CMS Case Study

Statement on Pandemic/COVID-19

The Bank acknowledges the Pandemic Risk that seems to be a part of every facet of our economy, and the overall uncertainty inherent in it. These unknowns and uncertainties seem to actually heighten the necessity of a Strategic Plan, and it is critical to set our direction, appropriate goals, execution strategies, and give appropriate thought to the growth and quality of our Bank. The alternative of not strategically planning because of these uncertainties and unknowns is clearly less favorable. Whether or not a “new normal” exists today, or whether we return to a pre-COVID lifestyle has yet to be determined. We are aware that our progression through the pandemic landscape could create a need to change some components of our Strategic Plan. We have already experienced the potential of changes that might occur with how people work, how we respond to changing customer needs, and with the way we have traditionally operated. Updating our Strategic Plan with the backdrop of the Pandemic may create a need through time for adjustment and reassessment along the way. We acknowledge the risk or potential that this could occur. Having no plan whatsoever is simply deemed a bigger risk.

5