Tribune Staff Reports
The annual meeting of TPB Bancorp, parent company of The Peoples Bank, was April 8 in the data/conference center in Brownstown.
President Wm. Mark Norman called the meeting to order and talked about the success of 2018 calendar year.
Robert M. Branaman, executive vice president and chief financial officer, recapped the annual report for 2018 and said the bank’s assets at the end of 2018 were $211,519,593 compared to $208,835,669 at the end of 2017.
Net income for the year was $1,732,089, compared to $1,595,694 in 2017. Earnings per share for 2018 were $3.51 compared to $3.23 in 2017. Book value per share at the end of 2018 was $38.71.
Dividends in 2018 totaled $691,772 or $1.40 per share as compared to $642,340 or $1.30 per share in 2017.
Branaman also said recent stock sales had been ranging from $44 to $45 per share.
Stockholders re-elected directors Steven L. Ackerman and Scott E. Butt to three-year terms.
Norman said the bank is celebrating 100 years as The Peoples Bank was chartered in 1919 as Brownstown Loan and Trust Co. The Peoples Bank was formed in 1965 with the merger of Brownstown Loan and Trust Co. and First National Bank of Brownstown.
Norman also discussed the newly redesigned logo that he said served as a shining example that The Peoples Bank has the most modern banking tools and products for customers.
The bank wanted the logo to match the well-established institution to show that not only does it offer the most modern products but also has a logo with a timeless look, he said.
Norman said bank officials believe this a step in the right direction for the growing bank and for moving forward with the most modern banking products for friends and neighbors.
After adjournment, a subsequent meeting of board of directors was conducted.
During that meeting, the following officers were re-elected to TPB Bancorp as officers for the holding company: Jeffrey A. Nierman, chairman of the board; Norman, president; Branaman, corporate secretary/treasurer; and Deborah A. Roll, recording secretary.
Reappointed as officers of The Peoples Bank were Norman, president and chief executive officer; Branaman, executive vice president and CFO/trust officer; M. Randall Butler, vice president/comptroller; Brian L. Sommers, vice president/senior loan officer/security officer; Roll, vice president/administrative assistant/board recording secretary; Julie Cornett, vice president/auditor/head compliance officer; Bryan Stahl, vice president/manager IT services/operations officer; Michelle Taulman, vice president/loan officer/branch operations; Will Spray, assistant vice president/assistant trust officer/credit analysis officer/assistant security officer; and Brenda Hughes, assistant vice president/mortgage loan officer.