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Kish Bancorp elects directors at meeting

BELLEVILLE — Spyros A. Degleris, of State College, Dr. James J. Lakso of Huntingdon, Kathleen L. Rhine of State College, and George V. Woskob of State College were elected Directors of Kish Bancorp Inc. at the company’s 119th annual shareholders’ meeting in May in Belleville. All will serve three-year terms ending in 2022.

Also recognized were the corporation’s and bank’s other directors who are serving existing terms: William P. Hayes, Dr. Eric J. Barron, William L. Dancy, Edward A. Friedman, Paul G. Howes, William S. Lake, Paul H. Silvis, Frances V. Vaughn and Gregory T. Hayes.

“Kish Bancorp shareholders and the Kish management team are truly fortunate to have the benefit of insight from a board with broad and diverse perspectives on this region we serve,” said William P. Hayes, Chairman and CEO of Kish Bancorp Inc. in a press release. “Most importantly, they demonstrate a deep appreciation for the role of governance in overseeing the affairs and setting the strategic direction of the corporation.”

In his address to the shareholders present, Hayes reviewed the company’s financial performance in 2018, noting achievements such as: expanded market share in all three counties Kish serves; a two-for-one stock split and a split-adjusted dividend increase of 8.7%; the uplisting of Kish Bancorp shares to the OTCQX exchange; the design, engineering, and site development for the Kish Innovation Center, a new operations and technology facility in Reedsville; the completed evaluation of the bank’s core processing platform and the launching of the core modernization project; elevated community alignment and reinvestment; and branch enhancement and expansion projects in Bellefonte and Allensville. Branch enhancements reflect the evolution of a streamlined Expect More branch of the future and, in the case of Allensville, serve as a new model for serving smaller rural communities.

Hayes highlighted financial performance for 2018, including: net income growth (up 45.63% over the prior year); sustained growth in loans (up 10.85%) and deposits (up 4.38%); robust expansion in earnings per share (up 41.90%); and strong affiliate performance — particularly by insurance and wealth management services — which contributed to an expansion in noninterest income (up 14.01%). Total assets at the end of the year were $851 million.

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