Mr. Dietrich: We consider ourselves a community bank, although we are probably one of the larger community banks. We think community banking is more of a mindset rather than actually related to one's size. We're a 5.4 billion bank and have been around for 153 years. We have 123 offices with just under 1,600 employees. NBT operates in upstate New York, northeastern Pennsylvania and in northwestern Vermont, which we are in the process of expanding into. We are a high-touch, high-service organization with deep-seated roots in our market areas, and we like to stay very connected to our customers. Our organization is very flat and there are not a lot of layers between our employees in the field and our executives. And we think that helps us to be very nimble and very customer focused.
TWST: What do you see as the key issues that community banks face today? How are you adapting your strategies and goals over the next few years, based on those issues?
Mr. Dietrich: There are a number of challenges currently facing all banks, including community banks. The economic recession is obviously on everyone's mind, and this has had a negative impact on our business. Loan demand is soft, loan quality is being challenged and banks are being faced with very significant expenses related to increased FDIC charges. So there are a number of very immediate challenges that are facing all banks right now. Fortunately for us, we're well positioned for these challenges. While many banks are playing defense right now, we are playing offense. We're expanding, hiring staff, opening new offices and trying to take advantage of the disruption that's in the market right now so that we'll be even better positioned when the economy eventually turns around.
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