CEO Message – October 2026

While life may have settled into a routine with children back in the classroom and the arrival of fall, there are still plenty of factors putting pressure on family budgets. As one economist recently observed, “For the average American family, the economy is better than it feels, but more expensive than it used to be.”

If that sounds like a mixed message, I couldn’t agree more.

There remains a disconnect between economic statistics and personal experience. On paper, data shows strong employment, a growing economy, moderating inflation, and rising household incomes. Yet many families continue to face financial challenges. Housing remains expensive, childcare and healthcare costs strain budgets, consumer confidence has softened, and many people feel less financially secure despite earning more than they did just a few years ago.

The U.S. economy continues to grow, although at a modest pace. While inflation has eased significantly from its peak, household budgets remain under pressure from higher costs for groceries, insurance, healthcare, utilities, and other everyday necessities. Many expenses still cost substantially more than they did only a few years ago, something we’re reminded of each time we shop for groceries, fill our gas tanks, or have the good fortune to enjoy a meal out.

Employment remains relatively strong nationwide, and job opportunities continue to be available throughout our local communities. However, housing affordability remains one of the greatest challenges facing many families. While there was optimism late last year and earlier in 2026 that interest rates would decline, current expectations indicate rates may tick upward slightly through the remainder of the year.

As a result, mortgage rates remain higher than pre-pandemic norms, leading to larger monthly payments, while higher home prices continue to be supported by limited housing inventory. First-time homebuyers have been especially affected, often delaying homeownership and increasing demand for affordable rental housing.

Higher interest rates have also increased borrowing costs for personal loans, vehicle loans, and credit cards. Combined with higher vehicle and gas prices, car ownership has become significantly more expensive, driving monthly auto payments to record levels for many consumers.

While rising costs continue to challenge many households, families who own homes, retirement accounts, and investments have generally benefited from long-term appreciation in asset values. Many investors enjoyed gains during periods of strong market performance, whilesavers have benefited from higher yields available on savings and money market accounts.

Wherever our members may be on their financial journey, Patriot is here to help navigate today’s challenges and build long-term financial security.

For members facing overwhelming debt, we can explore debt consolidation options that may help simplify payments and reduce both payments and financial stress. For young couples working toward homeownership, we offer first-time homebuyer solutions designed to help turn that goal into reality. And for members looking to maximize their savings, Patriot offers some of the area’s most competitive rates on share certificates and money market accounts, along with products like our Dividend Checking account.

With a 2.50% dividend rate, Dividend Checking combines many of the advantages of both a savings and checking account, while providing the convenience of a debit card, online and mobile banking, digital wallets, online bill pay, and more.

Coming soon, members who receive payroll through direct deposit will enjoy an additional benefit: Earned Wage Access, which provides access to deposited funds up to two days before a regularly scheduled payday.

For example, if your normal payday is Friday and your employer or payroll provider submits payroll information on Wednesday, you’ll be able to access your funds as soon as Patriot receives notice of the deposit. This is not a loan or paycheck advance. It is simply earlier access to money you have already earned. We believe this will bring tremendous value, flexibility, and convenience to our members.

If you are not currently using direct deposit, this new benefit is another great reason to enroll. Simply speak with any Patriot team member to get started.

For added convenience, members can now schedule appointments at any Patriot branch or through our Contact Center using our new online appointment scheduling platform. Introduced in late August, the service has been well received and allows members to easily schedule time for a variety of needs, whether opening a new account or share certificate, applying for a loan, or meeting with staff for account maintenance and other financial services.

Many of you may also recall the enhancements we made to our digital banking platform earlier this summer. These improvements included stronger security features and a more streamlined user experience. The updated platform allows us to continuously introduce new capabilities while providing a consistent, seamless experience across online and mobile banking.

One of the newest features enables eligible members to request a loan payment skip directly through digital banking. There is no longer a need to complete paper forms or mail signed documents. Members can manage the process quickly and conveniently through their self service online experience.

Service improvements are not limited to technology. While many consumers value the convenience of digital banking, we know that local branches remain an important part of serving our communities.

We are excited to open Patriot’s second West Virginia branch when our Inwood location begins serving members in mid-October. In addition, we recently broke ground on our next branch in Jefferson County, West Virginia, located in Ranson. We anticipate opening that location during the second half of 2027.

As I conclude, I want to sincerely thank each of our members for the opportunity to serve you. I appreciate your patience and support as we continue adapting to the evolving ways financial services are delivered. Please know that Patriot remains committed to providing the products, services, guidance, and personal attention you need to achieve your financial goals and strengthen your financial well-being.

As always, we welcome your feedback and suggestions. And if we’ve earned your trust, we would be grateful if you recommended Patriot to
your friends and family.

Thank you for your membership and your continued confidence in Patriot.

Sincerely,
Ron Celaschi – CEO