The 36th Annual Stockholders’ Meeting of First Vandalia Corp., parent company of The FNB Community Bank with locations in Vandalia, Ramsey, Patoka, Mulberry Grove and Greenville, was held on Wednesday April 22, 2020 at the bank’s main office in Vandalia, Illinois. Due to the Coronavirus (COVID-19) stay-at-home order, this year’s meeting was conducted with seven people in attendance and voting done by proxy.
In his opening comments, Todd Shulman, board chair, said, “Most years converting the bank’s charter, the financial results, and adding a new director would be major topics. However, the COVID 19 pandemic has made this meeting anything but normal. Because of the Governor’s protective order prohibiting the gathering of more than ten people, the board of directors, with the consultation of corporate counsel, considered many alternatives. By restricting attendance, we are attempting to assure the safety of our shareholders, employees, and directors.”
B. Rand Edwards and Todd L. Shulman were re-elected to three-year board terms. They join fellow directors Steven C. Henna, David J. Lidy, Thomas L. McCarty, Michael R. Radliff, Janice K. Romack, and Ann M. Schwarm. Newly elected to the board was Vandalia businessman Zac Stombaugh. Board officers re-elected were Shulman as chairman, Schwarm as vice chairwoman, and Steve Ainscough as secretary.
First Vandalia Corp. finished the fiscal year with over $356 million in assets, an increase of $19 million over 2018. The FNB Community Bank saw loan growth of 4.48% and deposit growth of 4.29% over the previous year.
Mike Radliff, president and CEO of The FNB, reflected on the past year, before the current period of self- isolation and economic shut-down caused by the COVID-19 pandemic. “With strong, quality loan growth again in 2019 we were able to report a record $4.3 million net income. This contributed to being awarded a Bauer Financial, Inc. 5-Star ranking for the 120th consecutive quarter – a 30 year record for achieving the highest ranking,” Radliff said. “Recent financial uncertainty not-withstanding, The FNB Community Bank remains strong based both on capital and liquidity.”