To whom it may concern:

 I am pleased to recommend the appraisal management services of Collateral Evaluation Services (“CES”).

 I have utilized CES as the virtual appraisal department of three banks for which I have served asChief Credit Officer over the last eight years. During this time, CES has consistently demonstrated a commitment to providing the highest quality collateral valuation products and services in a timely manner. Larry Woodall and his team always make themselves available to our bankers and credit risk managers to help them with their real estate valuation needs.

 I rely on their guidance when it comes to the proper approach to an appraisal problem and what is required to maintain regulatory compliance. CES has also taken the time to review and provide guidance on our appraisal policies and procedures. I never worry about our ability to exceed regulatory standards in these important aspects of our business.

In my opinion, we are better commercial real estate credit risk managers at Peoples Security Bank & Trust Company because of our relationship with CES. Please feel free to contact me should you have any questions.


Timothy H. Kirtley
Executive Vice President, Chief Credit Officer
Peoples Security Bank & Trust Company
150 North Washington Avenue
Scranton, PA 18503

Jim Johnson
Executive Vice President, Lending and Credit Administration

Larry Woodall, CEO & Chief Appraiser
590 Colonial Park Drive
Rowell, GA  30075

Dear Larry,

It is my pleasure to provide the letter of reference to you to use at your discretion.

First Bank has assets of over $400 million with a loan portfolio exceeding $315 million. Over the past four to five years we’ve experienced significant growth in real estate secured lending. Today over 80% of our loan portfolio is secured by real estate of one type or another. This concentration forced us to evaluate our complete appraisal process. What we found was that internally, we lacked the expertise to comply with regulatory requirements.

For this reason, last fall we began an extensive search for a 3rd party solution that would not only give us separation from the appraisal process, but also provide the level of appraisal review expertise that we needed. That search resulted in us selecting ECS as our 3rd party appraisal manager in the spring of this year. We chose CES because they could provide a full slate of valuation services, they adopted our approved appraiser list in total, and we recognized the value of the staff’s appraisal experience.

Prior to initiating the new process, Larry Woodall personally flew to Texas to meet our lenders and our appraisers, ensuring that question were answered and concerns addressed. Still, there was , and to a lesser extent still is, pushback from both the lenders and the appraisers. Change can sometime be difficult. Larry and the others at CES have been great to talk through these issues and work with us to find a resolution.

I feel that we are now in a much more confident position when lending into the industry, and in a much better position defending these decisions when examined by our regulators. We do not regret our decision to partner with CES.


Jim Johnson
Executive Vice President, Lending and Credit Administration
First Bank

Robyn Stevens
Executive Vice President, Chief Credit Officer

November 201, 2018

To whom it may concern,

I am writing you today to recommend the services of Collateral Evaluation Services (CES).

Peoples Bank has been using CES for appraisal management services for nearly seven years, and we have always been completely satisfied with their performance. They are thorough, timely, and always very responsive to our questions. In addition, CES provides sound advice we can rely on to ensure compliance with regulatory guidance.

During a recent due diligence project, I engaged CES to provide evaluations for eight bank branches to be acquired. With very short notice and limited information, CES provided a thorough report in under 4 days. Their ability to quickly turn this request allowed us to make an informed decision and meet our requested deadline.

I’m happy to recommend the servides of CES. If you have any quesitons, please feel free to contact me.


Robyn Stevens
Executive Vice President, Chief Credit Officer
Peoples Bank
Marietta OH

Rob S. Ely
Chief Appraiser

To Whom It May Concern:

Prosperity Bank is a $22.5B community bank serving Texas and Oklahoma. We engaged Collateral Evaluation Services, CES, to provide us with commercial and residential reviews, evaluations and out of market appraisal ordering and review services.

I’ve known and worked with Larry Woodall for over 10 years. I first engaged CES as Chief Appraiser of Pacific Capital Bancorp, a $10B community bank (now part of Union Bank California). CES performed a portfolio analysis and revaluation for PCB’s CRE portfolio, as well as high dollar and out of market transaction review services. Larry and his team do a fantastic job of providing high quality services in a timely manner meeting or exceeding expectations.

Larry is an invaluable resource assisting us when unique situations arise or highly specialized property types need to be valued. His market knowledge and experience with such a vast array of property types and valuation scenarios has helped us obtain higher quality appraisals and lower our collateral risks. CES’ staff is always helpful and do their utmost to assist when called upon. I highly recommend CES for your appraisal management and service needs.


Robert S. Ely
SVP Chief Appraiser
Prosperity Bank
Houston,Texas 77081

Additional Accolades

“I cannot emphasize enough how satisfied we are with this Review. I greatly appreciated every step of the process including the identification of errors/areas for improvement, the independent communication with the Appraiser, the resolution of the findings, the completion of the final product and the summary Review. I also respect the feedback on the Appraiser, and will be taking your advice under advisement for future projects. All-in-all a very professional process and far superior to any other Review process we have engaged to date.”

– Credit Officer

“It is nice to see some REAL analysis in an appraisal review.”

– Special Asset Officer

“I really liked the first two reviews. I really like your review format and detail – more detailed than mine for sure.”

“CES did a great job evaluating our appraisal program.  Their AMPERE audit was a thorough, well organized examination that helped create operational efficiencies, brought best practices into focus, and provided insights into how we stacked up with our peers.  Their recommendations helped us overcome several challenges structurally and assisted us in dealing with our internal stakeholders.  Their people and process minimized department disruptions and their service was impeccable.  CES is the company to turn to for valuable insights!”

“We really appreciate your help and I think we made a very good choice of partners!”

“We participated on an appraisal / review with XXX out of Pittsburgh.   The Chief called me to praise the review work and he asked me about CES.  After our conversation, I’m sure he will be engaging CES for services in the future.”

“CES’s review work is excellent.  Your Reviewer does an outstanding job of reviewing and communicating.”

– Various Bankers

“Larry is extremely knowledgeable and customer service-oriented. His experience as an appraiser and reviewer as an end-user in the lending industry gives him a unique insight in the appraisal management process. I would recommend Larry whole-heartedly to anyone looking for an experienced, reliable appraisal professional.”

“Thanks very much for the CES report. It’s a pleasure to read something that does not have a spin attached. Your letter is well written, lucid and informative.”

“I just read your Fall 2011 RE Market Report.  Totally enjoyed “Time Heals Everything” and your style of writing – combining some facts and stats with your opinion mixed with a little humor.  Have to admit I see stuff like this often but don’t usually read the entire thing.  Read this one cover to cover.”

“When I get a little better at all this, I want to work for you guys!  I truly respect your stance on the issues, and the knowledge that you are more than willing to share!”

“I recently came across the CES website and perused some of your recent market reports. Just thought I’d let you know that I enjoyed reading them and found your “Take on Things” to be particularly insightful – and refreshingly frank.”

– Various Appraisers

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