Business Description
Auburn National Bancorporation, Inc. is a bank holding company registered with
the Board of Governors of the Federal Reserve System (the “Federal Reserve”)
under the Bank Holding Company Act of 1956, as amended (the “BHC Act”).
The Company was incorporated in Delaware in 1990, and in 1994 it succeeded its
Alabama predecessor as the bank holding company controlling AuburnBank, an Alabama
state member bank with its principal office in Auburn, Alabama (the “Bank”).
The Company and its predecessor have controlled the Bank since 1984. As a bank
holding company, the Company may diversify into a broader range of financial
services and other business activities than currently are permitted to the Bank
under applicable laws and regulations. The holding company structure also provides
greater financial and operating flexibility than is presently permitted to the
Bank.
The Bank has operated continuously since 1907 and currently conducts its business
primarily in East Alabama, including Lee County and surrounding areas. The Bank
has been a member of the Federal Reserve System since April 1995. The Bank’s
primary regulators are the Federal Reserve and the Alabama Superintendent of
Banks (the “Alabama Superintendent”). The Bank has been a member
of the Federal Home Loan Bank of Atlanta (the “FHLB”) since 1991.
The Company’s business is conducted primarily through the Bank and its
subsidiaries. Although it has no immediate plans to conduct any other business,
the Company may engage directly or indirectly in a number of activities that
the Federal Reserve has determined to be so closely related to banking or managing
or controlling banks as to be a proper incident thereto.
The Bank offers checking, savings, transaction deposit accounts and certificates
of deposit, and is an active residential mortgage lender in its primary service
area. The Bank’s primary service area includes the cities of Auburn and
Opelika, Alabama and nearby surrounding areas in East Alabama, primarily in
Lee County. The Bank also offers commercial, financial, agricultural, real estate
construction and consumer loan products and other financial services. The Bank
is one of the largest providers of automated teller services in East Alabama
and operates ATM machines in 14 locations in its primary service area. The Bank
offers Visa® Checkcards, which are debit cards with the Visa logo that work
like checks but can be used anywhere Visa is accepted, including ATMs. The Bank’s
Visa Checkcards can be used internationally through the Cirrus® network.
The Bank offers online banking and bill payment services through its Internet
website, www.auburnbank.com
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