View our 2012 Annual Report - Monticello Banking Company

onticello Bankshares’
Mission is to....
Be the premier financial institution in the communities we serve.
Create and deliver quality financial products and services that represent superior
value to our customers.
Provide a stimulating and challenging work environment that encourages, develops
and rewards excellence.
Be honest, fair and maintain confidentiality in all transactions and relationships.
Be a good community citizen.
By focusing on the above, achieve consistent superior financial performance that
creates value and pride for our shareholders.
Corporate Profile
Monticello Bankshares’ principal operating subsidiary is The Monticello Banking
Company, a Kentucky commercial bank chartered in 1895 with its corporate office
located in Monticello. The bank has operated under the same name and at the same
location since its inception 118 years ago.
The Monticello Banking Company operates twelve full service community banking
centers surrounding Lake Cumberland and in the Barren River region. Product offerings include traditional banking services, such as commercial and consumer deposit
and loan products, trust and investment services, as well as a variety of electronic
banking services including Internet banking, eStatements, bill payment, and cash
management at www.bankatmbc.com.
Management and the Boards believe strongly in the values of traditional community banking, that the Monticello Banking Company is defined not by size or location,
rather by the reputation it has earned for serving and being of service, by taking an
active role for the betterment of the community, and by building relationships and retaining these relationships with customers that keep them coming back. We remain
dedicated to our vision of focusing on our customer as our primary reason for being.
table of contents
To Our Shareholders
Page 1
Report on Management Responsibilities
Page 5
Audit Committee Responsibilities
Page 6
Financial Review
Page 7
Corporate Information
Page 13
Special Recognition - Years of Service
Page 35
Shareholder Information
Page 36
Shareholder Letter
Letter to our Shareholders
We are pleased to report another year of solid financial results to our shareholders.
Monticello Bankshares ended 2012 with Total Assets of $558,016,535, Total Deposits of $499,155,413,
and Shareholders’ Equity totaling $52,872,699. Net Income was $3,887,786 after federal income tax
provisions totaling $1,001,989. Dividends were maintained in 2012 at $0.40 per share and totaled
$1,542,961.
The numbers above are the results of tremendous teamwork and careful strategy during a
time of continuing economic uncertainty.
Excellence
“We are what we repeatedly do. Excellence, therefore, is not an act, but a habit.” – Aristotle.
Achieving excellence has always been our goal and part of our culture which has driven our success.
Excellence cannot be something we pretend, it cannot be faked. We strive to make excellence a habit
in all phases of our operation: from the extra effort required to deliver a personalized, caring
customer experience to the implementation of new systems and technology to improve our
operational efficiencies.
We believe it is important to support the communities that we serve. We donate our time,
money, and other resources to local organizations and charities. We serve in volunteer capacities and
with other business leaders to improve our cities and counties. We believe we cannot achieve
excellence without helping our customers and communities achieve their financial goals. At the end
of the day, our banking organization is a financial reflection of these communities. This is what
community banking is all about.
Growth
This annual report reveals a selective and targeted growth course for the company. Net Income for
the company grew 24.3% over the previous year with a reduced level of loans and deposits. Core
Earnings, consisting of Net Interest Income plus Non-Interest Income less Non-Interest Expense,
increased 13.1%. Our profit results are good and have contributed to an even stronger equity capital
base.
1
Shareholder Letter
One of the best financial measurements for individual shareholders is growth in Book
Value per share of equity capital. Book value has increased steadily over the years. The chart
below reflects increases in Book Value plus Dividends per share since 1997.
Careful and profitable growth will be important to continued increases in overall shareholder
value. And, our best strategy to achieve such growth must include providing our customers and
prospective customers in each of the communities we serve with excellent service as well as
competitive banking products and services. Additionally, it is essential that we maintain asset
quality standards in our loan portfolio while striving to meet the legitimate credit requirements
of our customers.
Credit reserves for also grew in 2012. The Allowance for Loan Losses ended the year with
a balance of $5,284,965, up $190,786 from the previous year. Additionally, we are very pleased
with efforts to dispose of foreclosed properties and other repossessions. Other Real Estate Owned
and Repossessed Assets improved significantly during the course of the year dropping $1,889,553
to a combined total of $2,104,818.
2
Shareholder Letter
Total Stockholders’ Equity increased to $52,872,699. The increase in stockholders’ equity
represents earnings from the subsidiary bank, less federal income taxes as well as other holding
company expenses paid, less dividends declared and paid to shareholders. The consolidated
company and subsidiary bank exceed all capital adequacy requirements to which it is subject as
noted below:
12/31/2012
12/31/2011
Tier I Capital (to Average Assets)
Monticello Banking Company
9.41%
8.55%
Consolidated
8.61%
7.74%
“Well Capitalized”
5.00%
5.00%
Monticello Bankshares is in a very good position to take advantage of future growth
opportunities as capital continues to build through retained earnings.
Technology
We have embraced and adapted to changes in technology since our bank was founded in
1895. Technology has been utilized to enhance our customer service as well as to provide for more
efficient operations.
We have been very fortunate over the years to not experience any serious disaster.
However, Disaster Recovery is an essential part of our ongoing operation and taken quite seriously
as we plan for various possible disasters. In addition to regular training and maintaining plans in
case of an emergency, we have recently developed our own disaster recovery center. Located in
Somerset, our facility is designed to replicate all critical technology systems and provides sufficient
space and communications in case the need ever arises.
On-line account applications and account openings are also being developed in order to
provide our customers with the ability to open accounts and apply for loans without having to take
time away from work. Technology continues to improve at a rapid pace and has allowed our
company to offer a very complete array of products and services for the benefit and convenience
of our customers.
3
Shareholder Letter
Opportunity
We are more excited than ever about the future and opportunities we have in front of
us. Our capital base, necessary to take advantage of future growth opportunities, is strong and
growing. We have a strong team of highly qualified bankers. Our goal is to make sure we provide
our bankers with the tools and training they need to provide great customer service as well as to
compete for new business.
Overall economic conditions are improving. The U. S. Economy is more than twice as
large as any other country in the world and remains on a positive growth trajectory. Housing
Starts have recently rebounded and show very positive signs for the future. Inflation remains
under control and Unemployment is slowing improving. The Federal Reserve System continues to
provide an unprecedented level of support and liquidity as they deem necessary to encourage a
positive and continuing recovery of our economy. While we remain cautious with the economic
recovery and concerned with a burdensome regulatory and political environment, we are very
optimistic and look forward to the many opportunities that lie ahead.
Thank you for your confidence and support.
Mack Butler
President & CEO
Kenneth Ramsey
Chairman
4
Management’s Responsibilities
The management of Monticello Bankshares, Inc. is responsible for the integrity of its financial statements and their preparation in accordance with accounting principles generally
accepted in the United States. To fulfill this responsibility requires the maintenance of a
sound accounting system supported by strong internal controls. The Company believes
it has a high level of internal controls, which is maintained by the recruitment and training of qualified personnel with appropriate divisions of responsibility, the development and
communication of accounting and other procedures, and comprehensive internal audits.
Our independent auditors, Mountjoy Chilton Medley, LLP, are engaged to audit, and render an opinion on, the fairness of our consolidated financial statements in conformity with
accounting principles generally accepted in the United States. Our independent auditors
obtain an understanding of our internal accounting control systems, review selected transactions and carry out other auditing procedures before expressing their opinion on our consolidated financial statements.
The Board of Directors has appointed an Audit Committee, composed of outside directors,
that periodically meets with the independent auditors, bank examiners, management and
internal auditors to review the work of each. The independent auditors, bank examiners and
the Company’s internal auditors have free access to meet with the Audit Committee without
management’s presence.
Sandra Frost
D. Mack Butler
President & Chief Executive Officer
5
3
Sandra Frost
Chief Financial Officer
Audit
Board of Directors and Shareholders
Monticello Bankshares, Inc.
Monticello, Kentucky
The Audit Committee of the Board of Directors is composed of four members which
are all independent directors. Those members are Bob Hayden – Chairman, Charles
Fletcher, Dr. James K Phillips, Jr., and Rick Drake.
The committee held five meetings during 2012.
The Audit Committee oversees the company’s financial reporting process on behalf
of the Board of Directors. In fulfilling its responsibility, the committee recommended
selection of the company’s independent public accountants, Mountjoy Chilton Medley,
LLP, 1000 Bluegrass Corporate Center, 333 West Vine Street, Lexington, Kentucky 40507.
The Audit Committee discussed with the internal auditor and the independent public
accountants the overall scope and specific plans for their respective audits. The committee also discussed the company’s consolidated financial statements and the adequacy of
the company’s internal controls.
The committee met regularly with the company’s internal auditor and independent
public accountants, to discuss the results of their audit, their evaluations of the
company’s internal controls, and the overall quality of the company’s financial reporting.
The meetings also were designed to facilitate any private communication with the
committee that the internal auditor or independent public accountants desired.
Bob Hayden, Chairman
Audit Committee
4
6
financials
Consolidated for the Year Ended December 31, 2012
ASSETS
2012
2011
$27,973,000
1,000
$27,974,000
$56,027,000
1,000
$56,028,000
Securities - Available for Sale
Securities - Held to Maturity
Restricted Investments
Total Securities
$145,897,000
60,000
3,105,000
$149,062,000
$139,204,000
85,000
3,075,000
$142,364,000
Net Loans
Bank premises and equipment
Goodwill, Net
Other assets
$340,714,000
14,172,000
1,066,000
25,029,000
$352,692.000
14,588,000
1,066,000
25,359,000
$558,017,000
$592,097,000
Non-interest bearing deposits
Interest-bearing deposits
Total Deposits
$69,279,000
429,876,000
$499,155,000
$61,896,000
473,493,000
$535,389,000
Federal Funds Purchased
Line of Credit
Total Other Borrowed Funds
$
Cash and due from Banks
Federal funds sold
Total Cash and Cash Equivalents
Total Assets
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other Liabilities
Total Liabilities
0
4,558,000
$4,558,000
$709,000
4,858,000
$5,567,000
$1,431,000
$1,363,000
$505,144,000
$542,319,000
$155,000
$170,000
19,141,000
19,106,000
3,267,000
26,474,000
3,836,000
$ 52,873,000
3,220,000
24,129,000
3,153,000
$ 49,778,000
$558,017,000
$592,097,000
STOCKHOLDERS’ EQUITY
Preferred stock: $5 par value, 50,000 shares
Authorized; (2012) 30,927 (2011) 34,023 shares Issued & Outstanding
Common stock: $5 Par Value, 8,000,000 shares
Shares Authorized & Issued; (2012) 3,961,108 (2011) 3,954,712 respectively
Shares Outstanding; (2012) 3,828,126 (2011) 3,821,071 respectively
Surplus
Retained earnings
Accumulated Other Comprehensive Income (Loss)
Total Shareholders’ Equity
Total Liabilities and Shareholders’ Equity
7
financials
Consolidated for the Year Ended December 31, 2012
2012
2011
$21,198,000
$23,066,000
4,072,000
4,755,000
228,000
223,000
$25,498,000
$28,044,000
$5,710,000
$8,661,000
203,000
197,000
$5,913,000
$8,858,000
$19,585,000
$19,186,000
Provision for Loan Losses
$4,513,000
$5,572,000
Service Charges on Deposit Accounts
$ 2,964,000
$2,743,000
Gain (Loss) on Sale of Securities
857,000
784,000
Secondary Market Mortgage Fees
620,000
397,000
Other Income
977,000
996,000
$5,418,000
$4,920,000
$8,544,000
$8,723,000
Occupancy Expense
2,174,000
$2,230,000
Other Non-Interest Expense
4,882,000
4,973,000
Total Non-Interest Expense
$15,600,000
$15,926,000
Net Income Before Income Taxes
$4,890,000
$2,608,000
Income Tax Expense
$1,002,000
($520,000)
$3,888,000
$3,128,000
Interest Income on Loans
Interest Income on Securities
Interest Income on Federal Funds Sold & Other Interest Income
Total Interest Income
Interest Expense on Deposits
Interest Expense on Other Borrowed Funds
Total Interest Expense
Net Interest Income
Total Non-Interest Income
Salaries & Employee Benefit Expense
Net Income
8
financials
Total Assets
Total Assets for MBS declined by $34 Million,
[-5.8%] and ended the year at $558 Million.
2008
2009
2010
2011
2012
Total Loans
Total Loans for MBS declined by $12 Million,
[-3.3%] and ended the year at $346 Million.
2008
2009
2010
2011
2012
Total Capital
Total Capital (as measured by FASB-115) for MBS
increased by ($3 Million), [6.2%] and ended the
year at $53 Million. Overall capital increased due
to the change in the Unrealized Gains(Losses) in
the Investment Portfolio as well as increased net
income for 2012. When computing Regulatory
Capital, the Unrealized Gains (Losses) are not a
component in the calculation.
2008
9
2009
2010
2011
2012
financials
Total Deposits
Total Deposits for MBS declined by $36 Million,
[-6.8%] and ended the year at $499 Million. The
decline in deposits was in the Interest Bearing category. Non-Interest Bearing Deposits
showed growth for 2012 ending the year with a
$7 Million increase.
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
2008
2009
2010
2011
2012
Net Income
Net Income for MBS for 2012 was $3.8 Million,
an increase of (760,000), [24.3%] versus the previous year. All categories with the exception of
Provision for Income Tax showed improvements
for 2012.
Earnings per Share (Undiluted)
EPS (Undiluted) for MBS Common Stock increased by ($0.20), [24.4%] and ended 2012
at $1.02. The number of shares outstanding
did not change materially over 2012 and the
increase in EPS is attributed to higher earnings
for 2012.
10
financials
Net Income
Net Income for MBC ended the year at
$4,153,000 versus $3,300,000 for 2011. This
is an increase of (853,000), [25.8%] over the
prior year.
2008
2009
2010
2011
2012
Core Earnings
2008
2009
2010
2011
2012
Core earnings for MBC increased by $1.2
million [13.1%] and ended the year at $10.5
Million. Core earnings consist of Net Interest Income (Interest Income less Interest Expense), plus Non-Interest Income, less NonInterest Expense. These three components of
earnings are used to compute and measure
the “Efficiency Ratio”. This is a common ratio used by Bank Analysts in determining the
amount of overhead that is needed to generate revenue.
Net Interest Income
Net Interest Income for MBC increased by
$464,000 [2.2%] and ended the year at $21.1
Million. Subtracting Interest Expense from Interest Income computes Net Interest Income.
This is the most significant source of income
to the Company.
2008
11
2009
2010
2011
2012
financials
Deposit Composition by Market
The Monticello Market continues to
Somerset
23.24%
dominate total deposits with (44%),
Clinton County
9.59%
Casey County
6.28%
followed by Somerset with (23%),
Bowling Green with (11%), Clinton
County with (10%), Casey County
with (6%), Russell County with
Bowling
Green
11.09%
Glasgow
1.76%
Russell
County
3.71%
(4%), and Glasgow with (2%).
Our funding sources are greatly enhanced by our ability to
attract funds from the seven mar-
Monticello
44.34%
kets that we serve.
Loan Composition by Market
Somerset
17.17%
Clinton County
6.13%
For the year ending 2012, the compoCasey County
4.19%
sition of the loan portfolio by market
was diversified as follows: Monticello
Glasgow
3.25%
Bowling
Green
21.05%
Russell
County
8.73%
(40%) of total loans, Bowling Green
(21%) of total loans, Somerset (17%)
of total loans, Russell County (9%)
of total loans, Clinton County (6%) of
total loans, Casey County (4%) of total loans, and Glasgow (3%) of total
loans. The Monticello market contin-
Monticello
39.48%
ues to provide support for all of our
markets, in addition to operating four
full-service banking facilities.
12
onticello Bankshares & Monticello Banking Company
Boards of Directors
(Pictured left to right)
Kenneth Ramsey
Chairman - MBS & MBC
Ramsey Insurance Agency
D. Mack Butler
President & CEO - MBS & MBC
Monticello Bankshares, Inc.
Roger Dalton
Director - MBS
Retired-Chairman National City
Bank of Kentucky
Marilyn Drake
Director - MBS & MBC
Pharmacist
Rick Drake
Director - MBS & MBC
Retired-Drake Franchised
Dealership
Bob Hayden
Director - MBS & MBC
Retired-EVP
Monticello Banking Company
Dr. James K. Phillips, Jr.
Director - MBS & MBC
Family Physician
Van Phillips
Director - MBS
Attorney-Phillips & Phillips
Mike Blevins
Director - MBC
Investments
Sam Brown
Director -MBC
Physical Therapist
Monticello Physical Therapy-Owner
Lyle Denney
Director - MBC
Retired- Manufacturing
Charles Fletcher
Director - MBC
Pharmacist
13
Monticello
50 N. Main Street, PO Box 421, Monticello, KY 42633
• (606) 348-8411
Receptionist
Mary Lair
Executive Vice President
Chief Operations Officer
Kenny Ramsey
Customer Service
Renee’ Adams
Tellers
Kista Gregory, Sue Ayearst, Pattie Keith
14
Monticello
Loan Department
Elaine Bertram, Jayma Dobbs, Billy Hurd, Helen Dolen, Jean Hicks
Special Assets
(Seated) Rick McClendon, Tommy Nelson, Jr., Heather Parmley
15
Monticello
Credit Administration
(seated) Rodney Weaver, Amy Hurd, Nicole Burnette, Lena King, Jonathan Goley,
Brandon Dunnington, Jamie Reagan
Loan Services
(seated) Brian Morrow, Norma Decker, Amanda McGinnis, Christy Parmley, Charity Willis
16
Monticello
Chief Technology Officer
Randy Parsons
Information Security
Melissa Piercy, Becky Ramsey
Information Technology
(Front Row ) Amy Lowhorn, Kyle Asberry, (Back Row)
17
Garrett Coffey, Kenny Lyons, Kelley Rader, Jackie Dennis
Monticello
Deposit Operations
Angela Lozano, Tabatha Decker, Judy Carlton, Leverne Guffey, Sue Bertram, Tabitha Dobbs, Mildred Coffey
Courier & Maintenance
David Harmon, Eddie Norfleet, Austin Gehring
Item Processing
Debbie Nelson , Elissa Phipps
18
Monticello
Financial Accounting
(Seated) Sandra Frost, Crystal Crabtree, Frances Watson, Brittany Adkins
Audit & Compliance
(Seated) Pattie Corder, Dawn Harmon, Natoshia Wells, Misty Goley
19
Monticello
Human Resources & Training Department
(Seated) Becky Dolen, Jamie Jones, Barbara Lester
Events/Activities Coordinator
Marketing Department
Barbara Gehring, Natalie Edwards
Sandra Troxell
20
Monticello Corporate Office
Monticello - Downtown Branch
Loan Department
Customer Service
Kevin Rose, Wendy Foster
Nadine Simpson
95 N. Main St.
Monticello, KY 42633
(606) 348-6846
Head Teller
Janet Bell
Tellers
Bridgett Foster, Brenda Barrier, Beulah Martin, Stephanie Massengale, Amy Bell
21
Monticello - Tradeway Branch
Branch Manager/Lender
Loan Department
Angela Weston
Mary Lois Roberts
1450 N. Main St.
Monticello, KY 42633
(606) 348-6500
Tellers
(left to right)
Whitney Hicks
Tiffany Stinson
Renee Bunch
Jakeilla Ellis
Amy Hurd
Peggy Humble
Linda Foister
Not pictured: Sasha Chaplin
Walmart Branch
175 Walmart Plaza Drive, Monticello, KY 42633
(606) 340-3159
Branch Manager/Lender
Shane Smith
Tellers
Ashley Gehring
Johnna Stearns
DeLesia Corder
Misty Duke
Not Pictured:
Brandi Coffey
22
Albany
Advisory Board Members
B. G. Dunnington, Paula Little, Stever Tallent, Howard “Tuddy” Stockton
Rick Drake-Chairman, D. Mack Butler, Joe Summers, Jeff Choate, Willard Johnson
Not Pictured: Raymond Delk
Loan Department
Senior Executive Officer
Allen Smith
Willard Johnson
310 N. Cross Street
Albany, KY 42602
(606) 387-6611
23
Albany
Events/Activities Coordinator
Alice Branham
Receptionist
Rebecca Means
Executive Assistant
Debbie Brown
Customer Service
Rebecca Smith
Barbara Smith
Leslie Boles
Kendra Jones
Tellers
Kimberly Stockton
Flossie Smith
24
Bowling Green
Advisory Board Members
Gayla Warner, Dr. J. K. Phillips, jr. - Chairman, D. Mack Butler, Laura Spencer, Buster Stewart
(Sitting) Greg Stivers, Ben Thornton, Adam Burden, Dr. Kirk Fee
Not Pictured: Lannie Logue
Hartland
•
1050 Wilkinson Trace, Bowling Green, KY 42103
•
(270) 796-6639
Customer Service/Exec. Asst.
Tammy Hammers
25
Senior Executive Officer
Senior Investment Officer
Mike Davenport
Bill Hall
Bowling Green
Loan Department
Branch Manager/Lender - David Smith, Lynette Yowell, Tammy Oldham
Tellers
David Haynes, Leslie Eans
Cave Mill
•
1840 Cave Mill Road, Bowling Green, KY 42104
•
(270) 780-1120
Loan Department
Ruth Brown
Branch Manager/Lender
Janet Pierce
Tellers
Sherry Giorgio, Julie Bowles
Customer Service
Ashley Engler
26
Casey County
Advisory Board Members
Garland Sharp, D. Mack Butler, Ridhard Owens, Ronnie Davis,
Lyle Denney - Chairman, Stacey Beeler, Leanne Davis Not pictured: Jerry Hoskins, Barry Davis
Senior Executive Officer
Customer Service
Stacey Beeler
27
611 N. Wallace Wilkinson Blvd., Liberty, KY 42539
Joan Lawhorn
•
(606) 787-2046
Casey County
Loan Department
Anne Leigh, Barry Stringer
Tellers
Teresa Wethington
Melissa Cochran
Gregory Hansford
Brittany Weddle
Nanette Wright
Not Pictured
Kelcie Murphy
Robyn Girder
28
Glasgow
Advisory Board Members
(Seated)
Van Phillips - Chairman, Sheila Dishman, Kenny Ramsey, Bobby Lee Hurt
Loan Department
Tonya Redford
29
Tellers
Jenny Dearing, Kim Cannon, Lisa Adwell
1414 Happy Valley Road Glasgow, KY 42141
•
(270) 659-0080
Customer Service
Tiffany Carter
Russell County
Advisory Board Members
Mike Blevins-Chairman, Freddy Tarter, Rick Mann, D. Mack Butler
Jerry Smith, Anita Tucker, Angie Cundiff-Roy
Senior Executive Officer
Anita Tucker
Customer Service
Tonya Meece, Angela Smith
2554 S. Hwy. 127, Russell Springs, KY 42642
•
(270) 866-7322
30
Russell County
Loan Department
Anita Tucker, Nancy Money, Belinda Hoover, Christin Matney
Tellers
Karen Isbell, Lisa Roy, Brittany Meece, Sharon Tucker, Ginger Smith
31
Somerset
Advisory Board Members
Bruce Orwin, Sam Brown-Chairman, Terri Tuttle, D. Mack Butler, Regina Brinson Mink, Dr. Keith Sinclair
Not Pictured: Danny Ford, Mark Haney
Somerset Main
Senior Executive Officer
Regina Brinson Mink
Loan Department
Debbie Dungan
Ralph Gibson
475 E. Hwy. 80, Somerset, KY 42501
•
(606) 451-0388
32
Somerset
Receptionist - (Back Row) Lisa Parkey Executive Assistant - (left) Judy Greene
Customer Service - Valerie Reynolds, Beverly Gover, Glenda Price
Tellers
Mazetta Hardin, Glenda Price, Megan McClendon, Pat Smith, Elizabeth Bertram, Karissa Cooper
33
Somerset
Somerset
Trust Department
(606) 451-0388
Norman Martin
Vicky Godsey
Scott Broyles
Amanda Beshears
Loan Department/Customer Service
Somerset South
Kelly King, Matthew Price
Branch Manager/Lender
Wally Hudson
Tellers
(seated) Lisa Roy, Donna McQueen, Stephanie Luke, Sheila Hale
Not pictured: Samantha Wiley
3653 S. Hwy. 27, Somerset, KY 42501
(606) 676-8301
34
experience counts
Patty Keith
Asst. Vice President
Head Teller
43 Years
Alice Branham
Vice President
Events/Activities Coordinator
39 Years
Frances Watson
Sr. Vice President
Controller
36 Years
Helen Dolen
Janet Bell
Barbara Gehring
Debbie Nelson
Renee’ Adams
Vice President
Commercial Banker
35 Years
Becky Dolen
Sr. Vice President
Human Resources Mgr.
32 Years
Sue Bertram
Vice President
Deposit Operations Mgr.
31 Years
35
Sandra Troxell
Asst. Vice President
Events/Activities Coordinator
36 Years
Vice President
Head Teller
34 Years
Asst. Vice President
Item Processing Mgr.
32 Years
Barbara Lester
Vice President
Human Resources Asst. Mgr.
30 Years
Jean Hicks
Sr. Vice President
Senior Lender
35 Years
Sr. Vice President
Marketing Director
33 Years
Elissa Phipps
Vice President
Personal Banker
31 Years
Item Processing Operator
30 Years
Mildred Coffey
Deposit Operations
Representative
29 Years
shareholder information
Shareholder Inquiries,
Stock Transfer or
Dividend Payments
Dividend Calendar
If you have inquiries or questions regarding
shareholders of record as follows:
your Monticello Bankshares shareholder
March 1 – payable March 10
account, please call Helen Dolen at
June 1 – payable June 10
(606) 348-8411 or 1-800-909-3420 or write
September 1 – payable September 10
Monticello Bankshares, Inc.
Dividends, as declared by the Board of
Directors, are customarily paid to
December 1 – payable December 10
P.O. Box 421 • Monticello, KY 42633
Internet
Financial Information
For a copy of our audit report, please
For information on financial results, products
contact Frances Watson, Sr. Vice President
and services please visit our website:
at (606) 348-8411 or 1-800-909-3420
Monticello Banking Company
or email at fwatson@ebank.ky.
www.bankatmbc.com
Corporate Headquarters
Monticello Bankshares, Inc.
Independent Auditors
Mountjoy Chilton Medley, LLP
50 N. Main St., P.O. Box 421
Certified Public Accountants
Monticello, Kentucky 42633
333 West Vine Street
(606) 348-8411 or 1-800-909-3420
Suite 1000
Lexington, KY 40507
Annual Meeting
The annual meeting of shareholders will
be held on Thursday, April 11th, 2013 at the
Historic Wayne Theater, 30 N. Main Street,
Monticello, Kentucky at 3:30 p.m. EST
36