Spratt Savings & Loan Association released their semi-annual “Statement of Condition” that appears in today’s News and Reporter. The financial data covers operations through June 30, 2008. Glenn Anderson, CEO of Spratt Savings & Loan, advised that the financial condition of the company remains significantly strong. He stated that the Association has successfully avoided the major credit and investment problems that have negatively impacted many banks.” All of our investments are of superior quality and highly rated with no sub-prime exposure and our credit quality remains excellent as well. Simply put, all borrowers are repaying their loans with us in a prompt manner. Anderson advised that financial institutions were required to have loan loss reserves to cover loans that failed to perform. Spratt’s loan loss reserve far exceeds what is mandated by regulatory requirements, adding an additional layer of protection to the Association and for our depositors. Additionally, Spratt Savings & Loan enjoys an extremely strong capital base (a sound equity position) and liquidity (cash available to fund operating expenses, make loans and cover deposit demands).
Anderson advised that he had received notification from TheStreet.com Ratings Agency informing him that the Association has again received that company’s highest rating of financial strength. Contained below are exerts of a letter received by Anderson from Bruce R. Fador, Senior Vice President of The Street.Com Ratings:
“Congratulations! Spratt Savings & Loan Association has once again received a financial safety rating of “Excellent” from TheStreet.com Ratings, the nation’s leading independent provider of ratings and analysis of financial services companies, mutual funds and stocks.
This rating recognizes Spratt Savings & Loan Association as an outstanding thrift offering excellent financial stability for its customers, vendors and employees. Please know that fewer than four percent of the nation’s banks and thrifts meet TheStreet.com Ratings’ criteria for “Excellent” financial strength, making this distinction one to be truly proud of.
TheStreet.com Ratings’ proprietary model uses more rigorous standards than other rating agencies, placing greater emphasis on a company’s future financial solvency and its ability to withstand severe economic adversity.”
Anderson responded, “It is very gratifying to receive affirmation from a ratings agency as well respected in the industry as TheStreet.com Ratings is. Spratt Savings and Loan has served the public for 116 years, is South Carolina’s oldest savings institution and the only financial services institution headquartered in Chester County. Given the turmoil that is pervasive throughout the national and global financial markets, I think we offer a great opportunity to the citizens of Chester County to enjoy a safe and secure banking relationship.
In an effort to expand our coverage, we are offering a very attractive special promotion for auto loans. We are also aggressively seeking opportunities to meet all of the borrowing needs of consumers and businesses in our market. Additionally we will be launching our new Spratt Thrift-E Online Banking product very shortly.
Although Spratt Savings & Loan is the oldest savings institution in South Carolina, we offer contemporary solutions to your banking needs in an extremely safe and secure environment!”
