The Hancock-Henderson Quill, Inc.
The Bank of Stronghurst held its Annual Stockholders meeting Tuesday, January 26, 2010, at Country Fun Restaurant, near Biggsville.
Approximately 75 stockholders and guests attended the 12:30 p.m. luncheon buffet and meeting.
Charles E. Vaughn, President and C.E.O., led stockholders and guests in the Pledge of Allegiance. Invocation was given by Director, Kenneth Nimrick. At approximately 1:30 p.m. the meeting was opened by George Hennenfent, Chairman. He introduced the other officers of the meeting. Robert Dillon and Mitchell Cortelyou were Judges. Marlene Knutstrom was Secretary.
The Chairman called on Rodney Brake, Executive Vice President and Cashier, for his financial report. Brake reported that the Bank of Stronghurst had another profitable year. In 2009 the Bank of Stronghurst enjoyed a year of substantial growth. Mr. Brake reported Total Assets at year-end were $71,674,292.41, which was an increase of $3,110,101.27 or 4.54%. Total Deposits increased from $56,022,225.97 in 2008 to $60,457,447.56 in 2009, which was an increase of $4,434,811.02 or 7.92%.
Although the Bank of Stronghurst and other true community banks did not participate in any of the risky and unsound practices that led up to the current financial situation, it will be difficult to avoid some of the effects, such as increased regulation and higher FDIC Insurance expense. He closed his report by stating that the financial markets and the economy continue to be unsettled.
With the Bank's strong capital position, continued conservative banking philosophy and loyal customers and stockholders we look forward to another year of profitability and growth.
Jerry Keimig, Sr. Vice President and Farm Loan Officer, reported on the Bank's loan portfolio. Mr. Keimig reported total loans in 2009 were $17.3 million. He went on to break the loans down by type and stated that we make all types of loans including agricultural, commercial and personal loans, as well as commercial, agricultural and individual real estate loans. He closed by stating that the competition for loans continues to be very strong. The Bank of Stronghurst has four locations and over 56 years of lending experience to serve the public. We will continue to work hard to serve our present customers and to attract new customers.
Each stockholder was given a copy of the minutes of last year's meeting. The 2008 stockholder minutes were approved upon a motion by Bonnie Hensley, seconded by Jerame Cokel and carried unanimously.
Judges for the meeting, Mitchell Cortelyou and Robert Dillon, reported 2,764 shares of stock represented in person and 1,324 shares represented by proxy, making a total of 4,088 shares represented. Chairman George Hennenfent then declared a quorum present for the transaction of business.
Chairman Hennenfent called for Election of Directors for the coming year.
A motion was made by Robert Dillon and seconded by Bonnie Hensley, that the present Directors be nominated for the coming year and that a unanimous ballot be cast which carried unanimously. The Directors for the coming year will be:
Kenneth Nimrick
Sidney L. Dowell
Charles E. Neff,
W. William Waddill
George Hennenfent
Rodney Brake
Charles E. Vaughn
Marlene Knutstrom conducted a drawing for door prizes and fresh floral arrangements. Winners were:
Fresh Floral Centerpieces: Gene Hobby & Tom Edmonds
2009 US Mint Proof Coin: Sets: Jack Brokaw & Jim Blender
Folding Stadium Chairs: Lois Hutson and Sharon Eisenmayer
Tool Kits: Mary Covert & Edward Brooks
Gallon Thermos Jugs: Debra Smith & Pauline Oge
A motion by Bonnie Hensley, seconded by Lois Campbell to adjourn unanimously carried and the meeting adjourned at 2:29 p.m.
Marlene D. Knutstrom
January 26, 2010
Ferne and Beryl Sparrow of Lomax and Sharon and Curt Eisenmayer of Stronghurst and others enjoyed a delicious meal last Monday at the Bank of Stronghurst Annual Stockholders meeting at Country Fun.