Croghan board OKs promotions, reviews 2009 bank performance PDF  | Print |  E-mail
Written by Sentinel-Tribune Staff   
Friday, 21 May 2010 10:45
The annual shareholders meeting of Croghan Bancshares, Inc. (CHBH.OB), the parent holding company of The Croghan Colonial Bank was held on May 11 at Terra Community College.
The Croghan Colonial Bank is a locally owned and operated bank, which was founded in 1888. The organization serves Sandusky, Huron, Erie, Ottawa, Seneca and Wood counties with banking center locations in Fremont, Bellevue, Clyde, Custar, Green Springs, Monroeville, Norwalk and Port Clinton.  
President and CEO,Steven C. Futrell introduced the directors and officers of Croghan Bancshares. He made a few comments on the performance of the bank in 2009 including a look at the balance sheet, future opportunities for growth, and overall performance in a tough economic climate.  He reminded the shareholders in attendance that The Croghan Colonial Bank is a recognized market leader and a corporate citizen in the communities that it serves.  
In closing, Futrell stated that the goal for bank and its employees is to continue to treat clients like VIPs, with excellent client service and providing performance based consistency.  He then introduced Kendall Rieman, Croghan Bancshares treasurer.
Rieman reviewed the bank's financial performance; among his comments was the company's net income of $3,106,000 or $1.81 on a per share basis, which resulted in a return on average assets of 0.66 percent and a return on average equity of 5.56 percent. Rieman also mentioned that Croghan paid out $1.28 per share to its shareholders in 2009.
At the meeting, the shareholders elected the following board members for terms expiring in 2013:  James Bowlus, board member since 2000; James Faist, board member since 2007; Daniel Lease, board member since 1994; and Allan Mehlow, board member since 2000.
Following the annual shareholders meeting, the Board of Directors held an organizational meeting in which the following promotions were approved: Thomas Elder to executive vice president and chief lending officer; Barry Luse to senior vice president and trust officer; and Kendall Rieman to senior vice president, chief financial officer and chief operations officer.

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