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Raritan Shareholders Hear Of Successful Year at Annual Meeting

Raritan State Bancorp Holds 94th Annual Meeting

The Raritan State Bank held its 94th Annual Stockholder's meeting Saturday, March 8, 2014 at St. Patrick's Community Center near Raritan.

The members of the Raritan Baptist Church served the meal to approximately 180 stockholders and guests.

The 94th Annual Meeting was opened by Arthur F. Kane, President. He introduced the staff, new stockholders, and the judges, Melvin Bray, David Painter and Darlene Pruett.

Joseph McCleary, Assistant Cashier, read the minutes of last year's meeting. Angela Pollock, C.F.O. and Cashier, presented the Statement of Condition of the Bank as of December 31, 2013. President Kane then presented the Comparative Statement of Earnings for 2013.

Robert B. Schleich, C.E.O. reflected upon 2013 being a very profitable year which continues compliance with the strategic plan set forth by the Board of Directors several years ago. The plan is updated each year and continues to focus upon fairness to customers thru interest rates and service; fairness to the communities served thru financial and staff support of events; and fairness to stockholders thru dividends and value appreciations.

He noted the Board of Directors has placed additional conservatism into the strategic plan due to concerns the local agriculture economy may be at or near the top of an economic cycle.

Robert told the shareholders that soon e-statements will be an option for receiving their monthly account statements and to stop by to view the recently re-modeled bank lobby at the Raritan office.

Robert also explained the average age of the directors has increased and the total number of shareholders who meet the requirements to become a director is limited. He reviewed the requirements and urged any shareholder who may have interest in becoming a director to let the staff/management know.

Robert asked the shareholders to give a kind round of applause to honor Art Kane for 45 years of exceptional service to the bank; Art retired December 31, 2013.

He concluded by saying it is not possible to take all the risk out of the risk-inherent business of banking, but the directors, management, and staff will do their very best to manage it.

Comments about the Holding Company's year were made by the Chairman of the Board, Jan VanArsdale. President Kane introduced Warren County Assistant State's Attorney Andrew Doyle to help with the election of directors and the business meeting.

The term of two directors expired. Jan VanArsdale and Steve Wisslead were nominated and re-elected to serve a three year term. They serve with Directors Mark Erickson, Arthur F. Kane, Joseph Krupps, Michael L. Neff, and William J. Simonson.

The stockholders were told of causes the bank helps support throughout the year and upcoming events, meals, and benefits. The drawing for door prizes was conduced by Joe McCleary with 20 floral centerpieces and several other prizes won by shareholders.