The Hancock-Henderson Quill, Inc.
The 83rd Annual Meeting of the Raritan State Bancorp, Inc. was held at 12:30 p.m. Saturday, March 8, 2003, at the St. Patrick Community Center, at which time 202 stockholders and guests were served dinner by the members of the Raritan Baptist Church. Following the dinner, Arthur F. Kane welcomed the stockholders and guests and introduced the employees from RSB/ABC, in addition to new stockholders of the bank.
Arthur F. Kane, President, presided over the meeting with Joe McCleary acting as secretary. Julia Regennitter, Janet Sly and William Allaman served as judges. Joe McCleary, Cashier, reported on the condition of the bank at close of business on December 31, 2002, and Arthur F. Kane, President, reported on the earnings of the bank. It was reported that total assets at close of business December 31,2002 were $90,238,660.09, and 2002 earnings were $737,800.
Robert B. Schleich, Chief Executive Officer, welcomed the stockholders, and thanked so many for attending.
He then thanked the entire staff and the Board of Directors for the teamwork and tenure that made this year run so smoothly, in spite of many challenges.
The bank has completed regulatory requests, and in many instances has completed them prior to the time-frame expected. These changes and others made in policy, procedures, employee duties, and credit underwriting standards, have produced very positive results throughout 2002, with positive results continuing in the current year of 2003.
Mr. Schleich then shared with the stockholders the earnings and growth history of the bank. Mr. Schleich stated that these are results that the bank likes sharing with their stockholders.
"We do not, however, want to diminish the loss taken. Instead, we have reviewed it, studied it, learned from it, and regained the earning trend desired".
In closing, Mr. Schleich offered a sincere thank you to the stockholders and customers for their continuing support and confidence.
Duane Torrance, Chairman of the Board thanked the Stockholders for their loyalty through a difficult year, while untrue rumors about the bank were being circulated in the area.
He stated that it has been the policy of the bank to return a portion of the annual earnings to the stockholders, in the form of a dividend.
This past year, however, all earnings were added to undivided profits, but it is the board's intention to pay dividends as soon as possible.
Arthur F. Kane announced that this is the 9th year that the bank has supported the CBAI essay contest, and that local prize money has been awarded each year.
He also stated that the bank will again be sponsoring the American Cancer Society's Annual Relay for Life events in Henderson, Warren and Knox counties.
Each stockholder and guest, was presented with a gift of an Illinois State Quarter folder, which in addition to the quarter, included historic information about the state.
The afternoon ended with the awarding of door prizes, which included crystal pieces, stepping stones, an Illinois Quarter framed wall hanging, and many floral centerpieces.
Chief Executive Officer Robert B. Schleich, Board V.P. Steve Wisslead, Art Kane President, and Chairman of the Board Duane Torrance.