Business
Edgar County Bank & Trust posts positive second-quarter earnings
Edgar County Bank & Trust Co. has reported $247.3 million in assets and $1.43 million in net income for the six months ending June 30.
This represents a 25 percent growth in assets and a 32 percent growth in net income for the corresponding period ending June 30, 2008. This increase in net income was also achieved in spite of a $240,000 increase in the provision for loan losses and a $173,330 increase in FDIC insurance expense, bank President and CEO Eric Volkmann announced.
“Economic times and market conditions make it difficult to achieve measurable and predictable results; however, delivering quality service to our customers despite economic times fosters relationships,” Volkmann said. “The bank’s increase in assets and earnings, supported by Prospect Bank’s expansion in Champaign in late 2008, proved that delivering traditional lending and deposit services in a tough economic cycle will grow assets prudently and cultivate earnings momentum. The increase in customer numbers helped us realize organic growth, which outpaced our peers nationwide.”
In addition, the cost of opening Prospect Bank was absorbed earlier than anticipated, yielding better results.
Edgar County Bank and Trust Co. has served surrounding communities for more than 135 years. Edgar County Bank & Trust Company is a privately owned financial institution with facilities in Paris, Kansas, Brocton, and Ashmore, Ill. Prospect Bank, located in Champaign, Ill., is a division of Edgar County Bank & Trust Co.
- Business
-
-
DRY SPELL: Neighborhood pub taking hit alongside other businesses
The “For Sale” signs dotting Terre Haute streets aren’t just in front of houses these days.
-
Children’s Museum names membership coordinator
The Terre Haute Children’s Museum has announced that Jamie McDowell will join the staff as the membership and volunteer coordinator. He is set to begin his new role on Monday.
-
Union Hospital named 2010 Most Wireless
Union Hospital’s Terre Haute and Clinton hospitals have been recognized as two of the nation’s most-wireless, according to the results of the 2010 Most Wired Survey released in the July issue of Hospitals & Health Networks magazine.
- On the Move: July 25, 2010
-
Chamber seeks ‘Small Business of Year’ nominations
The Indiana Chamber of Commerce is seeking the top small business in the state for its annual competition naming the “Indiana Small Business of the Year.”
-
Harrison College hires director of international academics
Harrison College announced Tuesday that John Woods has been hired into the new role of director of international academic operations in a nod that further solidifies the college’s sights on international educational expansion of its online presence.
-
Workshops help groups strengthen fundraising
Determining the fundraising needs and abilities of nonprofit organizations is essential to financial success, especially in the context of the changing economy.
-
Planning a trip abroad? Social Security travels, too
Have you ever considered a visit abroad?
- Be smart when buying a home
- On the Move: July 18, 2010
- More Business Headlines
-
