The Hancock-Henderson Quill, Inc.
On Saturday March 11, 2023 Raritan State Bancorp, held its 103rd annual Stockholders meeting at St. Patrick Community Center. Two hundred stockholders, guests and employees were present for the 12:30 luncheon followed with the business meeting and several prizes drawn.
Chairman of the Board, Jan VanArsdale, conducting his final annual meeting as chair, gave his comments on the Holding Company. He discussed the historical increase in stock value and last year’s return on stockholders equity.
Jan, who was recognized for his retirement from the board, told the bank owners it has been an honor and a privilege to serve them as chairman of the board of the Raritan State Bank.
Assistant Cashier, Joe McCleary, led the invocation. He then reported the roll call of the stockholders with 5,728 shares of stock represented in person and 8,218 shares represented by proxy with a total 13,946 shares present.
The Assistant Cashier declared a quorum was present and then asked for approval of the 2022 minutes that was included in the stockholders packet.
CFO/Cashier, Angela Pollock, gave the bank’s report of financial condition reporting a very strong and growing bank with agriculture and real estate holding the greatest amount of loans. The total loan volume is $153,687,893.32. Certificate of deposits hold the greatest deposit amount. Total deposits are $208,161,049.52.
The total footings of the bank at year end was $241,276,859.97.
Bancorp President, Steve Wisslead, reported another profitable year with record earnings of $2,143,920.79.
The bank’s total operating income for the year was reported at $8,367,548.00 and the total operating expense results were $5,475,346.31, leaving $2,892,201.69 in earnings before taxes.
CEO, Robert Schleich then gave his comments on the growth and outlook of Raritan State Bank. He welcomed all in attendance to the 103rd annual stockholders meeting and introduced the new employees of the bank. Robert reflected on the great year the bank had. Robert also discussed completion of the installation of solar panels and the savings to the Raritan location as a result. The bank hopes to expand the use of solar panels to the Abingdon and Bushnell locations in the future. Fraud attempts nationwide have increased tremendously therefore your bank will continue to monitor fraud activities and offer fraud seminars to boost awareness in our communities. Robert discussed the progress the branches made with electronic banking. He said “a customer now has the ability to complete banking needs remotely from their phone and or computer.” Robert concluded his comment with recognition of the retirement of Jan VanArsdale as Chairmen of the Board of Raritan State Bank. Robert presented a gift to Mr. VanArsdale and thanked him for this 34 years of service to the Raritan State Bank.
As his final act, Chairman of the Board, Jan VanArsdale ran the business meeting. Directors Jan VanArsdale and Steve Wisslead were both up for reelection. Jan VanArsdale did not seek reelection. Nominations were received for Rich White and Steve Wisslead and the motion carried for the reelection of Steve Wisslead and election of Rich White.
The election judges were as follows: Carlyn Anders, Andrea Barber, and Christine Argenbright.
Bancorp President, Steve Wisslead, recognized all the directors for their continued commitment and direction of the Bancorp. He also thanked the staff for their hard work and dedication which is core to the success of the bank. He then asked for a motion to adjourn the meeting. A motion was made and was unanimously passed.
The meeting concluded with a drawing of 12 floral arrangements and 5 crystal pieces that were won by the stockholders and guests.