We are pleased to report another successful year as illustrated by the following highlights:

• We closed twelve FHA-insured loans totaling approximately $110 million for skilled nursing, assisted living and senior housing projects in the Southeast, Mid-Atlantic and New England. The closings reflected a wide variety of development and recapitalization activities and FHA mortgage insurance programs: our loans were used for refinancings, construction and substantial rehabilitation, operating losses recovery and tax-exempt and taxable bond refundings.
• We continued to show a high degree of customer satisfaction and client retention in 2009: over 92% of our closings were for repeat customers.
• We maintained our commitment to affordable elderly housing: 40% of our 2009 closed loans involved low-income housing tax credits. We also were engaged this past year by a religious-based not-for-profit organization in the Southeast to assist them recapitalize their flagship low-income elderly housing project through a "decoupling" of its current HUD subsidies and new FHA-insured refinancing loan that is expected to close in the first quarter of 2010.
• We continued the expansion of our origination, loan processing and underwriting activities in 2009 by hiring a new banker in June and adding a second loan correspondent in the third quarter, who has helped us extend our reach to the West Coast.