Leadership proficiency, expansion of deposit/loan growth and strength of capital were among several topics discussed May 9, at the annual shareholder meeting of Marco Community Bancorp, Inc., parent of Marco Community Bank.
Some 75 shareholders were represented at the program, held at the United Church of Marco Island, to hear holding company and bank officials brief attendees on the “State of MCB.”
Richard Storm, Jr., CEO of the bank, served as moderator and characterized the year in his opening remarks as “one of improved operational efficiencies, strengthened product development for customers and the introduction of a talented and diverse leadership group that has made tremendous strides in a less than cooperative economic environment.”
He pointed out further that the bank “continues to be well capitalized according to regulatory standards, and with sound management strategies, significant progress in developing future growth is well underway.”
Shareholders later heard presentations from officers and department managers on the bank’s enhanced business banking program, launch of a new savings account entitled MCB Gold, and other products and services introduced in the past year.
Richard E. Storm, president and chief operating officer, also addressed the group and noted that although economic conditions in the region are challenging, the bank “continues to focus on what we can directly improve or control, building teams that will drive performance.”
The business portion of the meeting was conducted by Stephen A. McLaughlin, vice chairman of the bank corporation, who announced the results of several shareholder proposals, including election of Bancorp directors. Approved resolutions included amendment of the company’s Stock Option Plan, ratification of Hacker, Johnson & Smith, PA as independent auditors and election of eight members of the board of directors: James B. Kauffman, Jr., Robert A. Marks, Stephen A. McLaughlin, E. Terry Skone, Richard E. Storm, Richard Storm, Jr., Timothy L. Truesdell and Brooks C. B. Wood.
Marco Community Bank, founded in 2003, is the island’s only hometown community bank. A State of Florida chartered institution, it is also a bank of the Federal Reserve. MCB is listed on the NASDAQ exchange under the symbol “MCBN.”