Somerset Trust Holding Company Has Annual Meeting, Announces Record Earnings
June 15, 2012
The annual meeting of Somerset Trust Holding Company was held recently at the Somerset Trust Company Historic Building on North Center Avenue in Somerset. Somerset Trust Company is the sole subsidiary of Somerset Trust Holding Company.
Corporate shareholders elected G. Henry Cook, Jay Scott Roberts and Richard C. Yeager to three-year terms on the Board of Directors. Other board members are Andrew F. Cook, Thomas J. Cook, Vickie L. Beer, Jon C. Clapper, Barbara Wheeler Davies, Sean C. Isgan, James Knepper, Jr., and John M. Kriak.
The Bank’s Board of Directors voted to set the number of directors to serve for the next year at eleven (11). G. Henry Cook was elected President, Chief Executive Officer and Chairman of the Board. Thomas J. Cook was elected Vice Chairman of the Board. All officers of Somerset Trust Company were reelected.
In other business, a second quarter dividend of $.19 per share was declared to shareholders of record as of the close of business on 6/8/2012, payable on 6/20/2012.
Total assets of the bank rose to $737,452,328 as of March 31, 2012 compared to $645,605,551 in 2011. Net income for the first quarter is $2,631,145 compared to $2,075,012 in 2011.
In related business, the bank announced that it was recently recognized for two national achievements. In March this year, Somerset Trust Holding Company was ranked first in the country among top community banks for posting the highest one-year return to shareholders, 59.77%. In May, for the third consecutive year, Somerset Trust Company was named as one of the Top 200 Community Banks in the country by SNL Financial. The bank is ranked 36 on the list based on a three-year average of Return on Equity (ROE).
“We are honored by this achievement,” commented President and CEO G. Henry Cook. “It remains our belief that the key to success in this industry is first and foremost to take excellent care of customers. We have come to understand that the only way to achieve this is with a professional, energetic, and committed staff. Our employees work to provide excellent care and service to our customers, whose continued business, in turn, enables us to operate profitably, even in difficult times.”
Somerset Trust Company was also named one of the Best Places to Work in PA, placing in the top 30 for seven years.
"As we look ahead to the future, we have a sense of purpose and commitment to our many stakeholders to continue to be the most convenient, sound and innovative community bank in the market we serve," commented Cook.