May 1, 2024

RE: Important Changes are Coming this Month

Dear Valued Member,

It is with a humble heart and incredible gratitude that I announce some big changes coming this month to our historic financial institution. While this cover letter will give you a high-level outline of these changes, it is important that you review this packet in its entirety to ensure you fully understand what we have been working on; why we are so excited about these updates; and how these changes impact you directly.

Please remember that while our name is changing to better represent our brand; we remain committed to our long history of community development, member service, and our traditional mutual bank business model.

To be clear - we HAVE NOT been acquired by another institution and DO NOT plan to change our business model.

The primary change elements discussed within this packet include:

Branding

• Raymond Federal Bank is changing its name to Connect Community Bank
• The name change conversion will happen after hours the weekend of May 17-19, 2024
• We expect no member impact, but interruptions are possible post conversion

Products/Services

• Account numbers will not change but account types will receive new names
• Account type names and conversion plans are outlined within the packet
• Updated Fee Schedule and Rate Sheet are also included
• No updated fees will be charged until June 1, 2024
• Rebranded debit cards will not be issued at this time but are expected in early 2025
• Current CDs will remain unchanged until maturity but will then roll into the closest term offered. IRA and Municipal CD offerings will have term limitations.
• Some enhancements will not be available until after conversion

Organizational Structure

• We have not been acquired or merged with any other financial institution
• We have not changed our business model and are committed to staying a portfolio lender
• We have grown our executive leadership team
• Our email addresses will be updated with our name change but we will keep our old emails for an extended period of time to ensure communications are received
• Our phone numbers and fax numbers remain the same

Community Impact

• Connect Community Bank will bolster the institution’s long-standing tradition of community development
• We have applied for a special federal designation to be a Community Development Financial Institution
• We continue to work with local non-profits and area leaders to sponsor and support community initiatives

As I stated earlier, please be sure to review this entire packet. We have not only included additional details about the outlined changes but have also provided some important information about what a mutual is and your ownership interest as a member.

Additionally, we acknowledge that changes of this type are never flawless, but we guarantee to do our best to quickly mitigate any issues that may arise.

My direct contact information is below if you have questions or concerns. We appreciate your prompt attention to this matter and know that you will be just as excited about our future as we are.

Our new brand showcases that “Community is our Middle Name” and we look forward to proving that every step of the way.

Respectfully,

B. Nichoel Casey, JD
President and Chief Executive Officer
Office: 360-208-2291
Nichoel.C@MyCC.bank

Review Information about the Conversion