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BURNS <br />"The Bank That Makes Things Happen" <br />July 28, 1999 <br />RECEIVED <br />Sandco, Inc. <br />Attn. John Dillon AUG 2 3 1999 <br />P.O. Box 4440 <br />Durango, CO 81302-4440 ~.;a;.;;on of Minerah & Geology <br />RE: Requirementsof 2CCR 407-1, 407-4 and Rules 4.7(3) <br />NATIONAL BANK <br />MEMBER FD.I.C. <br />We aze pleased to respond to your request to provide our Annual Disclosure Statement for the close of business as <br />of December 31, 1997 and December 31, 1998 and a certification from our accountant as to the reliability of the <br />balance sheets of First Place Financial Corporation and subsidiaries,oftyhich The Bums National Bank is a <br />subsidiary. <br />This information is provided in connection with our Irrevocable Letters of Credit: <br />Letter of Credit Amount Date Issued Related To _ Expiration <br />#11270-5 $ 6,800.00 July 1987 Dalton Pit July 31, 2000 <br />#11190-5 $ 2,500.00 March 1987 Walker Pit March 7, 2000 <br />#11260-5 $ 2,500.00 July 1987 Willow Bend Pit July 31, 2000 <br />TOTAL $11,800.00 <br />The total Equity Capital for The Bums National Bank totaled $13,341,000.00 at yeaz end December 31, 1999 <br />indicating that the Irrevocable Letters of Credit of $11,800.00 aze significantly less than 10% of Equity Capital. <br />If you should have any questions please do not hesitate to contact me, or to have the agency requesting these <br />documents contact me. <br />Sincer y <br />o ald A. Cor~ <br />Senior Vice Pre <br />RAC/aps <br />ish <br />sident <br />1199 Main Avenue • P. O. Drawer N • Durango, CO 81302-2950 • Phone (970)247-5151 • Fax (970)247-3795 <br />63 North Pagosa Blvd • Suite 4414 •Pagosa Springs, CO 81147 • Phone (970)731-4166 • Fax (970)731-4167 <br />Home Banking Line (970)385-5300 • (888)324-8690 (toll-free) <br />We'r ing fleetly <br />~Y K <br />~ For TTe Yeer H000. <br />