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Wiki	Wiki Summary
Bank of America Home Loans	Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion.
Subprime mortgage crisis	The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. It was triggered by a large decline in US home prices after the collapse of a housing bubble, leading to mortgage delinquencies, foreclosures, and the devaluation of housing-related securities.
Hard money loan	A hard money loan is a specific type of asset-based loan financing through which a borrower receives funds secured by real property. Hard money loans are typically issued by private investors or companies.
European Economic Area	The European Economic Area (EEA) was established via the Agreement on the European Economic Area, an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Association. The EEA links the EU member states and three EFTA states (Iceland, Liechtenstein, and Norway) into an internal market governed by the same basic rules.
Federal Direct Student Loan Program	The William D. Ford Federal Direct Loan Program (also called FDLP, FDSLP, and Direct Loan Program) provides "low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education ...
OpenTheBooks	OpenTheBooks.com is an American nonprofit organization based in the Chicago suburb of Burr Ridge, Illinois. It describes itself as a transparency group devoted to posting online all the disclosed spending of every level of government across the United States.
ProCredit Holding	The ProCredit Holding is the parent company of a development-oriented group of commercial banks for small and medium enterprises (SMEs), which operate in South Eastern and Eastern Europe, Ecuador, and Germany. The business model of the group is based on "socially responsible banking".
Select Portfolio Servicing	Select Portfolio Servicing, Inc. (SPS) is a loan servicing company founded in 1989 as Fairbanks Capital Corp.
ShoreBank	ShoreBank was a community development bank founded and headquartered in Chicago. At the time of its closing it was the oldest and largest such institution, and in 2008 had $2.6 billion in assets.
Loan	A man is an adult male human. Prior to adulthood, a male human is referred to as a boy (a male child or adolescent).
Savings and loan crisis	The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of 1,043 out of the 3,234 savings and loan associations (S&Ls) in the United States from 1986 to 1995. An S&L or "thrift" is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members (a cooperative venture known in the United Kingdom as a building society).
Standard addition	The method of standard addition is a type of quantitative analysis approach often used in analytical chemistry whereby the standard is added directly to the aliquots of analyzed sample. This method is used in situations where sample matrix also contributes to the analytical signal, a situation known as the matrix effect, thus making it impossible to compare the analytical signal between sample and standard using the traditional calibration curve approach.
Exclusive or	Exclusive or or exclusive disjunction is a logical operation that is true if and only if its arguments differ (one is true, the other is false).It is symbolized by the prefix operator J and by the infix operators XOR ( or ), EOR, EXOR, ⊻, ⩒, ⩛, ⊕, \n \n \n \n ↮\n \n \n {\displaystyle \nleftrightarrow }\n , and ≢. The negation of XOR is the logical biconditional, which yields true if and only if the two inputs are the same.
Porter's five forces analysis	Porter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
Net interest income	Net interest income (NII) is the difference between revenues generated by interest-bearing assets and the cost of servicing (interest-burdened) liabilities. For banks, the assets typically include commercial and personal loans, mortgages, construction loans and investment securities.
Net interest margin	Net interest margin (NIM) is a measure of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to their lenders (for example, deposits), relative to the amount of their (interest-earning) assets. It is similar to the gross margin (or gross profit margin) of non-financial companies.
Net interest spread	Net interest spread refers to the difference in borrowing and lending rates of financial institutions (such as banks) in nominal terms. It is considered analogous to the gross margin of non-financial companies.
Earnings before interest, taxes, depreciation and amortization	A company's earnings before interest, taxes, depreciation, and amortization (commonly abbreviated EBITDA, pronounced , , or ) is a measure of a company's profitability of the operating business only, thus before any effects of indebtedness, state-mandated payments, and costs required to maintain its asset base. It is derived by subtracting from revenues all costs of the operating business (e.g.
Private equity	Private equity (PE) typically refers to investment funds, generally organized as limited partnerships, that buy and restructure companies. More formally, private equity is a type of equity and one of the asset classes consisting of equity securities and debt in operating companies that are not publicly traded on a stock exchange.A private-equity investment will generally be made by a private-equity firm, a venture capital firm or an angel investor.
Rate of return	In finance, return is a profit on an investment. It comprises any change in value of the investment, and/or cash flows (or securities, or other investments) which the investor receives from that investment, such as interest payments, coupons, cash dividends, stock dividends or the payoff from a derivative or structured product.
Viettel	Raymond Vitte (1949–1983) was an American actor who starred mostly in comedy and drama films in the 1970s and early 1980s. He made numerous guest appearances on television shows and was a cast member of the show Doc in 1976.Vitte, who had been fevered for days and acting strangely for hours in his Los Angeles home, died in 1983 following a scuffle with two Los Angeles Police Department officers who were transporting Vitte to a nearby hospital for a psychiatric evaluation.
Oswego County, New York	Oswego County is a county in the U.S. state of New York. As of the 2020 census, the population was 117,525.
Oswego, New York	Oswego () is a city in Oswego County, New York, United States. The population was 18,142 at the 2010 census.
Lake Oswego, Oregon	Lake Oswego is a city in the U.S. state of Oregon, primarily in Clackamas County, with small portions extending into neighboring Multnomah and Washington counties. Located about 8 miles (13 km) south of Portland and surrounding the 405-acre (164 ha) Oswego Lake, the town was founded in 1847 and incorporated as Oswego in 1910.
Timeline of town creation in Central New York	The towns and cities of Central New York were created by the U.S. state of New York as municipalities in order to give residents more direct say over local government. Central New York (consisting of the Syracuse Consolidated Metropolitan Statistical Area and the Utica-Rome Metropolitan Statistical Area) is a six county area–Cayuga, Herkimer, Madison, Oneida, Onondaga, and Oswego.
List of counties in New York	There are 62 counties in the state of New York. \nThe first 12 were created immediately after the British took over the Dutch colony of New Amsterdam; two of these counties were later abolished, their land going to Massachusetts.
Perfect competition	In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In theoretical models where conditions of perfect competition hold, it has been demonstrated that a market will reach an equilibrium in which the quantity supplied for every product or service, including labor, equals the quantity demanded at the current price.
Competition law	Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement.
Competition (biology)	Competition is an interaction between organisms or species in which both require a resource that is in limited supply (such as food, water, or territory). Competition lowers the fitness of both organisms involved, since the presence of one of the organisms always reduces the amount of the resource available to the other.In the study of community ecology, competition within and between members of a species is an important biological interaction.
Supervision	Supervision is an act or instance of directing, managing, or oversight.\n\n\n== Etymology ==\nThe English noun "supervision" derives from the two Latin words "super" (above) and "videre" (see, observe).
Supervision (album)	Supervision is the third studio album by English singer Elly Jackson, known professionally as La Roux. It was released on 7 February 2020 through Jackson's own independent label Supercolour Records.
Script supervisor	A script supervisor (also called continuity supervisor or script) is a member of a film crew who oversees the continuity of the motion picture including wardrobe, props, set dressing, hair, makeup and the actions of the actors during a scene. The notes recorded by the script supervisor during the shooting of a scene are used to help the editor cut the scene.
Regulation	Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.
Certificate authority	In cryptography, a certificate authority or certification authority (CA) is an entity that stores, signs, and issues digital certificates. A digital certificate certifies the ownership of a public key by the named subject of the certificate.
Brooklyn Bridge–City Hall/Chambers Street station	The Brooklyn Bridge–City Hall/Chambers Street station is a New York City Subway station complex in Lower Manhattan. The complex is served by trains of the IRT Lexington Avenue Line and the BMT Nassau Street Line.
Activist shareholder	An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake (less than 10% of outstanding shares) may be enough to launch a successful campaign.

Risk Factors
BRIDGE STREET FINANCIAL INC ITEM 1A RISK FACTORS CONSUMER, COMMERCIAL AND COMMERCIAL REAL ESTATE LENDING INCREASE CREDIT RISK BECAUSE OF THE HIGHER RISK THAT THE LOANS WILL NOT BE REPAID Oswego County National Bank originates commercial loans, commercial mortgage loans, consumer loans and residential mortgage loans primarily within its market area
At December 31, 2005, commercial loans, commercial mortgage loans and consumer loans comprised 18dtta5prca, 25dtta6prca and 7dtta1prca, respectively of Oswego County National Bankapstas loan portfolio
Consumer, commercial and commercial mortgage loans generally expose a lender to greater credit risk than loans secured by residential real estate
These loans have higher risks than loans secured by residential real estate for the following reasons: o Commercial Loans
Repayment is generally dependent upon the successful operation of the borrowerapstas business
o Commercial Mortgage Loans
Repayment is dependent on income being generated in amounts sufficient to cover operating expenses and debt service
o Consumer Loans
Consumer loans (such as personal lines of credit) are collateralized, if at all, with assets that may not provide an adequate source of payment of the loan due to depreciation, damage or loss
Any downturn in the real estate market or local economy could adversely affect the value of the properties securing the loans or revenues from the borrowerapstas business, thereby increasing the risk of non-performing loans
IF OUR ALLOWANCE FOR LOAN LOSSES IS NOT SUFFICIENT TO COVER ACTUAL LOAN LOSSES, OUR EARNINGS COULD DECREASE Our loan customers may not repay their loans according to their terms and the collateral securing the payment of these loans may be insufficient to pay any remaining loan balance
We therefore may experience significant loan losses, which could have a material adverse effect on our operating results
Material additions to our allowance for loan losses also would materially decrease our net income, and the charge-off of loans may cause us to increase the allowance
We make various assumptions and judgments about the collectibility of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans
We rely on our loan quality reviews, our experience and our evaluation of economic conditions, among other factors, in determining the amount of the allowance for loan losses
If our assumptions prove to be incorrect, our allowance for loan losses may not be sufficient to cover losses inherent in our loan portfolio, resulting in additions to our allowance
CHANGES IN INTEREST RATES COULD ADVERSELY AFFECT OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION Our profitability, like that of most financial institutions, depends substantially on our net interest income, which is the difference between the interest income earned on our interest-earning assets and the interest expense paid on our interest-bearing liabilities
Increases in interest rates may decrease loan demand and make it more difficult for borrowers to repay adjustable rate loans
In addition, as market interest rates rise, we will have competitive pressures to increase the rates we pay on deposits, which will result in a decrease of our net interest income
We also are subject to reinvestment risk associated with changes in interest rates
Decreases in interest rates can result in increased prepayments of loans and mortgage-related securities as borrowers refinance to reduce borrowing costs
Under these circumstances, we are subject to reinvestment risk to the extent that we are unable to reinvest the cash received from such prepayments at rates that are comparable to the rates on existing loans and securities
OUR RETURN ON EQUITY IS LOW COMPARED TO OTHER COMPANIES Net earnings divided by average equity, known as &quote return on equity, &quote is a ratio many investors use to compare the performance of a financial institution to its peers
Our return on average equity amounted to 4dtta25prca and 3dtta54prca in 2005 and 2004 respectively
We expect our return on equity to remain low as we attempt to increase net earnings
Until we can increase our net interest income and other income, we expect our return on equity to be below the industry average, which may negatively impact the value of our stock
BECAUSE OSWEGO COUNTY NATIONAL BANK &apos S LOANS ARE CONCENTRATED IN A SMALL GEOGRAPHICAL AREA, DOWNTURNS IN ITS LOCAL ECONOMY MAY AFFECT ITS PROFITABILITY AND FUTURE GROWTH POSSIBILITIES Our current market area is principally located in Oswego County and Onondaga County in New York
Our future growth opportunities depend on the growth and stability of our regional economy and our ability to expand our market area
A downturn in our local economy may limit funds available for deposit and may negatively affect our borrowers &apos ability to repay their loans on a timely basis, both of which could have an impact on our profitability
Oswego County and Onondaga County had a combined population of approximately 581cmam000 as of 2005, with Oswego County containing 123cmam000 residents or 21prca of the total
Oswego County has been historically and continues to have a large concentration of employment in electrical power generation and other industrial employment
The local employment base has been diversified to a substantial extent from prior years as services, wholesale/retail trade and government are all major employers
While the local economy has been stable in recent years, it has not enjoyed the better economic conditions experienced in other parts of the nation
Unemployment in Onondaga County, has been lower than the national average at 4dtta2prca compared to the 2005 national annual average of 5dtta1prca
Median household income and the total number of households in Onondaga County have increased 2dtta7prca and 0dtta1prca respectively from 1990 to 2001 and 2dtta2prca and 0dtta7prca in Oswego County
While Oswego Countyapstas median household income has increased, it is lower than the national average
WE DEPEND ON OUR EXECUTIVE OFFICERS AND KEY PERSONNEL TO CONTINUE THE IMPLEMENTATION OF OUR LONG-TERM BUSINESS STRATEGY AND COULD BE HARMED BY THE LOSS OF THEIR SERVICES We believe that our continued growth and future success will depend in large part upon the skills of our management team
The competition for qualified personnel in the financial services industry is intense, and the loss of our key personnel or an inability to continue to attract, retain and motivate key personnel could adversely affect our business
We cannot assure you that we will be able to retain our existing key personnel or attract additional qualified personnel
Although we have employment agreements with our President and Chief Executive Officer, the loss of the services of one or more of our executive officers and key personnel could impair our ability to continue to develop our business strategy
WE OPERATE IN A HIGHLY REGULATED ENVIRONMENT, AND CHANGES IN LAWS AND REGULATIONS TO WHICH WE ARE SUBJECT MAY ADVERSELY AFFECT OUR RESULTS OF OPERATIONS Oswego County National Bank is subject to extensive regulation, supervision and examination by the Office of the Comptroller of the Currency (the &quote OCC &quote ), as its primary federal regulator, and by the Federal Deposit Insurance Corporation (the &quote FDIC &quote ) as the insurer of its deposits up to certain limits
In addition, the Federal Reserve Board regulates and oversees Bridge Street Financial
We also belong to the Federal Home Loan Bank System and, as a member of such system, we are subject to certain limited regulations promulgated by the Federal Home Loan Bank of New York
This regulation and supervision limits the activities in which we may engage
The purpose of regulation and supervision is primarily to protect our depositors and borrowers and, in the case of FDIC regulation, the FDICapstas insurance fund
Regulatory authorities have extensive discretion in the exercise of their supervisory and enforcement powers
They may, among other things, impose restrictions on the operation of a banking institution, the classification of assets by such institution and such institutionapstas allowance for loan losses
Regulatory and law enforcement authorities also have wide discretion and extensive enforcement powers under various consumer protection and civil rights laws, including the Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Housing Act, and the Real Estate Settlement Procedures Act
Any change in the laws or regulations applicable to us, or in banking regulators &apos supervisory policies or examination procedures, whether by the OCC, the FDIC, the Federal Reserve Board, other state or federal regulators, or the United States Congress could have a material adverse effect on our business, financial condition, results of operations and cash flows
COMPETITION IN OUR PRIMARY MARKET AREA MAY REDUCE OUR ABILITY TO ATTRACT AND RETAIN DEPOSITS AND ORIGINATE LOANS We operate in a competitive market for both attracting deposits, which is our primary source of funds, and originating loans
Historically, our most direct competition for savings deposits has come from commercial banks, savings banks, co-operative banks and credit unions in our primary market area
Particularly in times of extremely low or extremely high interest rates, we have faced additional significant competition for investors &apos funds from short-term money market funds and other corporate and government securities funds and from brokerage firms and insurance companies
Our competition for loans comes principally from commercial banks, savings institutions, mortgage banking firms, credit unions, finance companies, insurance companies and brokerage and investment banking firms
Such competition for the origination of loans may limit our future growth and earnings prospects
Competition for loan originations and deposits may limit our future growth and earnings prospects
OUR CERTIFICATE OF INCORPORATION, BYLAWS AND CERTAIN LAWS AND REGULATIONS MAY PREVENT TRANSACTIONS YOU MIGHT FAVOR, INCLUDING A SALE OR MERGER OF BRIDGE STREET FINANCIAL Provisions of our certificate of incorporation and bylaws and applicable provisions of Delaware and federal law and regulations may delay, inhibit or prevent an organization or person from gaining control of Bridge Street Financial through a tender offer, business combination, proxy contest or some other method even though some of our stockholders might believe a change in control is desirable
In addition, only the Chairperson of the Board, President or three-fourths of the board of directors of Bridge Street Financial may call a special meeting of shareholders
Therefore, as a shareholder of Bridge Street Financial, you will not be able to call a special meeting of shareholders to consider a tender offer, business combination or other transaction
In addition, for three years following the second-step conversion, Office of Thrift Supervision regulations prohibit any person from acquiring or offering to acquire more than 10prca of our common stock without the prior written approval of the Office of Thrift Supervision
There are limited exceptions to this prohibition
Although Oswego County National Bank has converted to a national bank, the national bank continues to be subject to these restrictions under the supervision of the Office of the Comptroller of the Currency and the Federal Reserve Board
WE MAY NOT BE ABLE TO PAY DIVIDENDS IN THE FUTURE IN ACCORDANCE WITH PAST PRACTICE We pay a quarterly dividend to stockholders
However, we are dependent primarily upon Oswego County National Bank for our earnings and funds to pay dividends on our common stock
The payment of dividends also is subject to legal and regulatory restrictions
Any payment of dividends in the future will depend, in large part, on Oswego County National Bankapstas earnings, capital requirements, financial condition and other factors considered relevant by our Board of Directors