First Federal Savings and Loan Assoc. of Greene County had its annual meeting last Wednesday, and it was far from mundane.
The association announced title changes for three corporate officers, the addition of a corporate officer, and a year-end high in assets.
Its board of directors approved new titles for Chad M. Moore (executive vice president); Kathleen M. Toth (vice president/secretary); and Terry L. Clutter (vice president/treasurer). Directors also named Sarah A. Westfall as assistant secretary, a position in which she will work closely with management, external auditors and federal regulators to ensure proper policies and procedures are followed.
Seven First Federal officers were re-elected: Judi Goodwin Tanner, president; Charles W. Trump, Jr., chief executive officer; Barbara L. Galica, vice president; Cynthia A. Crouse, vice president; Jeffrey B. Widdup, vice president; Courtney A. Schroyer, vice president/chief financial officer; and Danielle R. Tobusto, assistant secretary/assistant treasurer.
Directors John E. Mariner and Stephen M. Neubauer were re-elected to three-year terms on the board, which also includes Jay S. Hammers, Murray W. Hoy, Gregory A. Parsons, Tanner and Trump. Henry T. Cochran and Scott S. O’Neil are directors emeritus.
On the financial front, First Federal ended 2019 with $938 million in assets, a year-end record and a 2.3 percent bump up from 2018. Interest paid on deposit accounts increased $2 million during the year, mostly because $23 million more was invested in higher-yielding time deposits or certificate of deposit accounts, Tanner said in the President’s Report.
Deposits increased by 1.9 percent, to $793 million.
First Federal also closed $81 million in loans in 2019. The number of refinancing and recast loans increased from 2018, but purchase, construction, second and home equity loans decreased. The number and balance of delinquent loans also fell.
The association received Bauer Financial’s 5-Star Rating for the 126th consecutive quarter (31-plus years). That rating is based on the association’s capital level, asset quality, historical trends and loan delinquencies, among other factors.