Orion Bancorporation holds business meeting
The 120th annual meeting of the shareholders of Orion Bancorporation, Inc. was held on Monday, March 21 at Lavender Crest Winery Colona.
President James R. Dingman informed stockholders that in 2010 net income rose 78 percent to a record high of $3,130,000. The Return on Equity was 10.5 percent and the Return on Assets was 1.02 percent, both of which are 13 year highs.
Total assets grew 8 percent to $318 million. The company ended the year with $170 million in outstanding loans, a decrease of 1 percent.
On Dec. 31, 2010, stockholders equity in the company was $31.0 million, an increase of 8 percent. This equates to a book value of $401 per share or 9.75 percent of assets. The company declared dividends of $5.60 per share during 2010, an increase of 8 percent. In addition, a special dividend of $2.00 per share was paid in February 2011 due to the extraordinary success achieved during 2010.
Dingman reviewed progress made on a number of topics including branch growth, a remodeling project, a recent regulatory exam, and new technologies.
During 2010, BankORION celebrated its 120th Anniversary. Dingman noted that the bank is now the oldest in Henry County and the third oldest in the entire QC area.
The company elected Timothy J. Fritz, Howard W. Nightingale, and J. Albert Stenzel to the board of directors for three-year terms joining James R. Dingman, Daniel J. Wahlheim, Alan F. Wright, Charles H. Langman, and Archie E. Samuelson.
In addition, the board re-appointed the following officers: James R. Dingman, Chairman, President and CEO, Larry Greim, Vice President & Cashier, Timothy J. Fritz, Sr. Vice President, Scott A. Gilbraith, Vice President, Cindy S. Bender, Vice President & Controller, Sharon K. Warner, Vice President & HR Director, Emily H. Snell, Assistant Vice President, Donna J. Johnson, Retail Banking Officer, Valerie A. Johnson, Operations Officer, Jolleen Montgomery, Marketing Director, and Andrea Bobb, Compliance Officer, and Daniel J. Cusack, Information Systems Officer.
Officers at the Cambridge Office include Mark A. Johnson, Vice President, Martin L. Morey, Assistant Vice President, and Jo Lea Holevoet, Office Manager.
Officers at the Moline Office include Eric Tagtmeier, Vice President and Kevin Schoonmaker, Vice President.
Officers at the Annawan Office include Janeane Minnaert, Vice President.