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September 19, 2022

Dear Fellow Shareholders,

I am taking the unusual step of sending a separate shareholder letter when we will be sending you our Annual Report soon. I want to focus on what we are doing right now while our Annual Report focuses on the past year.

Our Annual Report will show a net loss of $1,923,000 for the past fiscal year ending June 30, 2022. As I have stated many times, Integrity Bank for Business is a “startup,” and is not expected to be profitable for an extended period. For most new banks, profitability is a linear function of growth in earning assets and deposits. Your Bank is no exception.

We are growing, and our losses are declining as we grow. On August 31, 2022, your Bank had assets of approximately $93 million with approximately $72 million of deposits. For July and August of this year, your Bank had a total net loss of approximately $80 thousand compared to a total loss of approximately $338 thousand in the prior quarter.

I want to remind you that our growth is the primary factor for your Bank to reach profitability and to enhance the value of your investment in your Bank. Our overall growth comes directly from our growth in deposits.

The best thing that you can do to enhance the value of your investment in your Bank is to bring your deposits to your Bank.

In return, we promise to give you the best personal banking service available in Hampton Roads. To me, that sounds like a great deal for you.

Best regards,



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