Peoples Bank Reports 10.9% Growth

At the annual meeting of TPB Bancorp and subsidiary the Peoples Bank held on April 11, President and CEO Wm. Mark Norman reported a dividend of $.85 per share for 2010 for the corporation. It was noted the assets of The Peoples Bank had grown over thirteen million dollars, or 10.9% since 2009, and the book value per share had increased by $2.23 per share for the year 2010 compared to $2.20 in 2009.
Norman stressed that stability and safety continue to be primary goals for the corporation. He also explained the bank has experienced expansion to the customer base believed to have been assisted by the banks conservative reputation.
“The bank has maintained its strong capital and liquidity,” said Norman. “Profitability remained very good throughout 2010, and we continue to add technological upgrades to serve its customer base well.”
Norman also reported the bank recently changed web addresses. The new address is www.banktpb.com, thus simplifying access electronically.
He thanked all bank directors, and expressed how pleased he was with the past year, and the ongoing support of directors, staff, and customer base of the bank
“We continue to do well in this economy due to the hard work of all staff members, and continued trust and support of our customers.” stated Norman. “Statistics show the economic climate in our service area remains positive, as near record dollar expansions were started at several of the county companies. This should provide added jobs and a better flow of dollars in our area for 2011.”
In other actions at the meeting, two directors Ralph L. Spurgeon and Jeffrey A. Nierman were re-elected to serve three year terms on the board.
Immediately following the annual meeting, the board met to re-organize. Donald L. Norman’s Chairman of the Board, and Executive Officers Wm. Mark Norman, President/CEO; with Robert M. Branaman, Executive Vice President/CFO. All other officers of the bank were re-appointed. One new officer was appointed; Julie Cornett who had formerly been Auditor and Head Compliance Officer was named Assistant Vice President/Auditor/Head Compliance Officer.