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Wiki	Wiki Summary
Operation Mincemeat	Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Arithmetic	Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today.
Bitwise operation	In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Special Activities Center	The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Surgery	Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Operation (mathematics)	In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Yoda conditions	In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement.
Dirichlet conditions	In mathematics, the Dirichlet conditions are sufficient conditions for a real-valued, periodic function f to be equal to the sum of its Fourier series at each point where f is continuous. Moreover, the behavior of the Fourier series at points of discontinuity is determined as well (it is the midpoint of the values of the discontinuity).
Twenty-one Conditions	The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920.
Nervous Conditions	Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English.
Causality conditions	In the study of Lorentzian manifold spacetimes there exists a hierarchy of causality conditions which are important in proving mathematical theorems about the global structure of such manifolds. These conditions were collected during the late 1970s.The weaker the causality condition on a spacetime, the more unphysical the spacetime is.
Wolfe conditions	In the unconstrained minimization problem, the Wolfe conditions are a set of inequalities for performing inexact line search, especially in quasi-Newton methods, first published by Philip Wolfe in 1969.In these methods the idea is to find\n\n \n \n \n \n min\n \n x\n \n \n f\n (\n \n x\n \n )\n \n \n {\displaystyle \min _{x}f(\mathbf {x} )}\n for some smooth \n \n \n \n f\n :\n \n \n R\n \n \n n\n \n \n →\n \n R\n \n \n \n {\displaystyle f\colon \mathbb {R} ^{n}\to \mathbb {R} }\n . Each step often involves approximately solving the subproblem\n\n \n \n \n \n min\n \n α\n \n \n f\n (\n \n \n x\n \n \n k\n \n \n +\n α\n \n \n p\n \n \n k\n \n \n )\n \n \n {\displaystyle \min _{\alpha }f(\mathbf {x} _{k}+\alpha \mathbf {p} _{k})}\n where \n \n \n \n \n \n x\n \n \n k\n \n \n \n \n {\displaystyle \mathbf {x} _{k}}\n is the current best guess, \n \n \n \n \n \n p\n \n \n k\n \n \n ∈\n \n \n R\n \n \n n\n \n \n \n \n {\displaystyle \mathbf {p} _{k}\in \mathbb {R} ^{n}}\n is a search direction, and \n \n \n \n α\n ∈\n \n R\n \n \n \n {\displaystyle \alpha \in \mathbb {R} }\n is the step length.
Conditions (album)	Conditions is the debut studio album by Australian rock band The Temper Trap, released in Australia through Liberation Music on 19 June 2009. It was later released in the United Kingdom on 10 August 2009.
Standard temperature and pressure	Standard temperature and pressure (STP) are standard sets of conditions for experimental measurements to be established to allow comparisons to be made between different sets of data. The most used standards are those of the International Union of Pure and Applied Chemistry (IUPAC) and the National Institute of Standards and Technology (NIST), although these are not universally accepted standards.
Financial condition report	In accounting, a financial condition report (FCR) is a report on the solvency condition of an insurance company that takes into account both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenarios. Risk assessment in an FCR involves dynamic solvency testing, a type of dynamic financial analysis that simulates management response to risk scenarios, to test whether a company could remain solvent in the face of deteriorating economic conditions or major disasters.
Balance sheet	In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year.
Financial statement	Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.\nRelevant financial information is presented in a structured manner and in a form which is easy to understand.
Financial ratio	A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Financial law	Financial law is the law and regulation of the insurance, derivatives, commercial banking, capital markets and investment management sectors. Understanding Financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
List of RTO districts in Kerala	\n== Regional Transport Offices ==\n\n\n== Sub Regional Transport Offices ==\n\n\n== Future Sub Regional Transport Offices ==\nGovernment of Kerala has repeatedly intimated multiple legislative members that there are no plans to setup any new RTOs/SRTOs in Kerala unless the financial condition of Kerala improves.\n\n\n== References ==\n\nOfficial list of Regional Transport Offices\nOfficial list of Sub Regional Transport Offices\n\n\n== External links ==\nhttps://www.mvd.kerala.gov.in (Link to Kerala Motor Vehicles Department.
Trustmark (bank)	Trustmark is a commercial bank and financial services company headquartered in Jackson, Mississippi, United States, with subsidiaries Trustmark National Bank, Trustmark Investment Advisors, and Fisher Brown Bottrell Insurance. The bank's initial predecessor, The Jackson Bank, was chartered by the State of Mississippi in 1889.
Form 10-K	A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Although similarly named, the annual report on Form 10-K is distinct from the often glossy "annual report to shareholders," which a company must send to its shareholders when it holds an annual meeting to elect directors (though some companies combine the annual report and the 10-K into one document).
Income statement	An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.It indicates how the revenues (also known as the “top line”) are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for). The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported.
Interest rate	An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed.
Interest	In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Competition	Competition is a rivalry where two or more parties strive for a common goal which cannot be shared: where one's gain is the other's loss (an example of which is a zero-sum game). Competition can arise between entities such as organisms, individuals, economic and social groups, etc.
Competitor analysis	Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats.
Competitor backlinking	Competitor backlinking is a search engine optimization strategy that involves analyzing the backlinks of competing websites within a vertical search. The outcome of this activity is designed to increase organic search engine rankings and to gain an understanding of the link building strategies used by business competitors.By analyzing the backlinks to competitor websites, it is possible to gain a benchmark on the number of links and the quality of links that is required for high search engine rankings.
Competitors for the Crown of Scotland	When the crown of Scotland became vacant in September 1290 on the death of the seven-year-old child Queen Margaret, 13 claimants to the throne came forward. Those with the most credible claims were John Balliol, Robert Bruce, John Hastings and Floris V, Count of Holland.
Sport of athletics	Athletics is a group of sporting events that involves competitive running, jumping, throwing, and walking. The most common types of athletics competitions are track and field, road running, cross country running, and racewalking.
List of female fitness and figure competitors	This is a list of female fitness and figure competitors.\n\n\n== A ==\nJelena Abbou\n\n\n== B ==\nLauren Beckham\nAlexandra Béres\nSharon Bruneau\n\n\n== C ==\nNatalie Montgomery-Carroll\nJen Cassetty\nKim Chizevsky\nSusie Curry\n\n\n== D ==\nDebbie Dobbins\nNicole Duncan\n\n\n== E ==\nJamie Eason\nAlexis Ellis\n\n\n== F ==\nAmy Fadhli\nJaime Franklin\n\n\n== G ==\nAdela García \nConnie Garner\nElaine Goodlad\nTracey Greenwood\nOksana Grishina\n\n\n== H ==\nMallory Haldeman\nVanda Hădărean\nJen Hendershott\nSoleivi Hernandez\nApril Hunter\n\n\n== I ==\n\n\n== J ==\nTsianina Joelson\n\n\n== K ==\nAdria Montgomery-Klein\nAshley Kaltwasser\n\n\n== L ==\nLauren Lillo\nMary Elizabeth Lado\nTammie Leady\nJennifer Nicole Lee\nAmber Littlejohn\nJulie Lohre\nJenny Lynn\n\n\n== M ==\nTimea Majorová\nLinda Maxwell\nDavana Medina\nJodi Leigh Miller\nChisato Mishima\n\n\n== N ==\nKim Nielsen\n\n\n== O ==\n\n\n== P ==\nVicky Pratt\nElena Panova\nChristine Pomponio-Pate\nCathy Priest\n\n\n== Q ==\n\n\n== R ==\nMaite Richert\nCharlene Rink\nKelly Ryan\n\n\n== S ==\nErin Stern\nCarol Semple-Marzetta\nKrisztina Sereny\nTrish Stratus (Patricia Anne Stratigias)\n\n\n== T ==\nKristi Tauti\nJennifer Thomas\n\n\n== U ==\n\n\n== V ==\nLisa Marie Varon\n\n\n== W ==\nLatisha Wilder\nTorrie Wilson\nLyen Wong\nJenny Worth\nNicole Wilkins\n\n\n== Y ==\n\n\n== Z ==\nMarietta Žigalová\nMalika Zitouni\n\n\n== See also ==\nList of female bodybuilders\n\n\n== References ==\nThere has been a rise in the number of women wanting to compete as fitness models.
List of Dancing with the Stars (American TV series) competitors	Dancing with the Stars is an American reality television show in which celebrity contestants and professional dance partners compete to be the best dancers, as determined by the show's judges and public voting. The series first broadcast in 2005, and thirty complete seasons have aired on ABC. During each season, competitors are progressively eliminated on the basis of public voting and scores received from the judges until only a few contestants remain.
Round-robin tournament	A round-robin tournament (or all-play-all tournament) is a competition in which each contestant meets every other participant, usually in turn. A round-robin contrasts with an elimination tournament, in which participants are eliminated after a certain number of losses.

Risk Factors
SUSQUEHANNA BANCSHARES INC Item 1A Risk Factors We may not be able to continue to grow our business, which may adversely impact our results of operations
Our total assets have grown from approximately dlra3dtta5 billion at December 31, 1997, prior to restatements for pooling of interests, to dlra7dtta5 billion at December 31, 2005
Our business strategy calls for continued expansion
Our ability to continue to grow depends, in part, upon our ability to open new branch locations, successfully attract deposits, identify favorable loan and investment opportunities and acquire other bank and non-bank entities
In the event that we do not continue to grow, our results of operations could be adversely impacted
Our ability to grow successfully will depend on whether we can continue to fund this growth while maintaining cost controls and asset quality, as well as on factors beyond our control, such as national and regional economic conditions and interest rate trends
If we are not able to control costs and maintain asset quality, such growth could adversely impact our earnings and financial condition
If we are unable to complete our pending merger with Minotola, or we are unable to successfully integrate operations or achieve the anticipated cost savings relating to the integration of our operations, we may experience significant charges to earnings that may adversely affect our stock price, operating results and financial condition
In November 2005, we entered into a definitive agreement to acquire by merger all of the outstanding shares of Minotola National Bank
Minotola received approval of the merger from its shareholders; regulatory approval is still pending
Under the terms of the merger agreement, in addition to various termination rights granted to each of us and Minotola for breach of representations, warranties and covenants, Minotola may unilaterally terminate the merger if our stock price falls below certain levels as described in the merger agreement, and if we do not elect to increase the amount of merger consideration to be paid to Minotola shareholders to appropriately adjust for such a decline in our stock price
If the transaction does not close for any reason, we will not realize the anticipated benefits of the Minotola transaction
We must consolidate and integrate the operations of Minotola with our business
Integration efforts often take a significant amount of time, place a significant strain on our managerial, operational and financial resources and could prove to be more difficult and expensive than we predicted
If we fail to realize the expected benefits from this acquisition, or from acquisitions we may consummate in the future, whether as a result of unidentified risks, integration difficulties, regulatory setbacks or otherwise, our business, results of operations and financial condition could be adversely affected
In addition, if we are unable to complete the merger with Minotola, we will experience charges for merger and merger related expenses that may include transactions costs, such as fees for attorneys and accountants
The incurrence of these charges could adversely affect our results of operations for particular quarterly or annual periods
Geographic concentration in one market may unfavorably impact our operations
Our operations are heavily concentrated in the Mid-Atlantic region
As a result of this geographic concentration, our results depend largely on economic conditions in these and surrounding areas
Deterioration in economic conditions in this market could: • increase loan delinquencies; • increase problem assets and foreclosures; • increase claims and lawsuits; 15 ______________________________________________________________________ [41]Table of Contents • decrease the demand for our products and services; and • decrease the value of collateral for loans, especially real estate, in turn reducing customers’ borrowing power, the value of assets associated with nonperforming loans and collateral coverage
Loss of certain of our key officers would adversely affect our business
Our future operating results are substantially dependent on the continued service of William J Reuter, our Chairman, President and Chief Executive Officer; Gregory A Duncan, our Executive Vice President and Chief Operating Officer; Drew K Hostetter, our Executive Vice President and Chief Financial Officer; Michael M Quick, our Executive Vice President and Group Executive; James G Pierne, our Senior Vice President and Group Executive; and Bernard A Francis, Jr, our Senior Vice President and Group Executive
Reuter, Duncan, Hostetter, Quick, Pierne, and Francis would have a negative impact on our business because of their expertise and years of industry experience
Reuter would have a negative impact on our business because of his leadership, business development skills and community involvement
We do not maintain key man life insurance on Messrs
Our exposure to credit risk, because we focus on commercial lending, could adversely affect our earnings and financial condition
There are certain risks inherent in making loans
These risks include interest rate changes over the time period in which loans may be repaid, risks resulting from changes in the economy, risks inherent in dealing with borrowers and, in the case of a loan backed by collateral, risks resulting from uncertainties about the future value of the collateral
Commercial loans, including commercial real estate, are generally viewed as having a higher credit risk than residential real estate or consumer loans because they usually involve larger loan balances to a single borrower and are more susceptible to a risk of default during an economic downturn
Our consolidated commercial lending operations include commercial, financial and agricultural lending, real estate construction lending and commercial mortgage lending, which comprised 16dtta0prca, 17dtta9prca and 24dtta1prca of our total loan portfolio, respectively, as of December 31, 2005
Construction financing typically involves a higher degree of credit risk than commercial mortgage lending
Risk of loss on a construction loan depends largely on the accuracy of the initial estimate of the property’s value at completion of construction compared to the estimated cost (including interest) of construction
If the estimated property value proves to be inaccurate, the loan may be inadequately collateralized
Because our loan portfolio contains a significant number of commercial real estate, commercial and industrial loans and construction loans, the deterioration of these loans may cause a significant increase in nonperforming loans
An increase in nonperforming loans could cause an increase in loan charge-offs and a corresponding increase in the provision for loan losses, which could adversely impact our financial condition and results of operations
If our allowance for loan and lease losses is not sufficient to cover actual loan and lease losses, our earnings would decrease
In an attempt to mitigate any loan and lease losses that we may incur, we maintain an allowance for loan and lease losses based on, among other things, national and regional economic conditions, historical loss experience and delinquency trends
However, we cannot predict loan and lease losses with certainty, and we cannot assure you that charge-offs in future periods will not exceed the allowance for loan and lease losses
If charge-offs exceed our allowance, our earnings would decrease
In addition, regulatory agencies, as an integral part of their examination process, review our allowance for loan and lease losses and may require additions to the allowance based on their judgment about information available to them at the time of their examination
Factors that require an increase in our allowance for loan and lease losses could reduce our earnings
16 ______________________________________________________________________ [42]Table of Contents Changes in interest rates may adversely affect our earnings and financial condition
Our net income depends primarily upon our net interest income
Net interest income is income that remains after deducting, from total income generated by earning assets, the interest expense attributable to the acquisition of the funds required to support earning assets
Income from earning assets includes income from loans, investment securities and short-term investments
The amount of interest income is dependent on many factors including the volume of earning assets, the general level of interest rates, the dynamics of the change in interest rates and the levels of nonperforming loans
The cost of funds varies with the amount of funds necessary to support earning assets, the rates paid to attract and hold deposits, rates paid on borrowed funds and the levels of non-interest-bearing demand deposits and equity capital
Different types of assets and liabilities may react differently, and at different times, to changes in market interest rates
We expect that we will periodically experience “gaps” in the interest rate sensitivities of our assets and liabilities
That means either our interest-bearing liabilities will be more sensitive to changes in market interest rates than our interest-earning assets, or vice versa
When interest-bearing liabilities mature or reprice more quickly than interest-earning assets, an increase in market rates of interest could reduce our net interest income
Likewise, when interest-earning assets mature or reprice more quickly than interest-bearing liabilities, falling interest rates could reduce our net interest income
We are unable to predict changes in market interest rates, which are affected by many factors beyond our control, including inflation, recession, unemployment, money supply, domestic and international events and changes in the United States and other financial markets
We attempt to manage risk from changes in market interest rates, in part, by controlling the mix of interest- rate-sensitive assets and interest-rate-sensitive liabilities
However, interest-rate risk management techniques are not exact
A rapid increase or decrease in interest rates could adversely affect our results of operations and financial performance
Adverse economic and business conditions in our market area may have an adverse effect on our earnings
Substantially all of our business is with customers located within Pennsylvania, Maryland and New Jersey
Generally, we make loans to small to mid-sized businesses whose success depends on the regional economy
These businesses generally have fewer financial resources in terms of capital or borrowing capacity than larger entities
Adverse economic and business conditions in our market area could reduce our growth rate, affect our borrowers’ ability to repay their loans and, consequently, adversely affect our financial condition and performance
For example, a loss of market confidence in vehicle leasing paper and related residual values could have a negative effect on our vehicle leasing subsidiary’s ability to fund future vehicle lease originations
If this should occur, our vehicle leasing subsidiary’s revenues and earnings would be adversely affected
Further, we place substantial reliance on real estate as collateral for our loan portfolio
A sharp downturn in real estate values in our market area could leave many of our loans inadequately collateralized
If we are required to liquidate the collateral securing a loan to satisfy the debt during a period of reduced real estate values, our earnings could be adversely affected
If we are not able to securitize assets, it could negatively affect our liquidity and capital ratios
We use the securitization of financial assets as a source of funding and a means to manage capital
If we were not able to securitize these assets for any reasons, including without limitation, market conditions, a failure to maintain our investment-grade senior unsecured long-term debt ratings, or regulatory changes, it could negatively affect our capital ratios and require us to rely more heavily on other sources of funding such as repos, brokered deposits and the Federal Home Loan Bank (“FHLB”)
Adverse business conditions in our vehicle leasing subsidiary could adversely affect our financial performance
Through our subsidiary, Boston Service Company, Inc
), we are involved in the vehicle leasing business
In 2005, Hann suffered a decrease in its vehicle origination, servicing, and 17 ______________________________________________________________________ [43]Table of Contents securitization fees, due to a combination of decreased lease origination volumes and decreased fees from securitization transactions due to the current interest rate environment
We believe that this reduction in volume principally resulted from special financing offers provided by the major automobile manufacturers with whom Hann competes
If these special financing offers continue, our financial performance could be negatively impacted
Additionally, in 2005, vehicle residual value expense at Hann increased significantly based upon service agreements with Auto Lenders Liquidation Center, Inc, a third party residual value guarantor
Under the terms of these servicing agreements, vehicle residual value expense will be substantially less in 2006, 2007, and 2008
Beyond 2008, vehicle residual value expense could once again increase depending upon the used vehicle market conditions
If this were to happen, it could have a negative impact on our financial performance after 2008
Competition from other financial institutions in originating loans, attracting deposits and providing various financial services may adversely affect our profitability
Our banking subsidiaries face substantial competition in originating loans, both commercial and consumer
This competition comes principally from other banks, savings institutions, mortgage banking companies and other lenders
Many of our competitors enjoy advantages, including greater financial resources and higher lending limits, a wider geographic presence, more accessible branch office locations, the ability to offer a wider array of services or more favorable pricing alternatives, as well as lower origination and operating costs
This competition could reduce our net income by decreasing the number and size of loans that our banking subsidiaries originate and the interest rates they may charge on these loans
In attracting business and consumer deposits, our banking subsidiaries face substantial competition from other insured depository institutions such as banks, savings institutions and credit unions, as well as institutions offering uninsured investment alternatives, including money market funds
Many of our competitors enjoy advantages, including greater financial resources, more aggressive marketing campaigns and better brand recognition and more branch locations
These competitors may offer higher interest rates than we do, which could decrease the deposits that we attract or require us to increase our rates to retain existing deposits or attract new deposits
Increased deposit competition could adversely affect our ability to generate the funds necessary for lending operations
Our banking and non-banking subsidiaries also compete with non-bank providers of financial services, such as brokerage firms, consumer finance companies, credit unions, insurance companies and governmental organizations which may offer more favorable terms
Some of our non-bank competitors are not subject to the same extensive regulations that govern our banking operations
As a result, such non-bank competitors may have advantages over our banking and non-banking subsidiaries in providing certain products and services
This competition may reduce or limit our margins on banking and non-banking services, reduce our market share and adversely affect our earnings and financial condition
We continually encounter technological change, and we may have fewer resources than many of our competitors to continue to invest in technological improvements, which could reduce our ability to effectively compete
The financial services industry is undergoing rapid technological changes with frequent introduction of new technology-driven products and services
In addition to better serving customers, the effective use of technology increases efficiency and enables financial service institutions to reduce costs
Our future success will depend, in part, upon our ability to address the needs of our customers by using technology to provide products and services to enhance customer convenience, as well as to create additional efficiencies in our operations
Many of our competitors have substantially greater resources to invest in technological improvements
There can be no assurance that we will be able to effectively implement new technology-driven products and services, which could reduce our ability to effectively compete
18 ______________________________________________________________________ [44]Table of Contents Government regulation significantly affects our business
The banking industry is heavily regulated, and such regulations are intended primarily for the protection of depositors and the federal deposit insurance funds, not shareholders
As a financial holding company, we are subject to regulation by the Federal Reserve Board
Our three bank subsidiaries, as of December 31, 2005, are also regulated by the Federal Reserve Board and are subject to regulation by the state banking departments of the state in which they are chartered
These regulations affect lending practices, capital structure, investment practices, dividend policy and growth
In addition, we have non-bank operating subsidiaries from which we derive income
Several of these non-bank subsidiaries engage in providing investment management and insurance brokerage services, which industries are also heavily regulated on both a state and federal level
In addition, changes in laws, regulations and regulatory practices affecting the financial service industry may limit the manner in which we may conduct our business
Such changes may adversely affect us, including our ability to offer new products and services, obtain financing, attract deposits, make loans and leases and achieve satisfactory spreads, and may also result in the imposition of additional costs on us
As a public company, we are also subject to the corporate governance standards set forth in the Sarbanes-Oxley Act of 2002, as well as any applicable rules or regulations promulgated by the SEC or The NASDAQ Stock Market, Inc
Complying with these standards, rules and regulations may impose administrative costs and burdens on us
The Pennsylvania business corporation law and various anti-takeover provisions under our articles of incorporation could impede the takeover of the company
Various Pennsylvania laws affecting business corporations may have the effect of discouraging offers to acquire Susquehanna, even if the acquisition would be advantageous to shareholders
In addition, we have various anti-takeover measures in please under our articles of incorporation
Any one or more of these measures may impede the takeover of Susquehanna without the approval of our board of directors and may prevent our shareholders from taking part in a transaction in which they could realize a premium over the current market price of our common stock