First was the shotgun marriage of Merrill Lynch with Bank of America. Then, despite a steadily falling stock price, Lehman's bankruptcy filing was a surprise — [although] it did enlighten the industry to the severity of their problems. What we didn't fully realize immediately was that this was just the tip of the iceberg. Most people underestimated the impact on the availability of credit and the house of cards [that came] down thereafter. Most community institutions like us avoided subprime lending and didn't have house-trading accounts like the multinational banks. We make a living knowing our customer, and only make loans that we actually want to be repaid. So our interests are aligned with the customer. We didn't really feel the effects until the precipitous decline in real estate values and the spike in unemployment.