The Hancock-Henderson Quill, Inc.
Approximately 87 stockholders and guests attended the Annual Meeting and luncheon of the Bank of Stronghurst. It was held on Tuesday, January 25 at Country Fun Restaurant rural Biggsville.
After the invocation by board member Kenneth Nimrick, and delicious buffet, James A. Melvin, Chairman of the Board of Directors, welcomed Stockholders and guests. Bank President and C.E.O., Charles E. Vaughn, led all in the Pledge of Allegiance.
George Hennenfent, Chairman, introduced the other officers of the meeting. Robert Dillon, Mitchell Cortelyou, and Ronald Stamp were judges and Marlene Knutstrom was secretary.
The financial report was given by Vice President and Cashier, Rodney E. Brake. He discussed with the stockholders, the various financial reports and noted that even though the interest rates remained low for most of 2004, there was a slight increase toward the latter part of the year's figures. Mr. Brake reported on the Lomax Bank Bank, and the expansion of the Bank's marketing area. This included the establishing of two additional branches. They were the Dallas Banking Center. located in Dallas City which opened on November 15, 2004 and the purchase of former First State Bank of Little York building, in Little York, which is scheduled to open approximately the first part of April, 2005.
Jerry Keimig, Vice President and loan Officer, reported on the Bank's loan programs. Mr. Keimig reported that total loans in 2004 were $16.4 million which was a decrease of approximately 3%. He explained to the stockholders the breakdown of the loans, showing 59% as ag related with the commercial, individual and real estate loan making up the balance of the loan program. He stated the present Loan/Deposit ratio as 34% and Loan/Asset ratio as 28%. He closed by stating the competition for loans continues to be very strong and asked the stockholders to continue to refer the Bank of Stronghurst for any potential loan customers.
2,579 shares of stock were represented by proxy and 2,560 shares represented in person, for a total of 5,134 shares represented. Chairman declared a quorum present for transaction of business.
Chairman Hennenfent called for Election of Directors. Motion was made by David Vancil, seconded by Bob Dillon, that the present directors, namely, Kenneth Nimrick, James A. Melvin, Sidney L. Dowell, George Hennenfent, Charles E. Neff, Charles E. Vaughn and W.William Waddill be nominated.
A motion by Jan Neff, seconded by Dick Knutstrom, asked the nomination cease and that an unanimous ballot be cast. Motion approved unanimously and the nominees were elected directors for the coming year.
A drawing was held by Marlene Knutstrom, for door prizes and floral arrangements were won by:
Fresh floral centerpieces-Trudi Lefler and Don Anguish
1 Gallon Thermos jugs-Betty Hennenfent and Nedra Taylor
2004 U.S. Coin Proof Sets-Tom Edmonds and Bonnie Hensley
A motion was made by Bonnie Hensley, seconded by Janet Sly and unanimously approved to adjourn the meeting at 1:55 p.m.
Speaking at the Bank of Stronghurst annual meeting and luncheon last Tuesday afternoon were from left: Rodney Brake, V.P./Cashier, Jerry Keimig, V.P./Loan Officer, George Hennenfent, Chairman and Board member, James A. Melvin, Chairman of the Board, Charles E Vaughn, Bank President and C.E.O., and Kenneth Nimrick, Board member.