The Hancock-Henderson Quill, Inc.
The Bank of Stronghurst opened its doors for business on April 27, 1946 as the third bank in town after two previous banks failed.
Stronghurst was organized as a village in 1886 with the State Bank and The Merchants Exchange serving thru WW II but after the Depression Stronghurst had been without a bank from Nov. 1932 until April 1946.
After the post war years, a bank was considered a necessary establishment in Stronghurst if the town was to survive. So a group of merchants, headed by Clarence E. Neff, formed a committee with Sam Howell, R.L Peasley, Glenn Marshall, Otto Steffey, Lloyd Rankin, and M.H. Lovitt and they organized the Bank of Stronghurst.
Last week, the board held its 74th annual stockholders meeting Tuesday, March 10, 2020, at St. Patrick Community Center, near Raritan with approximately 75 stockholders and guests attending the 12:30 p.m. luncheon buffet-meeting.
Stacie Newberry, President and C.E.O., led the stockholders and guests in the Pledge of Allegiance with the invocation given by Joshua DeSotel.
At 1:24 p.m. the meeting was opened by George Hennenfent, Chairman. David Knutstrom, Jerame Cokel and Chad Scott served as judges and Brenda Brokaw as secretary.
Joshua DeSotel, Executive Vice President and Cashier gave the bank's financial status, reporting that the Bank enjoyed another profitable year with net income after taxes of $393,769.91.
Total Capital and Reserves ended the year at $11,416,491.26.
Mr. DeSotel ended the report stating that with the Bank's excellent capital position, strong management team and loyal customers and shareholders, the Bank of Stronghurst looks forward to entering its 75th year of profitability and growth.
Chairman Hennenfent then called on Charlie Ford, Vice President & Farm Loan Officer to report on the Bank's loan portfolio.
Mr. Ford reported continued loan growth during 2019 and he shared a breakdown of the loan categories and indicated that with our competitive rates, we look forward to additional loan growth in 2020.
Stockholders were each given a copy of the minutes of last year's meeting. The Chairman asked for a motion to approve the minutes. A motion was made by Bonnie Hensley and seconded by Jay Stevenson to accept the 2019 stockholder minutes as presented. The motion unanimously carried.
Judges David Knutstrom, Jerame Cokel and Chad Scott, reported 2,149 shares of stock represented in person and 2,457 shares represented by proxy,with 4,606 shares represented. Chairman Hennenfent declared a quorum present.
Chairman Hennenfent called for the Election of Directors for the coming year. A motion was made by Bonnie Hensley and seconded by Jerame Cokel that the present Directors be nominated for the coming year, close the nominations and that a unanimous ballot be cast to elect the nominees. The motion unanimously carried. The Directors for the coming year will be:
Chairman Hennenfent called on Brenda Brokaw to conduct a drawing for door prizes. Winners of the drawing were as follows:
Fresh floral centerpieces:
Merlin Foresman, Kathy Keimig, and Deanne Kane
US Mint proof coin sets: Sharon Bray and Doris Armstrong
Gift basket of specialty items: Patsy Louden, Nancy Kane and Jay Stevenson
Mr. Hennenfent then asked for a motion to adjourn the meeting. A motion was made by Bonnie Hensley to adjourn the meeting. The motion was seconded by Larry Louden and unanimously passed.
Following the Annual Stockholders meeting, Tuesday, March 10, 2020, the newly elected Board of Directors of the Bank of Stronghurst met at the banking house for the Organizational Meeting. The Officers for 2020 were appointed as follows:
George Hennenfent, Chairman of the Board
Stacie Newberry, President and CEO
Joshua DeSotel, Executive Vice President & Cashier
Charlie Ford, Vice President and Farm Loan Officer
Brenda Brokaw, Assistant Cashier
Sandra Ford, Assistant Vice President
Shelley Morrison, BSA Officer
Barb Logan, Branch Manager
Wyatt Logan, Loan Officer
Secretary of the
Directors were selected by shareholders for the Bank of Stronghurst's upcoming year. From left: Rodney Brake, Cheryl Waddill, Charles Neff, Jerry Keimig, George Hennenfent, Stacie Newberry and Byron Burg.