Corporate Profile

First Citrus Bank is a state-chartered commercial bank located in Tampa, Florida. The bank was capitalized at $5.6 million in 1998 and opened for business in February 1999. Independent, community owned, and staffed by long time residents, First Citrus Bank focuses its lending and banking services on businesses and individuals.

First Citrus Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and the Federal Home Loan Bank of Atlanta (FHLB). The bank offers a complete array of banking services to individual and corporate customers throughout the Tampa Bay area.

First Citrus Bank has five convenient locations in Hillsborough County: Citrus Park, South Tampa, Brandon, Carrollwood and Kennedy.

Vision

To be the premier relationship bank for businesses and professionals in the Tampa Bay area.

Mission Statement

• Provide personalized community banking services to individuals,
• professionals, executives & entrepreneurs.
• Nurture loyal client relationships.
• Proactively contribute in the community.
• Invest in the future through our people and workplace.
• Deliver banking services that go beyond client expectations.

Cardinal Business Principle

Safety and soundness first.

Core Values

Integrity

Teamwork

Professionalism

Annual Shareholder Letter

Dear Shareholder:

As we conclude 2010, I am not displeased to share the Third Quarter's financial performance. First Citrus Bank continues to shoulder steady progress and increased profits in an economy marked by high unemployment and deteriorating commercial real estate values.

Pre-tax profits exceed $620 thousand dollars for the first nine months of 2010 in contrast to a $185 thousand dollar loss the prior period. Our earnings levels exceed budget while the peer group continues to endure magnified loan charge-offs and losses.

Total assets remained steady at $255 million while the loan portfolio atrophied 7% due to muted loan demand from credit worthy businesses coupled with a shallower pool of qualified borrowers. We are focused on new banking opportunities in the medical and professional communities. As such, we encourage you to meet with our bankers in the newly formed private client group.

Deposit levels stayed just over $200 million, with improved composition resultant from fewer time deposits. The new Kennedy office is steadily adding to the Bank's core deposits levels.

I believe 2011 will bring increased consolidation and fewer independent banks in Tampa Bay. Should we negotiate an attractive in-market bank acquisition, First Citrus may issue additional stock to finance this purchase. If you would like to participate in this opportunity, please contact my office at 813.926.1314 to reserve your place on the new shares list.

First Citrus Bank is one of the best performing banks in Tampa Bay and in the top 25% in Florida as measured by Return on Assets. In a world filled with scores of risks, you should feel secure about your investment in First Citrus Bank.

Sincerely,

John M. Barrett
President and
Chief Executive Officer

2011 Second Quarter Letter

September 28, 2011

Dear Shareholders: Looking at the balance sheet, total assets atrophied 4% to $240 million. However, the composition is markedly different and a byproduct of the Tampa Bay economy.

In the late 1990’s we had the internet bubble while mid-2000 brought the real estate bubble. Today we have a third bubble; the uncertainty bubble.

Business and consumer spending seem restrained due to a lack of clarity on the direction of markets and the overall economy. Consequently, the Bank’s loan portfolio declined nearly $20 million or 11% over the past year. While the Bank is highly desirous of expanding the loan portfolio, there is a dearth of business that seeks financing.

In response to these conditions, management has intensified marketing efforts through officer-driven business outreach campaigns. These efforts will be supplemented with additional advertising beginning in the Fourth Quarter. If we may assist with a business borrowing need, please contact our Loan Department at (813) 269-5419. We welcome the opportunity to finance your success.

Lower loan demand contributed to a 26% reduction in the most expensive deposit-funding source – CD’s. This resulted in an improved net interest margin and Second Quarter profits of $131,000. We anticipate increased profitability in 2012 from reduced real estate carrying costs, lower FDIC deposit insurance premiums and increased interest income as the loan portfolio expands.

First Citrus Bank is managing through the uncertainty by remaining selective, profitable and opportunistic in exploring growth options. We are excited about the future of Tampa Bay banking! On behalf of your Board and management team, thank you for your trust and confidence.

Sincerely,

John M. Barrett

President and
Chief Executive Officer

Quarterly Report