May 5, 2013

Today, I was reading a Facebook post on Cherokee Bank’s page.

On Saturday, Cherokee Bank’s Woodstock Office held its annual Shred Event in pouring rain and drew people in 100 cars to have private documents destroyed. The event was open to the public and led by Dale Morrissey, Office Manager, with the assistance of Stephanie Senack and Linda Peplau. And spouse Todd Morrissey grilled hot dogs.

These are dedicated folks who have been out in the rain and cold representing
Cherokee Bank on two other occasions this year – Woodstock’s Mardi Gras Parade
and the Service League’s Run for the Children. And Stephanie Senack has been out in the cold weather for one other event.

Just last month, the Woodstock Office was the site of a yard sale to benefit the American Cancer Society on a cold and windy day. June Estapa, Kayce Hall, Amber Tucker, Stephanie Senack and Jenny Thacker of the Woodstock Office volunteered their time along with staff members from the bank’s other two offices.

Walk in the Woodstock Office and be greeted by friendly and enthusiastic people. The fact that they are so enthusiastic is pretty remarkable since they were subject to being robbed on two occasions, just weeks apart.

The first perpetrator was masked and jumped over the teller counter demanding money. He had carjacked a vehicle earlier. A few weeks later, there was a second robbery. On both occasions, the robbers were captured within an hour by law enforcement officers.

The second robber recently agreed to a guilty plea and was sentenced to twenty years with six to be served in prison. The first robber’s trial or plea will likely be in June.

The staff jokes about being recognized when they walk into the City of Woodstock Police Headquarters to be interviewed or to view a lineup. But they have been through a lot and are a brave bunch. And a dedicated bunch.

 Dennis Burnette

The post Dedicated Folks at Cherokee Bank’s Woodstock Office appeared first on Cherokee Bank.

May 1, 2013

We are lucky to have Kristal Beaver as a business owner in Cherokee County.

Last year, she opened a new Bojangles’ in Canton across from WalMart. In 2006, she opened her first location in Jasper.

Kristal’s values has led her to partner with local churches, charities and non-profits, operating under a motto of: “Yes is the answer, what is the question?”

These relationships helped the Jasper restaurant generate more than $2 million in sales in 2012.

Today, she is in Washington, D.C. being honored with a 2013 Blue Ribbon Small Business Award by the U.S. Chamber of Commerce at America’s Small Business Summit 2013.

“This job is more than just a business to us, it is a calling, and we’re proud to represent the brand in our local communities,” said Beaver.

“The Blue Ribbon Award winners show that, even facing uncertainty and economic challenges, small businesses can grow and succeed,” said Thomas J. Donohue, U.S. Chamber President and CEO. “They are America’s economic engine, driving growth and job creation all across this country.”

In addition to tasty fried chicken, made-from-scratch buttermilk biscuits and iced tea, Kristal’s success is based on the countless positive relationships she has built in the community that have brought loyal customers flocking to her restaurants.

According to a 2010 philanthropic study by Cone Communications, 85 percent of consumers have a more positive image of a product or company when it supports a cause they care about.

Smart businesswoman.

Dennis Burnette

The post “Yes is the answer, what is the question?” appeared first on Cherokee Bank.

                    
As of 12/31/2012, our Texas Ratio was 57%, down from 72% as of 6/30/2012; and a high of 145% in 2010 – 2011. With #1 being the bank with the worst Texas Ratio, we are ranked #75 in Georgia. For an explanation of the term “Texas Ratio”, click here.

Dennis Burnette

The post Texas Ratio as of 12/31/2012 —- How’s the Bank Doing? appeared first on Cherokee Bank.

The post Great News! appeared first on Cherokee Bank.

                                                      Pictured L – R:  Ms. Morrissey and Ms. McLeod.

Arts Leaders of Metro Atlanta (ALMA) is a program presented by the Atlanta Regional Commission (ARC) to encourage leaders to take an active role in solving the issues and challenges facing the region’s arts & culture community.  As a believer in the arts and the value that they provide our county, Cherokee Bank is committed to supporting this vital industry by nominating and sponsoring the tuition for a participant in the program.

Ms. Shawn McLeod of Woodstock has been selected by the ALMA Steering Committee as a participant in the 2012-2013 Arts Leaders of Metro Atlanta program. Dale Morrissey, Vice President of Cherokee Bank, said, “Shawn is an informed and powerful advocate for the arts in Woodstock. This program will provide her with further knowledge and tools.”

During the course of five one-day classes, participants visit arts and cultural venues across metro Atlanta, meet with key arts leaders and elected officials from our region, and hear from experts on the issues facing the industry.

Dennis Burnette

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Laura Smith of Cherokee Bank, Canton, is shown (center) with Melinda Coker, SBAP Senior Vice President and Matt Schroeder SBAP Vice President at a luncheon held at the 1818 Club in Duluth. 

Laura Smith was named by Small Business Access Partners (SBAP) as its 2012 Lender of the Year. Lorra Lee, CEO of SBAP, said that Laura Smith exemplifies the great characteristics of a true relationship lender.  This award is given to a banker who is SBAP’s most active in the SBA 504 program. Laura Smith has had great success in winning deals despite the challenges in the current economy by partnering with the SBAP in their 504 program that offers fixed rates. 

SBAP, a community-based SBA partner, is set up to support economic growth by providing access to vital funding to buy facilities and equipment. Loans are structured so that the borrower contributes 10 percent of costs, while the bank contributes 50 percent and the SBA provides 40 percent. 

For your business needs, call Laura Smith, Lender of the Year, at 770-704-7694.

Dennis Burnette

The post Laura Smith Named SBA Lender of the Year by SBAP appeared first on Cherokee Bank.

As of 9/30/2012, our Texas Ratio was 65%, down from 72% last quarter; and a high of 145% in 2010 – 2011. With #1 being the bank with the worst Texas Ratio, we are ranked #73 in Georgia.

For an explanation of the term “Texas Ratio”, click here.

Dennis Burnette

The post Texas Ratio as of 9/30/12 appeared first on Cherokee Bank.

As of 6/30/2012, our Texas Ratio was 72%, down from a high of 145% in 2010 – 2011. With #1 being the bank with the worst Texas Ratio, we are ranked #71 in Georgia. As I have said before, it’s been hard work and we still have a lot of work to do. But relatively speaking, that ranking is satisfying. For an explanation of the term “Texas Ratio”, click here.

Dennis Burnette

The post Texas Ratio as of 6/30/12 appeared first on Cherokee Bank.

For the first six months of this year, Earnings are $39,823. That’s right, Earnings. For the first time since 2008, I am not saying Losses.

Since the summer of 2008, 81 banks in Georgia have failed including banks in Cherokee County. There will be other banks to fail in Georgia. Our bank will not be one of them. We have an experienced management team and an experienced board that has resolved to succeed. While the recession has made our life difficult, it also is providing us with increased opportunities. Whether the economy turns around in 2013 or 2014, we will be here and well-positioned as the only bank headquartered in Cherokee County. And to a sizable share of the market, that’s a pretty BIG deal.

Today, we are opening a record number of new checking accounts each month. If you have someone’s checking account, you’re their bank. Many banks have done nothing but increase their cost of money (a bank’s raw material) by building a deposit base with brokered CDs from out of state or by offering high rate CDs to people who did not even bank with them. We are building our deposit base with checking accounts.

For 2012, we see a slightly better than breakeven position this year. Our asset quality continues to improve. If you follow Texas Ratios, we peaked at 138% at Yearend 2010. Today, the ratio is 72% — We have cut it in half. That’s important because those bad assets that are calculated in the Texas Ratio eat up the core profitability of the bank. For example, we earned $1,250,000 in the first 6 months of this year – not $30,000.

Progress is much slower than we ever anticipated. We have a weak banking environment — low margins, low loan demand —, we have a stagnant, or struggling, at best, economy, we have a distressed housing market. Those things must change for the bank to have marked improvement in 2013 and the years to come. But I have learned that even slow progress IS progress. And I am grateful for our bank’s survival and for the positive improvements made during these unprecedented times.

Dennis Burnette
President and CEO

The post Excerpts from President’s Report at Annual Shareholders Meeting appeared first on Cherokee Bank.

Cherokee Bank’s financial performance continues to improve. While incurring significant losses in each of the last four calendar years, Cherokee Bank essentially broke even in the first quarter of 2012 with a $3,000 profit. Our asset quality has improved dramatically. While there still may be rough sailing ahead, Cherokee Bank has prevailed in weathering this financial storm.

For those of you that follow the Texas Ratio of Cherokee Bank, we were at 84% at the end of the first quarter. While we still rank only #66 (with #1 being the worst ranking), that was a blip up from year end. Here’s an inside tip – our ratio will be significantly down at the end of the next quarter. That’s not wishful thinking but a projection based on results to date.

Dennis Burnette

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