Tower assets grow

MCCONNELLSBURG - The meeting of the Board of Associates of The First National Bank of Greencastle was held Tuesday, Oct. 9 at the American Legion.

On Oct. 5, 2007, Tower Bancorp, Inc. reported earnings of $5,500,170, or $2.34 per share, for the first nine months of 2007, on total assets of $570,861,000. Tower Bancorp, Inc. is the holding company of The First National Bank of Greencastle.

At the meeting, the bank's Chief Financial Officer, Franklin T. Klink III, reviewed the results of the bank's third quarter of 2007. The First National Bank of Greencastle is reporting assets of $538 million, an increase of $37 million or 7 percent, during the last 12 months. For the first nine months of 2007, the bank posted record numbers on both its balance sheet and income statement. Shareholders' equity has grown by $3.3 million or 6 percent, to $61 million.

Deposits increased $44 million, or 11 percent, over last year to $446 million. Loans have grown by $10 million to $402 million. Net income for the first nine months of 2007 is $4,765,000, an increase of 27 percent or $1,007,000. While the bank's revenues have grown significantly, Klink said, costs have been held at their 2006 levels. "We've done well," Klink added. "Much of this is the result, from a financial perspective, of a very successful merger of two banks."

Kim Shockey, Sales and Business Development Manager, spoke about the bank's money conversions services, such as for foreign currency, bank drafts and wire transfers - all for minimal fees to bank customers.

The bank's Security Officer, Tom Deshong, discussed security issues and how customers can avoid identity theft and fraud.

Jeff Shank, Chief Executive Officer and President of The First National Bank of Greencastle, also provided an update of the bank's Trust Department and the status of a new branch office under construction in Mercersburg.

The First National Bank of Greencastle operates 16 locations throughout Franklin and Fulton counties, and Washington County, Md.