Some cross-references are more confusing than helpful

Before

As permitted by the rules of the Securities and Exchange Commission (“SEC”), we have elected to send you this full set of proxy materials, including a proxy card, and additionally to notify you of the availability of these proxy materials on the Internet.

Under the current rules of the New York Stock Exchange (“NYSE”), on certain “routine” matters, brokerage firms have the discretionary authority to vote shares for which their customers do not provide voting instructions.

On September 1, 2009, a final rule published in the Federal Register announced the FDIC’s extension of the transaction account guarantee component of the TLGP for a period of six months until June 30, 2010, for those institutions currently participating in this program.

Before, with commentary

In each of these examples, the disclosure refers—correctly, but unnecessarily—to an authority.

As permitted by the rules of the Securities and Exchange Commission (“SEC”), we have elected to send you this full set of proxy materials, including a proxy card, and additionally to notify you of the availability of these proxy materials on the Internet. [Rare is the shareholder who will question why s/he is receiving a full set of proxy materials and also being told how to find those materials online. Why belabor the point by citing to SEC rules that the shareholder is unlikely to look at?]

Under the current rules of the New York Stock Exchange (“NYSE”), on certain “routine” matters, brokerage firms have the discretionary authority to vote shares for which their customers do not provide voting instructions. [This just adds an unnecessary level of complication. Shareholders of companies that are not listed on the NYSE are especially likely to be confused—not understanding that the referenced rule applies to brokers, not companies.]

On September 1, 2009, a final rule published in the Federal Register announced the FDIC’s extension of the transaction account guarantee component of the TLGP for a period of six months until June 30, 2010, for those institutions currently participating in this program. [How many of your shareholders know or care that final agency rules are published in the Federal Register? Since it does not affect the disclosure, it is better to leave it out.]

After

We are sending you this full set of proxy materials, including a proxy card, but we also have posted these materials online.

If you are the beneficial owner, your broker or bank has the authority to vote your shares on certain “routine” matters even if you do not provide voting instructions. [NB: the term “beneficial owner” had already been explained in this proxy.]

The FDIC extended the transaction account guarantee component of the TLGP for a period of six months until June 30, 2010, for those institutions currently participating in this program.