CEO Update

Hello Clients and Friends,
 
Hope you are all doing well.  What first felt like “storm team coverage” is turning out to be the biggest social disruption in our lifetime.  A silent foe none of us really could have prepared for.  It has affected every aspect of life.  While some focus on the potential health impacts, a great majority are also dealing with financial drama.  In short, ALL of us are experiencing shock.  At Allen Trust Company, our first priority is the safety and health of each and every employee, client and the community.  We are ever vigilant about sanitation and social distancing.
 
As a trust-only bank we have constant, operational (internal and state) exams, financial reviews and many other reviews that our board of directors are tasked with monitoring.  We are very pleased with our compliance results and know that we have more than adequate capital and reserves.  We have been planning for a downturn for quite a while and it’s simply a time to implement it.  We are in very good shape.
 
As you gathered from our prior posts, we are implementing our Bank mandated disaster plan, led by our Chief Operations Officer, Andreas Steven.  He has been with our company over 14 years and is the silent force that keeps things moving.  Most of us are working from home but a few of us are going into the office in shifts to take care of essentials. Every morning our entire staff calls into a video conference call to discuss our clients’ accounts and needs. At the time of this writing there is talk about Sheltering in place.  It is very likely that we fall under the banking exemption to this potential requirement. 
 
Twice a week, I have a conference call with all the presidents of Oregon and Washington banks as well as our primary regulators and our trade association.  I know I can call a fellow bank president, regulator or peer to work together on helping our clients.  Working together in times of crises are the way things should be.  I couldn’t be more proud at this time to call myself a banker. Last week we also had a conference call with the Association of Trust Organizations (ATO) to discuss any national issues that affect trust banks.  We are still planning in earnest for our national conference in New Orleans in September.
 
While we are all experiencing market whiplash, unlike 2008-2009, the good news is the markets are functioning normally.  After 11 years of a bull market, a correction was inevitable and we have been preparing for it.  We recently received this from Vanguard about the importance of staying in the market.  Please click on the link to put today’s decisions in context.  https://www.youtube.com/watch?v=FRwhg8_dMfo&feature=youtu.be
 
Please take this time to come together, check in with your friends and with those in need.  Holding your life savings is an incredible responsibility and privilege.  I know we will emerge from this stronger than ever.  While a crisis feels stressful at this time, it’s an opportunity to come together as a community.
 
I’ve been focusing on a lot of things, like we all have, yet I’d really like to hear from each and every one of you.
 
 
Very truly yours,

Stuart B. Allen, JD, CTFA
President & CEO