Main Street Bank Earnings Grow by 20 Percent From 2012 to 2013
Now with locations in Center Wheeling, Elm Grove, Wellsburg and Moundsville – and holding total assets of $306 million – Main Street Bank saw its earnings jump by 20 percent from 2012 to 2013.
However, company President and CEO Rich Lucas believes the bank’s best days still lie ahead. After all, the company began with just $5 million worth of equity in 2001, an amount that has grown to $22.3 million.
“Now that we have earned respect in the local market, we believe there is still plenty of room for growth,” Lucas said following the brief shareholders meeting Thursday at Undo’s in Elm Grove. “Expansion is always a possibility.”
In addition to Lucas, bank officials and board members gathered Thursday included Senior Vice President Cheri DeBlasis, Chairman of the Board Bruce Wilson President of the Marshall County Market Patty Dunlap, President of the Brooke County Market Chuck Bell, Elm Grove Branch Manager Beth Strawn and Chief Operations Officer Becky Randolph.
Lucas said the bank earned $2.68 million in 2013, up from $2.24 million the previous year. Shortly before the Thursday meeting, board members voted to increase the banks dividend payment for 2014 to 40 cents per share, reflecting a 15 percent increase from 2013.
“This is the fifth year we have paid a dividend to the shareholders, with increases in each of the last two years,” Lucas said.
Customer deposit accounts increased from $231 million in 2012 to $247 million in 2013.
The bank issued $242 million in loans during 2013, up from $222 million in 2012.
“In 2013, Main Street Bank produced a record number of mortgage loans. We originate and keep the mortgage right here in the Valley, and that local ownership means the area benefits,” DeBlasis said.