The Hancock-Henderson Quill, Inc.



Raritan Bank 92nd Stockholders' Annual Meeting

The Raritan State Bank held its 92nd Annual Stockholder's Meeting Saturday, March 10, 2012 at St. Patrick's Community Center near Raritan. The members of the Raritan Baptist Church served the meal to approximately 185 stockholders and guests.

The 92nd annual meeting was opened by Arthur F. Kane, President. He introduced the staff, new stockholders, and the judges, David Painter, Darlene Pruett, and Carol Stevens.

Joseph McCleary, Assistant Cashier, read the minutes of last year's meeting. Angela Pollock, C.F.O. and Cashier, presented the Statement of Condition of the Bank as of December 31, 2011.

President Kane then presented the Comparative Statement of Earnings for 2011.

Robert B. Schleich, C.E.O. reflected upon 2010 being a challenging year due to the large Ag loan loss which reduced the bank's capital level.

2011 was a very profitable year which has replenished the bank's capital level to acceptable regulatory standards, however, not fully acceptable by the Board of Directors' strategic plan.

As budgeted, 2012 will restore the bank's capital level per the directive set. The Board of Directors, management, and staff will not lose sight of the "balance of fairness" as the bank achieves its strategic plans.

The bank has, and will continue to focus upon fairness to customers through interest rates and service; fairness to the communities served through financial and staff support of events; and fairness to stockholders through dividends and value appreciations. Comments about the Holding Company's year were made by the Chairman of the Board, Jan Van Arsdale.

President Kane introduced Henderson County State's Attorney Scott McClintock to help with the election of directors and the business meeting.

The term of two directors was over, Mark Erickson and Joseph Krupps were nominated and re-elected to serve a three year term. They serve with Directors Arthur F. Kane, Michael L. Neff, William J. Simonson, Jan Van Arsdale, and Steven Wisslead.

The stockholders were told of causes the bank helps support throughout the year and upcoming events, meals, and benefits.

President Kane congratulated Kenneth and Catherine Corzatt on their approaching 70th wedding anniversary.

He also asked stockholders that are over 90 years of age or will be 90 this year to stand and be recognized by applause.

The drawing for door prizes was conducted by Joe McCleary with 20 floral centerpieces and several other prizes won by shareholders.

At the March 22 board meeting, officers were appointed and all staff will remain in their same positions.