To my fellow shareholders:

I am pleased to report to you that in 2006, the United Bank of Philadelphia grew stronger, more profitable, and, above all, had a bigger impact in our communities than ever. And as we enter our 15th year of operation, we are well positioned for significant growth.

Our record of accomplishment is clear. In the face of increasing competition in some of our key markets, our total assets increased by $1.7 million. As leader of the Board of Directors, I have been able to see first-hand the leadership and effort that has gone into making this happen.

What’s also clear to me is that there will continue to be a need for the unique services of United Bank.  Who else but United Bank is reaching out to meet the particular needs of the religious community and nonprofit organizations, for instance? And what about the minority small business owners who need the kind of flexible, locally-controlled decision-making only we can offer?

The Board has been active in helping shape the priorities for 2007 and beyond. We’ll be introducing new products, offering new services, and reaching out to our customers as never before. In short, we’re committed to strengthening and expanding our role as a bank that matters for the region.

L. Armstead Edwards
Chairman