Damariscotta Bankshares Inc., parent company of Damariscotta Bank & Trust Co., held its annual meeting on April 25 at its 619 Main St. branch in Damariscotta. The meeting was conducted under the direction of Chester A. Rice, the presiding chairman of the board.
Among business conducted at the meeting, Allen D. Holmes, Gary E. Sukeforth, Rice, John C. Harris, and Clayton N. Howard were re-elected to another term as directors of the company. Continuing their terms as directors are John E. Reny and Dale E. Leighton. At the director meeting held subsequent to the stockholder meeting, the board re-elected John R. Hilton, William H. Dunlavey and Samuel E. Roberts to additional terms as honorary directors.
The company posted an annual earnings figure that represented a slight decrease from 2016 as a result of a required one-time GAAP accounting income-tax expense entry in response to the Tax Cuts and Jobs Act of 2017, which was signed into law last year. On a positive note, the continued increasing trend in annual net-interest income and other operating income in 2017 was highlighted. It was also reported that total outstanding loans at the end of 2017 increased over the prior year’s outstanding level. In reporting on 2018 first quarter results, it was stated that net income along with total loans and total deposits outstanding at March 31 were up over comparable numbers for 2017.
Activities and actions undertaken in 2017 to convey to the public the bank’s strength and values included employing new delivery channels in 2017 to communicate its message publicly, including Facebook, radio ads, and a newly designed website that also provides more interactive ability to the public. All of the bank’s branches received new signage in 2017 displaying the bank’s fresh and redesigned logo.
Damariscotta Bank & Trust opened its doors in 1973 in response to the needs of individuals, families, and small businesses in Lincoln County. The bank has grown considerably over the past four decades and is proud today to continue a tradition of service, including an array of current and innovative products designed to maximize customer convenience.
The bank has six locations in the Midcoast area located in Damariscotta, New Harbor, Warren, Union, and Belfast.
Damariscotta Bank & Trust welcomes anyone who is interest in learning more about the bank to visit one of its branch locations or call the bank at either 563-8121 or 1-800-639-8381.