Main Street Bank Increases Dividend Payout 40 Percent
Now holding total assets of $272 million, Wheeling-based Main Street Bank is increasing its dividend payment to shareholders by 40 percent.
Bank officials and board members gathered at the Center Wheeling office for the annual shareholders meeting. The report showed in 2012, Main Street opened its first Marshall County office Thursday in Moundsville. This branch joins the Wellsburg, Elm Grove and Center Wheeling locations. The dividend for shareholders of record will go from 25 cents per share to 35 cents per share.
President and Chief Executive Officer Rich Lucas said that even after absorbing the startup costs for the Moundsville office, the company was still able to produce a profit during the year. Net income for 2012 was $2.24 million, up from $2.235 million in 2011.
Customer deposit accounts increased from $208 million in 2011 to $231 million in 2012. The bank issued $222 million in loans during 2012, up from $196 million in 2011.
Now employing 51 workers at the four locations, Lucas said his company continuously evaluates new chances for expansion.
Some of those on hand were Lucas, Senior Vice President Cheri DeBlasis, Chairman of the Board Bruce Wilson, Secretary of the Corporation Dr. Carlos C. Jimenez and President of the Marshall County Branch Patty Dunlap.
Elected to the board of directors for the new year at the Thursday meeting were DeBlasis, Jimenez, Lucas and Wilson, along with Dan Aderholt, Tom Anthony, Mark Staley, Mike Baker, Nick Sparachane, Dave Mathieu, Tom Galinski and John DeBlasis.