Damariscotta Bank & Trust holds annual meeting

May 16, 2018

Damariscotta — Damariscotta Bankshares Inc., parent company of Damariscotta Bank & Trust Co., held its annual meeting Wednesday, April 25, at the 619 Main St. branch in Damariscotta. The meeting was conducted under the direction of Chester A. Rice, the presiding chairman of the board.

Among business conducted at the meeting; Allen D. Holmes, Gary E. Sukeforth, Chester A. Rice, John C. Harris and Clayton N. Howard were re-elected to another term as directors of the company. Continuing their terms as directors are John E. Reny and Dale E. Leighton. At the directors' meeting held subsequent to the stockholder meeting, the board reelected John R. Hilton, William H. Dunlavey and Samuel E. Roberts to additional terms as honorary directors.

The company posted an annual earnings figure that represented a slight decrease from 2016 as a result of a required one-time GAAP accounting income tax expense entry in response to the Tax Cut and Jobs Act of 2017, which was signed into law last year. On a positive note, Conant highlighted the continued increasing trend in annual net interest income and other operating income in 2017. He also reported that total outstanding loans at the end of 2017 increased over the prior year’s outstanding level. In reporting on 2018 first-quarter results, he stated that net income along with total loans and total deposits outstanding at March 31 were up over comparable numbers for 2017.

Conant went on to describe activities and actions undertaken in 2017 to convey to the public the bank’s strength and values. The bank employed new delivery channels in 2017 to communicate its message publicly, including Facebook, radio ads, and a newly designed website, which also provides more interactive ability to the public. All of the bank’s branches received new signage in 2017 displaying the bank’s redesigned logo.

The bank has six locations in the Midcoast, including Damariscotta, New Harbor, Warren, Union and Belfast. For more information, call 563-8121 or 800-639-8381.

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