Baylake Corp. Annual Meeting Provides Shareholder Answers and Assurances
Sturgeon Bay, Wisconsin – June 5, 2009
Baylake Corp. (OTC BB: BYLK), Baylake Corp., the holding company for Baylake Bank, held its annual shareholders’ meeting Tuesday, June 2, 2009, at Stone Harbor Resort and Conference Center in Sturgeon Bay. Approximately 135 shareholders were welcomed by Chief Executive Officer Robert J. Cera, with a total of 83.7% of shares represented in person or by proxy. The main order of business was the re-election of Baylake Corp. Class II Directors: Richard A. Braun, William C. Parsons, and Mr. Cera, each for three-year terms.
After the formal meeting, Cera presented an overview of Baylake Corp. 2008 year-end results and highlighted elements of performance from the quarter ending March 31, 2009. Although he described 2008 as challenging and difficult for the company as well as the entire financial services industry, Cera remarked on many areas where improvements were made, and customer relationships retained.
“The true value of any financial franchise is found in the quality and composition of its deposit make-up, and ours remains very vital and healthy. We continue to generate a very strong retail and commercial deposit market share in our Door and Lakeshore regions, where we remain the clear market leader,” Cera said.
His presentation outlined Baylake Corp.’s loan portfolio and loan composition as compared to prior years. Cera stated that logical and critical changes have been made to the way the company underwrites, approves, and administers its credit operations. He also noted that Baylake did not have any exposure to the sub-prime home loan market, preventing many of the issues that other banks struggled with during the recent economic recession.
Cera highlighted the additions of
new employees and programs in commercial banking; group banking through its new
Employee Edge program; wealth services; and insurance; with each area expected
to grow revenues for the company.
Cera added that Baylake Bank’s
strong commitment to serving as a community bank within its markets is a key
differentiator; and it is accomplished by a dedicated and caring staff, secure
market share, and a focused and fully engaged leadership team.