Question-and-Answer Session
Operator
(Operator instructions) Kristin Hotti with Howe Barnes Hoefer & Arnett.
Kristin Hotti – Howe Barnes Hoefer & Arnett
Yes, good morning, Jack, Rick, Joe. I had a question. I was hoping you might be able to comment on specific initiatives and the outlook for regaining traction in selected areas that may have been downsized or eliminated prior to the termination of the merger. If you could give us some kind of specifics and an outlook for that, that would be terrific.
Jack Wagner
Well, that's a good question. Kristin, and we are pleased to report that we’ve made great progress in that area since the termination date. We have filled out all of our retail branch managers positions at this time with very highly qualified people from other banks. I think we have one more selection to be made for the Fairhaven area. But other than that, we are completely at man level.
Also, I think we've received about $42 million or $43 million in deposit runoff that we encountered with the merger activity with Frontier, we have recovered a majority of those deposits, if not in total customer numbers, but in total deposit base.
The retail department is undergoing right now a strong marketing program that is based upon the safety and soundness of Whidbey Island Bank and what your bank can bring to you. We are trying to go a high-road type marketing profile, whereby we are showing the benefits of Whidbey Island Bank and especially based around the Bauer Financial and market rate ratings of our Bank as an independent guide of how sound and strong we are.
Forthcoming 2009, we have also instigated some outside active radio marketing campaigns, which will be the first for the Bank; also stresses the safety and soundness of our Bank. And we are coming up with a couple specials that we can lay on the marketplace to help increase the deposits.
Quite honestly right now, Kristin, we feel that our deposit base is back and that our clientele is back, and we don't anticipate difficulties in 2009 with growing the deposit sides.
We are concerned about the lending side, but that is really based upon the conservative nature of our management team and what we are willing to look at. Full transactions are the name of the game. We are not interested in making transaction loans; so full relationships along with those loans are accepted and banked. But other than that, that is the avenue that we are taking.
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