Somerset Trust Company Holds Annual Meeting
Published on May 22, 2017
The annual meeting of Somerset Trust Holding Company occurred on May 16, 2017 at the Somerset Trust Historic Building on North Center Avenue in Somerset. Somerset Trust Company is the sole subsidiary of Somerset Trust Holding Company.
Corporate shareholders elected Vickie L. Beer, Jon C. Clapper, Sean C. Isgan, and James G. Knepper, Jr. to three-year terms on the Bank’s Board of Directors. Other Board members are Andrew F. Cook, G. Henry Cook, Thomas J. Cook, Barbara Wheeler Davies, John M. Kriak, Troy A. Miller, J. Scott Roberts, and Richard C. Yeager.
The Bank’s Board of Directors voted to set the number of directors at 12 to serve for the next year. G. Henry Cook was elected Chairman of the Board and Chief Executive Officer. Thomas J. Cook was elected Vice Chairman of the Board and President. Andrew F. Cook will serve as Corporate Secretary. All other officers of the bank were re-elected.
In other business, total assets of the bank rose to $1.084 billion as of March 31, 2017 as compared to $1.020 billion in 2016. Net income reported for the first quarter was $1.84 million, a decrease of 22% from 2016 due to lower security gains.
A second quarter dividend of $.33 per share was declared to shareholders of record as of the close of business on 6/9/2017, payable on 6/20/2017, making this year the 54th consecutive year of increased dividends for shareholders.
Somerset Trust Company is the last local bank in Somerset County, headquartered in Somerset at 151 West Main Street. The bank has 32 branches serving communities in Somerset County, the greater Johnstown area, and portions of Bedford, Fayette and Westmoreland Counties and Grantsville, Maryland. The bank also operates an extensive network of ATMs and a free mobile banking application.