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President’s Letter Spring 2015

April 21, 2015

It may be a bit surprising to know that Manasquan Savings Bank, with its $900 plus million in total assets is ranked, in size, in the top 11% of all banking institutions in the United States. Considering that all eight of our current branches are located in southern Monmouth and northern Ocean Counties, such a statistic provides you with an idea of how financially fertile our seashore communities have become.

Organic growth has been generated in a traditional fashion, for the entirety of our 141 year history. The patronage of our loyal customers has resulted in an expanding deposit base that has appropriately served as the fuel to fund our ability to provide loans to both retail and commercial customers. So many of the homes we live in have been financed by Manasquan Savings Bank. We have literally helped build, sustain and stimulate economic activity at the Jersey Shore.

As an institution, we collectively believe that we are an essential player in the community-banking arena. Toward that end, we recognize that this involves more than residential lending. Unlike our industrialized communities to the north, the Monmouth/Ocean region is dominated by businesses that employ 50 employees or less. We have therefore crafted a business model that caters to those specific market needs.

We have built a team of seasoned commercial lending specialists and the market has responded. In the past decade our commercial loan base has increased 10-fold from $30 million to more than $364 million. This type of activity has undoubtedly assisted in promoting the vitality of our communities.

Community investment and support is another core belief of our organization. In the 4th quarter of 2014, we were granted a charter for the Manasquan Bank Charitable Foundation. This 501C3 organization will review and approve grant applications to further the charitable giving legacy of our bank.

While we recognize the deep roots that we have fostered as part of our legacy, we also embrace the future of banking with excitement and great energy. We’ve invested significantly in technology, personnel and infrastructure to securely deliver the convenience of advanced electronic banking. You’ve already seen some of our improvements, but many more are on the horizon including, the expansion of the mobile banking platform, enhanced electronic transferability, and even ApplePay.

To reflect our modernized approach, you’ll be seeing a fresh new look in our branches and communications in the coming months. We will be out and about at many community functions and you’ll even see new branches emerge.

While our look will change and services will grow, our core values remain the same as the day we started in 1874. We take great pride in fostering long-term, enduring banking relationships with our customers rather than single transactions. We achieve this by delivering the most responsive and customer-centric service possible.

With a mere 141 years under our belt, the best is yet to come, we promise!

James S. Vaccaro
President and Chief Executive Officer


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