The Hancock-Henderson Quill, Inc.
The Bank of Stronghurst held its Annual Stockholders Meeting Tuesday, March 14, 2023 at St. Patrick Community Center, near Raritan with approximately 62 stockholders and guests attending the 12:30 p.m. luncheon buffet and meeting.
Stacie Newberry, President and CEO extended greetings to stockholders and guests and Brenda Brokaw, Assistant Cashier, led in the Pledge of Allegiance. The invocation was given by Stacie Newberry and guests enjoyed a delicious meal.
At approximately 1:35 p.m. the meeting was opened by Stacie Newberry, President and CEO who noted David Knutstrom, and Chad Scott were serving as Judges and Brenda Brokaw was Secretary.
President Newberry gave a brief recap of the banking environment during 2022 including numerous fed funds rate hikes.
She also discussed the most recent events concerning three regional banks who operated with a very high risk-appetite that have been taken over by the FDIC or are winding down their operations.
Mrs. Newberry shared that we must not confuse these banks with the community banks spread across America who serve their communities for the betterment of the community.
President Newberry assured the shareholders that we do indeed monitor and test our vulnerabilities and we continue to operate in a safe and sound manner. In closing, President Newberry reported the Bank of Stronghurst is committed to meeting the needs of our local communities for years to come.
President Newberry then called on Charlie Ford, Vice President, Cashier & Farm Loan Officer for his financial and loan report. Mr. Ford reported that the bank enjoyed another profitable year with net income after taxes of $313,707.48.
Mr. Ford 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 another year of profitability and growth.
Charlie Ford, Vice President, Cashier & Farm Loan Officer then reported on the bank’s loan portfolio. Mr. Ford stated we had solid loan growth during 2022. Mr. Ford then shared a breakdown of the loan categories and indicated that with our competitive rates, we look forward to additional loan growth in 2023.
Each stockholder was given a copy of the minutes of last year’s meeting. President Newberry asked for a motion to approve the minutes. A motion was made by Jean Steck and seconded by Bonnie Hensley to accept the 2022 stockholder minutes as presented. The motion unanimously carried.
Judges for the meeting, David Knutstrom and Chad Scott reported 1,795 shares of stock represented in person and 2,247 shares represented by proxy, making a total of 4,042 shares represented. President Newberry then declared a quorum present for the transaction of business.
President Newberry called for the Election of Directors for the coming year.
A motion was made by David Knutstrom and seconded by Dessa Rodeffer 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:
President Newberry called on Brenda Brokaw, Sandra Ford and Shelley Morrison to conduct a drawing for door prizes.
Winners of the drawing were as follows:
President Newberry then asked for a motion to adjourn the meeting. A motion was made by Charles Vaughn to adjourn the meeting. The motion was seconded by Jean Steck and unanimously passed.
Following the Annual Stockholders Meeting, Tuesday, March 14, 2023, the newly elected Board of Directors of the Bank of Stronghurst met at the banking house for the Organizational Meeting.
The Officers for 2023 were appointed as follows:
Brenda Brokaw
Secretary of the Stockholders
Meeting March 14, 2023
President Stacie Newberry (right) announced both Sandy and Charles Ford had received promotions at the Bank of Stronghurst.