Chairman's Welcome

I would like to take a moment to share with you some of my thoughts regarding First Federal Savings of Middletown. I have been employed here for close to 35 years. I have had the privilege of serving as Bank President for the last 6 of those years. At First Federal, we pride ourselves on being different. I feel that I can offer insight into what makes us so.

In the big picture of things, First Federal is simply a small, one office, community bank serving the City of Middletown and surrounding portions of Orange County in New York State. But at the local level we are so much more. In this age of mega-banks and mergers, we are a business that is truly committed to its local community. As we have grown and prospered over the years, we have tried not to lose sight of who we are and whom we are here to serve. We are the "local bank". In this era of financial standardization, we realize that we fill an important niche, that of the "local bank" that is still able to treat each customer as an individual.

That is what really makes us different. Our employees live here, they educate and raise their families here, they participate in clubs and youth athletic leagues, they worship here and volunteer their time to local charities. We do not cater to Wall Street or some distant home office. We answer to our customers, our neighbors, our friends.

We have great products and services. We have knowledgeable officers and staff. We have the latest in computer technology. But, I believe that it's our unwavering commitment to meeting the unique financial needs of the local community that sets us apart. Stop in and see what I mean when you have a moment.

I look forward to seeing you.

Margaret R. (Maggie) Smith
Chairman & CEO