The Hancock-Henderson Quill, Inc.
Approximately 70 stockholders and guests attended the noon luncheon buffet and annual Bank of Stronghurst Stockholders meeting Tuesday, January 22, 2008, at Country Fun Restaurant, near Biggsville.
President and C.E.O. Charles E. Vaughn, led the stockholders and guests in the Pledge of Allegiance. Invocation was given by Director, Kenneth Nimrick.
Director George Hennenfent, chaired the meeting which opened at 1:40 p.m.
Executive Vice President and Cashier, Rodney Brake gave the bank's financial report. He reported another profitable year for the Bank of Stronghurst with total assets at year end of $65,139,140.57, an increase of 1.8% over 2007.
Total deposits were $53,331,333.87, which also showed an increase of $452,551.36.
These amounts represented record year-end highs for the Bank of Stronghurst.
Mr. Brake also commented on the differing opinions of economists as they debate the direction of the economy. He closed by telling shareholders that with the bank's strong capital position, conservative banking philosophy and loyal customers and shareholders, the Bank of Stronghurst is looking forward to another year of profitability and growth.
Senior Vice President and Farm Loan Officer Jerry Keimig reported that total loans at year-end were approximately $18.25 million.
Commercial loans totaled $5.8 million and real estate loans totaled $12.5 million and said the present loan to deposit ratio was 34% and loan to asset ratio was 28%.
Mr. Keimig told stockholders and guests that he and the other loan officers, who together have a combined total of over 50 years lending experience, will continue to be competitive and hope to improve the bank's loan growth in 2008. He stated, "We will continue to work hard for our present customers as well as any potential new customers."
Judges for the meeting were Mitchell Cortelyou, and Robert Dillon while Marlene Knutstrom was secretary of the meeting.
Judges reported there were 2,611 shares of stock represented in person and 2205 shares represented by proxy, making a total of 4,816 shares represented.
Chairman George Hennenfent declared a quorum present for the transaction of business and the following were elected Directors of Bank of Stronghrust for the coming year:
Charles Neff
Sidney Dowell
George Hennenfent
Kenneth Nimrick
Charles E. Vaughn
W. William Waddill
Rodney Brake
Marlene Knutstrom conducted the drawing for door prizes and fresh floral arrangements. The winners were as follows:
Carlyn Anders and Gene Hobby were winners of stadium blankets.
Don Anguish and Bob Dillon were winners of fresh floral arrangements.
Curt Eisenmayer and Carol Myers were winners of 2007 Proof Coin Sets.
The meeting was adjourned at 2:11 p.m.
2008 Bank of Stronghurst Organizational Meeting
Following the Annual Stockholders Meeting, Tuesday, January 22, 2008, the Board of Directors of the Bank of Stronghurst met at the bank for the organizational meeting.
Officers were appointed for 2008 as follows:
George Hennenfent,Chairman of the Board
Charles E. Vaughn,President and C.E.O.
Jerry Keimig, Senior Vice President and Farm Loan Officer
Rodney Brake, Executive Vice President and Cashier
Shawn McKoon, Vice President
Jane Malcolm, Assistant Vice President
Stacie Newberry, Assistant Vice President
Josh DeSotel, Loan Officer
Marlene D. Knutstrom, Executive Secretary