First Commerce holds annual shareholders meeting
The Annual Meeting of the Shareholders of First Commerce Bancorp, Inc. was held at 10 a.m. on Feb. 26, 2019, at the main office of First Commerce Bank located at 500 North Ellington Parkway, Lewisburg, Tennessee.
Chairman of the Board Bill Marsh reported to the shareholders that First Commerce Bank had net earnings in 2018 of $5,284,673.
“This was well beyond the bank’s expectations,” Marsh stated.
He thanked all of the shareholders for their loyalty and the business they had sent to the bank.
He continued by saying that 2018 had been a very good year for the bank and its shareholders. Total assets were $411,622,758, while loans increased to $301,356,252. He also reported to the group that delinquent loans 30 days or more remain minimal at .07 percent of outstanding loans as of Dec. 31, 2018.
Marsh also discussed the bank’s annual dividend to its shareholders by stating that any shareholder who invested in stock during the start-up period of the bank in 2002 received a 14% return on their investment in 2018. The dividend to the Common Shareholders was $1.30 per share in 2018. He stated as well that the outlook for 2019 appears as encouraging.
President and Chief Executive Officer Eddie Wiles reviewed the FDIC’s annual market share report as of June 30, 2018 and in Marshall County, First Commerce Bank presently holds a commanding advantage in deposit market share with 53 percent of all the county’s deposits.
He also was pleased to report that the fourth quarter 2018 “Tennessee Bank Performance Report” has First Commerce Bank ranked number five in overall bank performance out of 145 banks headquartered in the state of Tennessee. This report is independently compiled and published by the Financial Management Consulting Group, a national recognized bank rating service.
Wiles acknowledged that the Fayetteville and Chapel Hill branches also performed very well.
“Asset quality remains excellent and we are extremely proud of these operations and their management teams,” Wiles said.
Marsh concluded the meeting by expressing his thanks to the bank’s executive team of Eddie Wiles and the many other staff members of First Commerce Bank.
“First Commerce Bank is a family bank that cares deeply about its employees and their families,” Marsh said.
First Commerce Chairman Bill Marsh addresses shareholders at the bank’s annual meeting.