YEAR 2000 READINESS DISCLOSURE
April, 1999
Dear Valued Customer:
Most of you by now have heard of the Y2K issue, and the problems that it may cause to computers around the nation and around the world. The purpose of my letter is to reassure you that, as always, The Lowell Five is looking after your best interests. We are doing everything within our power to make sure that the transition into the new millennium does as little as possible to interrupt your banking business.
The Lowell Five has completed computer programming changes which have been tested using effective dates both in this century and the next. We have also upgraded our security systems and our facilities. My aim is to continue to make Y2K information available to you and to have contingency plans in place, which we can activate should there be interruption outside of our control. We have joined with other banks in Greater Lowell to share ideas and to work towards a common goal of success, which will ultimately benefit us all.
It should also be comforting for you to know that your deposits will continue to be protected by the FDIC up to $100,000 against loss due to failure of the institution. All deposits in excess of this amount are insured by the Depositors Insurance Fund. I encourage you to ask any member of my staff if you have any concerns. You can address specific questions regarding Y2K to Michael Holyoak, SVP of Operations at (978) 452-1300.
The Lowell Five has many loyal customers who, like their parents and grandparents, have trusted the Lowell Five to handle their banking needs. This year the bank celebrates its 145th birthday - something in this day of mergers and acquisitions we are very proud of. Together we have weathered world wars, depressions and other crises; next year we can add Y2K to our list.
Thank you for trusting your banking business to the Lowell Five.
Sincerely,
Robert A. Caruso
President and Chief Executive Officer
