Main Street Bank holds annual shareholders’ meeting
WHEELING – Main Street Financial Services Corp. posted net earnings of $4 million in 2015, representing $2.32 in earnings per share for its shareholders and an increase of 14 percent from its 2014 earnings of $3.5 million and $2.03 per share.
At the meeting, a dividend of $.28 per share was announced, an increase of 12 percent from the prior year and the fourth consecutive year of increases in the dividend. The dividend is payable to shareholders of record of April 14, and will be paid on June 20, the 15th anniversary of the inception of the bank.
Main Street Financial Services Corp. is the parent company of Main Street Bank Corp., headquartered in Wheeling. The stock of Main Street Financial Services Corp. is privately traded. Main Street Bank has locations in Wheeling, Elm Grove, Wellsburg and Moundsville.
The 15th-annual meeting of the shareholders of Main Street Financial Services Corp. was held at Undo’s Restaurant in Elm Grove last week.
Shareholders, directors and bank personnel were present, and the bank’s board of directors was selected for the coming year. Members are Bruce Wilson, Richard Lucas, Cheri DeBlasis, Nick Sparachane, Thomas Galinski, Michael Baker, Thomas Anthony, Danny Aderholt, John DeBlasis, E. David Mathieu, Mark Staley and Dr. Carlos C. Jimenez.
At the meeting, Rich Lucas, president and CEO, discussed the two-for-one split of Main Street Financial Services Corp. stock which occurred on Feb. 29, increasing the number of shares outstanding to 3,476,000.
“Our board felt that with the outstanding performance that the bank has had, it was a good time to do a stock split. With the increase in number of shares, there is an opportunity for increased liquidity for our investors and an opportunity to broaden our stockholder base. This is the second common stock split in our company’s history.
“We had a two-for-one split on June 20, 2008, also. Shareholders who purchased our common stock during our initial offering in 2001 and up until June of 2008, the first split date, now own four shares of common stock for each share of common stock they purchased then.”
Lucas presented the financial results for the year ended Dec. 31.
Total assets for Main Street Financial Services reached $363 million as of Dec. 31, compared to $342 million in 2014. Total loans were $307 million for 2015, compared to $274 million for 2014, and total deposits were $301 million for 2015, compared to $285 million for 2014. Total equity was $28,216,000 for 2015, compared to $25,091,000 for 2014.
“The financial results continue to reward the shareholders of Main Street Financial Services Corp. This is the seventh year we have paid a dividend to the shareholders, with significant increases in each of the last four years,” Lucas said.