan Mehlum
Chairman of the Board & CEO
Siuslaw Financial Group
Dear Siuslaw Bank Clients and Friends,
CNNMoney.com has reported that “the United States is deep in its worst housing slump since the Great Depression, and it’s not going to get better any time soon.” Amid the continued huge losses, often in the billions of dollars, reported by the large banks and prominent brokerage houses, I am pleased to report to you that Siuslaw Financial Group is still thriving, all thanks to our loyal clients.
In fact, our mortgage division booked over $50 million in residential mortgage loans which we sold on the secondary market in 2008. In contrast to many originators of mortgage loans, we do not sell the servicing rights but retain the servicing over the life of the loan.
We’ve found that customers appreciate being able to talk with a live person when they call our loan servicing department in Eugene. In many cases, automated services are the norm in the business and a caller is lucky if they get to converse with a live person. Often, these services are shipped overseas to an operator who speaks broken English.
We are currently servicing $615 million worth of loans to other investors and have been the recipient of accolades for the superior service and records provided to the investors.
Now, let me switch to another area that may be of interest to you. I am sure, if you are a subscriber to the Register-Guard, you have probably noticed an increase in litigation over credit card debt, between six and ten individuals are sued on a daily basis here in Lane County. Siuslaw was the first community bank in Oregon to issue its own credit card in the late 1960s. Like other issuers, we have experienced small losses over the year, but I am pleased to report to you that as of December 31, 2007, we had no credit card holders delinquent over 30 days!
Despite the temporary economic slowdown, we would like to thank our clients for allowing us to continue to serve our community and provide them with exceptional service.
Sincerely,
Johan Mehlum, Chairman of the Board and CEO
1 comment January 18th, 2008