Len Graham, chairman of the board, addressed the shareholders with an economic overview both globally and locally. He also introduced the newest member of the board of directors, Charlie Burns.
Lee Stewart, president and chief executive officer of Southern Heritage Bank, reported on the strong condition of the bank and the strategic priorities for 2010.
“From a capital perspective, we are well positioned and getting stronger,” said Stewart. “We have been affected by the recession primarily by the extent that real estate values have suffered. But this will correct itself over time. I see a slow recovery, but hopefully we continue the trend of improvement quarter over quarter that we have now experienced the past four quarters.”
Steve Ledbetter, executive vice president and chief operating officer, reported on the financial performance for 2009 and first quarter 2010. Profit for the bank in 2009 was reported at $900,000 and profit for the first quarter is $357,000.
“We completed 2009 with total assets of $218 million and capital exceeds $18 million,” stated Ledbetter. “We continue to be well capitalized and have the means to weather the uncertain times we currently face.”
Included in the annual meeting was the election of the company's board of directors. The directors elected to serve another term were Charlie Burns, Roger Jenne, Larry McDaniel, and Lee Stewart.
Stewart said, “We are proud to be your locally-owned community bank and financial partner. I thank our shareholders and customers for your support and thank our employees for the Expect A Difference service they provide daily.”
Southern Heritage Bank is locally owned by 800 shareholders in Bradley County.
For more information or to inquire about becoming a shareholder or a customer, contact President Lee Stewart at 303-1720 or visit southernheritagebank.com.