Find out why customers have been choosing our local bank for 140 years
Welcome to the Celebration! It is my pleasure to share with you
“ Given our
rich history, it can be tempting to spend much of our time focused on the past. But we must always be looking ahead as well, and we are particularly proud of the investments we have made in 21st
this special report to celebrate the 140th anniversary of Bank of Clarke County. As one of the oldest businesses in Virginia, our institution has demonstrated time and time again its resiliency in the face of seemingly unprecedented obstacles and gale-force headwinds. In 2020, our communities experienced record unemployment levels, economic uncertainty on a scale not seen in decades, unknown credit impacts, and a summer marked by civil unrest. Yet through it all we remained standing, working and growing to serve our shareholders and customers. As one of the oldest community banks in the state, it is at the core of our mission to ensure that we meet the needs of our markets at every turn. To that end, Bank of Clarke County originated more than $88 million in Paycheck Protection Loans (PPP) in 2020, providing much needed financial assistance to over 900 local small businesses in the communities we serve. This required us to put together a team from across the organization that worked late into the night over an intense few weeks to ensure we got the much-needed funds into the hands of every business we could… and we delivered! Maybe the dedication and tenacity showed by our teams last year were part of the reason that we were named as Loudoun Now and Loudoun Times-Mirror’s Best Bank and the Winchester Star’s award for Best Financial Institution. Once again, several members of our team were also recognized as Top Bankers in
century technology
both our Loudoun and Shenandoah markets, covering everything from mortgage lending to financial services. While this report provides an opportunity for us to focus on some of the highlights of our first 140 years, we are also excited to share with you a glimpse of our future with the launch of the new Bank of Clarke County Foundation. This new 501(c)(3) nonprofit will enable us to grow the funds we set aside for distribution each year. This will allow us to greatly expand our capacity to support a variety of organizations that serve our communities in everything from the arts to health services. Given our rich history, it can be tempting to spend much of our time focused on the past. But we must always be looking ahead as well, and we are particularly proud of the investments we have made in 21st century technology to provide the best in mobile and online banking services. Yet even as we continue to grow and adapt, we will never lose sight of the one constant that has kept us going for 14 decades: our customers. Our vision is to build life-long relationships with our customers, shareholders, and communities through strong leadership, outstanding service and the power of every connection. We recognize that we are only as strong as the communities we serve, so we make it our mission to do everything we can to be a trusted partner and preferred provider of financial solutions to communities throughout the northern Shenandoah Valley and Northern Virginia—just as we have done since 1881. Brandon C. Lorey
to provide the best in mobile and online banking services.”
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BANK OF CLARKE COUNTY 140th ANNIVERSARY • 2021
Bank of Clarke County President and CEO www.bankofclarke.bank
Our MISSION
Our Vision
Be a trusted partner and preferred provider of financial solutions in the communities we serve by using the power of every connection.
Build life-long relationships with our customers, shareholders and communities to: • Provide best in class technology and service to our customers • Remain a high-performing community bank • Be the leading business partner and employer in the markets we serve
14 CONVENIENT LOCATIONS 1 Berryville 2 East Main Street Berryville, VA 22611
8 Sunnyside
1460 North Frederick Pike Winchester, VA 22603
* Berryville – Eagle Express
9 Millbrook
2 Boyce
10 Purcellville
400 McNeil Drive Berryville, VA 22611
108 West Main Street Boyce, VA 22620
3 Pleasant Valley Road 555 South Pleasant Valley Road 2 Winchester, VA 22601
4 Senseny Road 1508 Senseny Road Winchester, VA 22602
5 Stephens City 382 Fairfax Pike Stephens City, VA 22655
6 Old Town Center 202 North Loudoun Street Winchester, VA 22601
7 50 West
1879 Berryville Pike Winchester, VA 22603 Physical - 203 Hirst Rd Purcellville, VA 20132 Mailing - PO Box 2129 Purcellville VA 20134
11 One Loudoun 44810 Saranac Street Ashburn, VA 20147
12 Leesburg 504 East Market Street Leesburg, VA 20176
13 Loan Production Office 8401 Greensboro Dr. McLean VA 22102 Contact Us: 703-687-3274
Branch Location DRIVE-THROUGH LOCATION LOAN PRODUCTION OFFICE
110 Crock Wells Mill Drive Winchester, VA 22603 www.bankofclarke.bank
BANK OF CLARKE COUNTY 140th ANNIVERSARY • 2021
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Bank of Clarke County Foundation Enhances the Bank’s Ability to Give Back
This spring, Bank of Clarke County is launching its very own foundation to further its goals of supporting nonprofit organizations in the communities it serves across Northern Virginia and the northern Shenandoah Valley. ~by Kate McDermott~
In addition to the Bank of Clarke County contributions, the new 501(c)(3) nonprofit foundation will be able to generate additional funding, thereby increasing the total annual giving over what the Bank alone would be able to do, said John Hudson, executive director of the Foundation. “This will enable us to continue to support worthy groups within our footprint, while also keeping all decision making on grant amounts and grantees local,” he said. With final approval by the Internal Revenue Service this spring, the new Bank of Clarke County Foundation will immediately begin to review grant applications on a rolling basis. There will be no set application window. Grant funds will be awarded to grantees as soon as their applications are reviewed and approved. Hudson said that the idea of a separate bank foundation was first raised by Bank of Clarke County President Brandon C. Lorey. “It made perfect sense,” Hudson said. “Contributing to the footprint of the communities we serve is nothing new for us. We’ve been doing that for 140 years. The only thing that’s new is how we will approach it.” Whether advocating for improved access to health care, education, the arts or feeding the hungry, nonprofits that fall within Bank of Clarke County’s footprint “all have great missions and we want to make sure we can touch as many as we can,” Hudson said. “We believe that a bank is only as good as the communities it serves, so we have always made an 4
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As one of the many ways it gives back to the community, Bank of Clarke County is sponsoring free admission to the Shenandoah Valley Discovery Museum on First Fridays of every month from 5 p.m. to 7 p.m.
effort to support as many nonprofits as we can in our service area.” One of those nonprofits is the Shenandoah Valley Discovery Museum, where Bank of Clarke County is sponsoring free admission on First Fridays of every month from 5 p.m. to 7 p.m. “Before COVID-19, the average attendance at Free First Fridays was 300,” said Tammy Stevenson, director of development and marketing for the Discovery Museum. Although capacity restrictions have limited current occupancy to 100 guests, she said the museum’s First Fridays in February and March of 2012 were sellouts.
BANK OF CLARKE COUNTY 140th ANNIVERSARY • 2021
“Bank of Clarke County’s funding of First Fridays means that the extended hours are a benefit to parents who may work regular ‘9 to 5’ jobs and has been an extra blessing to those families experiencing financial crisis, particularly over the past year,” Stevenson said. “Our general admission is $9 per person, which is very reasonable for four floors of play and 19,000 square feet of exhibits, but can be a burden for larger families,” she said. In addition to its support of the Shenandoah Valley Discovery Museum, Bank of Clarke County has also contributed more than $50,000 www.bankofclarke.bank
The Bank’s annual golf tournament has raised over $100,000 for local community nonprofits.
to the Timber Ridge School in Cross Junction, which serves adolescent boys with emotional and behavioral issues. “Bank of Clarke County was instrumental in jump-starting our capital campaign to develop a career and technology center on our campus,” said Kevin Callanan, campaign director for Timber Ridge School. “They pledged $50,000 and challenged other banks in the Winchester area to match that amount. As a result of Bank of Clarke County’s leadership, we raised more than $100,000 from that campaign alone and are well on our way to reaching our $1.1 million goal for the project.” Callanan said he has never seen an independent community bank give that amount of money during his 30-plus years in fundraising. “Bank of Clarke County doesn’t just say they support their communities, they do it,” Callanan said. “And they do it because it is the right thing to do.” Whether it is through special sponsorships such as First Fridays at the Shenandoah Valley Museum, capital campaign contributions or special events such as Bank of Clarke County’s annual golf tournament, Hudson said the bank never stops looking for opportunities to support a wide variety of organizations in its service area. www.bankofclarke.bank
“
Bank of Clarke County doesn’t just say they support their communities, they do it. And they do it because it is the right thing to do.” –Kevin Callanan Campaign director for Timber Ridge School
Bank of Clarke First Friday volunteers sport “Live United” T-shirts.
Over the course of the last 34 years, the golf tournament has raised more than $100,000, which has been distributed to organizations throughout Northern Virginia and the northern Shenandoah Valley. Last year’s recipients were ECHO Leesburg, which serves adults with disabilities through vocational training, community integration and employment, and Our Health of Winchester, a health and human services organization. Hudson said that one of the greatest benefits of being an independent local bank is the ability
Bank of Clarke County has to respond quickly to community needs as they arise, including needs created as a result of the COVID pandemic. “Since the onset of COVID-19, we have seen a drastic increase in food insecurity in our communities,” he said. “As a result, we have contributed more than $12,000 to food banks and pantries in Northern Virginia and the Shenandoah Valley over the last year.” Those donations have brought the total amount of community contributions from the Bank of Clarke County to over $1 million since its founding. The new foundation, Hudson said, will enable the bank to keep building on that outstanding record of philanthropy as it embarks on the next chapter in its long and impressive history.
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Local, Stro Bank of Clarke County Celebrates 140 Years
IN
~by Kate McDermott~
1881, Clarke County, Virginia was a bustling hub of agriculture, logging and sawmills. Its idyllic location in the cool foothills of the Blue Ridge Mountains made it a prime vacation spot for visitors looking to escape the summer heat of Washington and Baltimore. Its popularity eventually motivated the Washington, Ohio and Western Railroad to add a stop in Berryville. It was, in short, a good place to open a bank. So on April 1, 1881, the Bank of Clarke County opened its doors for business. Over the next 14 decades, the bank would become a community stalwart, always there, in good times and bad. It would be a witness to iconic moments in American history, from World Wars to economic crashes, and exciting milestones like moon landings and the passage of the Civil Rights Act. Amid these ups and downs, the institution continued to prosper and grow, thanks to an unwavering commitment to the long-term health
Since fountain pens were in common use during the 1930’s, blotters were needed to absorb the excess ink. This blotter is a fine example of one the Bank gave to customers.
of the bank, its shareholders and customers. “Throughout Bank of Clarke County’s history, it has demonstrated that it truly has its fingers on the pulse of the communities it serves,” said John Hudson, a retired Bank of Clarke County executive officer and executive director of the Bank of Clarke County Foundation. Hudson also authored “Since 1881: A Quasquicentennial Commemoration of the Bank of Clarke County” that was published in 2006.
Recognizing and responding to the needs of its customers has been a hallmark of Bank of Clarke County’s status as an independent, local bank. In 1944, that meant something as simple as keeping the bank lobby open on Saturdays from 4:30 p.m. to 6 p.m. to accommodate merchants and those cashing checks during apple picking season. But other times, it meant demonstrating the bank’s role as an advocate for ~continued on page 8 ~
Bank of Clarke County Milestones u1881: Bank of Clarke County opens for business on April 1. u1903: The
first telephone is installed in the Berryville offices of Bank of Clarke County. u1913: The bank’s The Bank’s original home on North Church first Christmas Street in Berryville 6 | BANK OF CLARKE COUNTY 140th ANNIVERSARY • 2021
Savings Club program is introduced, with weekly deposits ranging from 5 cents to $1 a week.
u1924: Bank of Clarke County’s trust department opens its doors.
and oyster dinners at its stockholder meetings.
u1917: Bank of
u1929: As a result
of the stock market crash, Bank of Clarke County embarks on a period of fiscal restraint. This includes the discontinuation of turkey
order from President Franklin D. Roosevelt, Bank of Clarke County closes for nine days as part of the national “bank holiday” to avoid an additional run on banks.
Clarke County commits to retaining its state charter, instead of pursuing a federal charter.
u1933: Following an
u1934: Bank of Clarke County announces it has met the qualifications necessary for membership in the Federal Deposit Insurance Corporation. u1941: Bank Pres-
ident William A. Bradford volunteers the use of his office
www.bankofclarke.bank
ong and Independent
This rare color photo shows how the Berryville lobby looked prior to a 1952 renovation and remodeling. At right, Helen “Shorty” McDonald staffs a teller window.
These metal banks were used by many customers during the 1930’s to save their change at home and bring to the Bank for deposit when full.
to the local Draft Board as Clarke County residents begin preparing for war. u1948: Bank of
Clarke County finalizes the purchase of Boyce State Bank, the only merger or acquisition in the bank’s history.
This booklet (copyright 1901) was given to new customers advising them on basic banking, including how to make a check out and how to make a deposit.
u1953: The bank’s board of directors votes to apply for membership in the Federal Reserve System. u1964: The Berryville
branch undergoes major renovations to expand the lobby space and to add more teller windows, as well as a
www.bankofclarke.bank
drive-through window. A new Community Room provides meeting space for local organizations.
u1981: More than
u1977: Floyd L. McWilliams, Sr., the bank’s president, is recognized by the American Institute of Banking for his 52-year career in banking.
u1984: An IBM
700 people attend a special 100th Anniversary celebration for the bank. System 36 computer, the bank’s first mainframe, is installed. u1995: Dr. Marilyn Beck, president
of Lord Fairfax Community College, becomes the first woman to serve on the bank’s Board of Directors.
Express Branch opens in Berryville, offering drivethrough and drive-up ATM service only.
u1996: Bank of
Clarke recognizes Loudoun County as a new growth market and opens a full-service branch in Round Hill.
Clarke County launches its first website. u2003: Bank of
Clarke County
u2010: Bank of
u2021: Bank celebrates its 140th anniversary and launches the new Bank of Clarke County Foundation.
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Savings Bank Trunks were popular during the late 1950’s and early 1960’s.
~continued from page 6 ~
the communities in its footprint. In 1945 it marshalled opposition to a plan that called for the construction of a large hydroelectric dam across the Shenandoah River that would destroy miles of fertile farmland and homes in the region. The Army Corps of Engineers would eventually abandon the project, but the episode was a reminder that although Bank of Clarke County operates within a defined geographic area of northwest Virginia, it is not immune to regional and national events. That was keenly evident during the financial crisis of 2008, when scores of financial institutions across the country were struggling or failing. But Bank of Clarke County “kept on keeping on,” thanks in part to its experience in having been around long enough to have survived the stock market crash of 1929 and the Great Depression, when more than 9,000 banks failed. “During the 2000s, we saw the real estate market heating up like everyone else did,” Hudson recalled. “But we’d been through this before and what we found was that you don’t jump on every short-term bandwagon that comes along.” As a result, while other banks were betting their fortunes on a red-hot mortgage market balloon that was bound to burst, Bank of Clarke County stayed focused on its core business and fiduciary obligations. “We were not going to dilute our lending standards because of an over-heated economy,” Hudson said. The bank was so well-capitalized that, unlike many of its large and small competitors, when the country entered the Great Recession it did not need to accept Troubled Asset Relief Program (TARP) funds from the federal government. “Even amid the Great Depression, we have never accepted government funds,” Hudson said. “We actually ran a marketing campaign in 2009 that read ‘Not accepting government bailout money since 1881.’ It was such a success that it was featured in The Wall 8
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Bank of Clarke County participated with a float in the Clarke County Sesquicentennial parade in 1986. Employees Margaret Barthel, Audrey Hudson and Charlotte Lahman waved to the crowds while Kenneth Shenk provided the pulling power.
The Bank opened branch number six in a local historic landmark—the former Main Post Office for the City of Winchester—on January 26, 1998.
Street Journal and referenced by members of the U.S. Senate’s Oversight Committee.” With 140 years under its belt, Bank of Clarke County has demonstrated that it is not a flyby-night operation. “Our vision and mission statements declare that we are committed to building life-long relationships with our customers
BANK OF CLARKE COUNTY 140th ANNIVERSARY • 2021
and shareholders,” Hudson said. “As our customers’ expectations change, we need to be proactive and ready to meet their needs.” In the first part of the 21st century, that means making sure the bank offers online and mobile banking services and access to multiple ATMs across Northern Virginia and the northern Shenandoah Valley. In the future, it will likely mean even more digital services so that customers can enjoy the benefits of their local bank regardless of where they are physically located. As an independent institution, Bank of Clarke County has the freedom to make its own choices about how and where it grows. “When you consider that over the course of 140 years, we’ve only gone from one branch to 14—with almost all of our growth organic and not as a result of mergers—it tells you that our focus is on quality, not quantity,” Hudson said. “We’ve been around long enough to do banking right. We don’t want to be the biggest bank, yet we offer many of the same products and services they do despite our smaller size. The difference is that our customers experience dealing with a banker, not an impersonal banking institution. And we take great pride in that.” www.bankofclarke.bank
WHY I CHOOSE BANK OF CLARKE COUNTY
Dr. Ali Ghatri, Let’s Smile, PC
I
was with another bank for more than 15 years, but over time, their management changed and they started losing the personal touch I was used to. When I discovered Bank of Clarke County, my loan officer Alex Saiidi came to my rescue by not only giving me better loan terms, but he helped consolidate all my business loans and assisted me with a line of credit. He created a banking relationship with each of my five practices. But never was the personal service more evident than this past year when we needed to process our Paycheck Protection Program (PPP) loans. Alex went out of his way to ensure our PPP loans were processed quickly and effortlessly. He worked nights and days and over the weekends to make sure my questions were answered and my paperwork was submitted correctly. The result was that because of his dedication, I was able to call back every single one of my 55 employees and keep them on in full-time status so that we could continue to see our patients as soon as we were cleared to do so. I’ve talked to my peers—other dentists, doctors, professionals, etc.—and many of them who work with larger banks said they had a completely different experience trying to get their PPP loans. They couldn’t reach their banker on the phone, they had to try to communicate via emails, etc. That meant they waited up to a month longer than I did to get their PPP loans. Alex worked like crazy to make sure I was taken care of so I could take care of my team. The entire Bank of Clarke County staff, including Kristina Reed who assists us with our regular banking and Joe Literio who provides our online support, is available to make sure my requests and needs are addressed immediately and correctly. I appreciate their customer service and willingness to accommodate small business owners the way bigger banks take care of their big businesses: with courtesy, availability and personal service. www.bankofclarke.bank
Dennis McLoughlin, Esq. Walsh, Colucci, Lubeley & Walsh Winchester As a practicing attorney for more than 45 years and because I specialize in wills, trusts, estate planning and administration, as well as business, corporate and tax law, I work with all the banks in Winchester. I have I appreciate the fact found Bank of Clarke County’s downtown Branch Manager Chris that the bank’s staff ... are Holthaus to be particularly helpful always eager to help me whenever I have a matter that or my clients address their requires special attention. I appreciate the fact that the needs quickly, without a bank’s staff—from Chris to all lot of red tape and delays.” the tellers—are always eager to help me or my clients address their needs quickly, without a lot of red tape and delays. Bank of Clarke County is only one of two locally owned banks that many of my clients favor working with. Bank of Clarke County is eager to partner with me and my clients to manage many aspects of their estate planning needs, including their investments, retirement plans and their trust assets. As a member of the Winchester community, I am also grateful to Bank of Clarke County for its ongoing support of organizations and events in the area that contribute to our sense of civic pride, whether that be donating to Little League teams or its sponsorship of arts and culture, such as First Fridays at the Shenandoah Valley Discovery Museum.
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WHY I CHOOSE BANK OF CLARKE COUNTY Faron Lee, President, Southern Electrical Service Co., Inc., Leesburg, VA In 2018, Southern Electrical Service needed to refinance a property and put a Line of Credit in place. But I had become disenfranchised with the large national bank we were using at the time. It seemed every time I called them my contact person had moved on to another bank. I decided to interview five local banks. I told them what I needed and where we were headed. We settled on Bank of Clarke County because from the first call I made to Joe Zmitrovich, Bank of Clarke County’s current executive vice president and a former loan officer, until we made our decision to move forward with BOCC, Joe and his team made it clear they wanted to understand our business and how to be a good partner with us. They came to the table with the solutions we needed and some sound financial guidelines to help us drive our success. We could not have made a better choice. Bank of Clarke County has met every request we have made of them with enthusiasm. The bank’s staff has been refreshing to work with. They are responsive, attentive and professional. They communicate with words and actions that they
Faron J. Lee, president, right, and Daniel C. Lee, vice president
appreciate the opportunity to partner with us in our business. They follow through on customer service, paying attention to big and small details. For instance, one Friday afternoon the bank called to inform me that there was a problem cashing a check for one of our employees. It was not a BOCC check, but they cashed it for my employee and sent him on his way. They did not hold him up or make it his problem.
They simply called me personally to tell me about the bank’s policy. I really appreciate that they know our business—right down to an individual employee. I appreciate that they see the importance of taking care of, and not overlooking, the small details. Taking care of my employees is the most important thing I do. BOCC is a partner that gets it. That’s customer service with a personal touch.
exceptional for our needs. They are very flexible in helping us meet our local, national and international needs and have helped us on various unique international transactions. They personalize their service to our specific needs.
Their customer service is what sets them apart from others, no question. The staff is always professional and courteous. They give us their full attention and notice even the smallest details. As a local business, we know that Bank of Clarke County is the leader in our area and supports all kinds of local programs. This includes the Clarke County Farmers Market, the Clarke County Fair and the Clarke County Education Foundation, as well as athletic programs and elementary, middle and high school clubs and activities. They truly are the leader in philanthropy in our area and the shining example that we try to follow.
Turner and Mary Kay Kobayashi Audley Farm, Berryville, VA
W
e are proud that Audley Farm has a history in Clarke County that rivals Bank of Clarke County. Audley Farm has been around a bit longer (more than 250 years!), and we appreciate businesses that have deep roots in our local community. We have been happy, loyal customers of Bank of Clarke County since 1978. We always want to support our local bank and businesses. We know that the customer service we receive from Bank of Clarke County and its offerings are
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BANK OF CLARKE COUNTY 140th ANNIVERSARY • 2021
www.bankofclarke.bank
R. Nichole Lykens, D.C. Lykens Chiropractic
W Jan Stuart Weiner One Loudoun Customer
F
ifteen years ago, I moved from New York to Ashburn, Va. I decided to stay with the same bank I had in New York because it was one less thing to change. It soon became clear that I wasn't going to be happy about the distance since I had to travel to get there. But that was not the only thing I wasn't happy about. At that bank, I was simply a number. When looking for a new bank, I found that they were all large and impersonal. So I kept searching. Eventually Bank of Clarke County announced that they were going to open a branch in One Loudoun. Bank of Clarke County was new to me, so I started investigating them. Their history was impressive: started in 1881 (so they’re older than me!); FDIC insured; small local bank; safe deposit boxes; credit cards; ATM network; personal service. Who can ask for more? Before they even broke ground in Ashburn at One Loudoun, I drove to their Purcellville office and sat down with a bank officer to learn more about Bank of Clarke County and what they had to offer. I knew then that this was the bank for me. I watched and waited for the One Loudoun branch to open and was there for the grand opening, ready to open my checking and savings accounts and to get my ATM cards. Since that very first day, all of the staff has always been very welcoming. At Bank of Clarke County, I'm not just a number, I’m a person. www.bankofclarke.bank
hen we were embarking on our new office construction, our Bank of Clarke County Loan Officer Lisa Thayer held my hand every step of the way. She met with me a year in advance so I knew what to expect when the opportunity to buy commercial space presented itself, and was integral in orchestrating our real estate purchase and financing the construction when the time came. When construction began, she explained the process as we went along and was in direct communication with the builder to avoid delays in construction. She also introduced me to an SBA representative for the best financing options, which meant I could use both SBA funding and Bank of Clarke County as a private lender to support the project. Lisa also stepped in when we needed to quickly What keeps me (at finance an unexpected equipment purchase so Bank of Clarke County) is that I could keep my the ongoing personalized practice running without disruption. And when service they provide, their the pandemic hit, she friendly staff and their contacted me immediately prompt customer service.” to make sure I applied for the Paycheck Protection Program (PPP) loans and even prompted me when the second installment of PPP loans became available. Both were funded exceptionally fast after submitting the necessary documentation. Over the years, I have transferred my business and personal accounts over to Bank of Clarke. I love the convenience of their online and mobile banking services and the fact that there are no hidden banking fees. But what keeps me there is the ongoing personalized service they provide, their friendly staff and their prompt customer support.
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