The Hancock-Henderson Quill, Inc.
Approximately 65 Stockholders and guests attended the buffet luncheon and Annual Meeting of the Bank of Stronghurst on Tuesday, January 27, 2004, at Country Fun Restaurant.
James A. Melvin, Chairman of the Board, welcomed Stockholders and guests and called for a moment of silence to be observed for the Stockholders who passed away in 2003.
Charles E. Vaughn, President and CEO, led the Pledge of Allegiance and the invocation was given by Board Member, Kenneth Nimrick. Everyone enjoyed a delicious buffet.
At 1:30 p.m., the meeting was opened by George Hennenfent, Chairman of the meeting. He introduced the other officers of the meting. They were Robert Dillon and Mitchell Cortelyou, Judges, and Marlene Knutstrom, Secretary.
The Financial Report was given by Vice President and Cashier, Rodney Brake. Mr. Brake went over the Balance Sheet and Income Statement. He stated that while interest rates have remained low, the Bank was able to maintain earnings at about the same level as 2002. Total assets of the Bank remained stable.
He said that with its strong capital position and loyal customers and shareholders, the Bank should be in a good position to meet the challenges and opportunities of the future.
Jerry Keimig, Vice President and Loan Officer reported on the Bank's loans. Mr. Keimig reported that total loans in 2003 were $16.9 million, which was a decrease of about 1.5% from the previous year.
He said that about 60% of the Bank's loans continued to be Ag related with Commercial, Real Estate and Individual loans making up the difference. He closed by stating that the Bank is always looking for new loans and asked the Stockholders to refer anyone in need of a loan to the Bank.
After the minutes of last year's meeting were approved, the Judges reported that 2,751 shares of stock were represented by proxy and 2,514 shares were represented in person for a total of 5,265 shares represented.
Chairman George Hennenfent declared that there was a quorum. Mr. Hennenfent then called for nominations for Directors for 2004.
A motion was made by David Vancil and seconded by Bob Dillon that the current Directors namely, Kenneth Nimrick, James A. Melvin, Sidney L. Dowell, George Hennenfent, Charles E. Neff, Charles E. Vaughn, and W. William Waddill be nominated and that a unanimous ballot be cast. The motion was unanimously approved, and the nominees were elected Directors for the coming year.
After the business meeting, a drawing was held for door prizes and floral arrangements with Marlene Knutstrom announcing the winners. The winners were:
Fresh Floral Arrangement- Elgin Lescher
2003 Five Piece U.S. State Quarter Set - Roger Hofland
2003 Nine Piece U.S. Proof Coin Set- William Steck
2003 Nine Piece U.S. Proof Coin Set- Duane Harden
Fresh Floral Arrangement- Berniece Dowell
Meeting adjourned at 1:55 p.m.
2004 Bank Organizational Meeting
Following the Annual Stockholders Meeting, January 27, 2004, the newly elected Board of Directors of the Bank of Stronghurst, met at the Bank for their Organizational Meeting. At the meeting, James A. Melvin was elected Chairman, and Charles E. Vaughn was elected President and CEO of the Bank of Stronghurst for the coming year. Other officers appointed for 2004 were as follows:
Jerry W. Keimig - Vice President & Farm Loan Officer
Gary D. Kline- Vice President
Rodney E. Brake- Vice President and Cashier
Jane Malcolm- Assistant Vice President
Stacie A. Newberry- Assistant Cashier
Marlene D. Knutstrom- Executive Secretary
Directors Kenneth Nimrick, James A. Melvin, Sidney L. Dowell, George Hennenfent, Charles E. Neff, Charles E. Vaughn, and W. William Waddill were elected by unanimous ballot last week. William "Bill" Waddill is new on the board and was nominated to replace the vacancy left by his father, Wayne Waddill who died September 10, 2003.