Distinguished Guests, as I conclude, I take the opportunity to express sincere gratitude to the Board and Management of BSB for having responded positively to the Government’s desire and objective to expand financial service to previously unbanked communities.
Global financial markets were experiencing unprecedented strains and a worldwide loss of confidence. Fannie Mae and Freddie Mac had been placed into conservatorship only two weeks earlier, and Lehman Brothers had filed for bankruptcy the day before. We were very concerned about a number of other major firms that were under intense stress.