Mercersburg Financial Corporation holds annual shareholders meeting

MERCERSBURG - The 21st Annual Meeting of the Shareholders of The Mercersburg Financial Corporation was held Tuesday, March 25 at the VFW Post 6241. Chairman of the Board, Robert H. Hoffman, conducted the meeting whose primary purpose was to elect three directors to serve on the Mercersburg Financial Corporation Board. The nominees were Robert H. Hoffman, Marelin K. Sites, and J. Elwood Rockwell, all of whom were re-elected to serve for a period of three years.

Chairman Hoffman commended president and CEO Marelin K. Sites for her exceptional achievements during the 38 years she has been with the bank. For 20 years she has held the position of president and chief executive officer. He recognized both her business expertise and personable attributes. The shareholders gave Sites a standing ovation as she came to the podium.

CEO Sites warmly greeted the shareholders and stated that 2007 had positive results in all areas. She stated that her goal has been to lay the foundation for growth through expanded facilities, increased staffing, new deposit and loan products, technological advancements and a smooth transition to new leadership upon her retirement on April 25, 2008. The CEO transition has been on-going with EVP Robert J. Fignar gradually assuming total responsibility for those duties. She concluded her remarks stating that her 38-year journey with the bank has been in the company of wonderful Board members, great co-workers, loyal shareholders and a supportive family.

CEO Sites introduced CFO Julie A. Statler who reviewed the 2007 financial performance. She noted total assets ended the year at just over $139,000,000, a growth of 6.7 percent from previous year-end. Total deposits grew by 7.2 percent and loan volume increases provided a 14 percent increase in interest and fees on loans. Bottom line results were a net income of $1,513,635 or a 4.9 percent increase over previous year.

CEO Sites introduced EVP Robert J. Fignar who shared that he recognizes his responsibility to the shareholders and has set aggressive goals for growth. He concluded his remarks by mentioning that enhanced OnLine Banking products will soon be released including Commercial Electronic Services and OnLine Bill Pay.

Chairman Hoffman adjourned the meeting and asked Director Emeritus Stoner to give the invocation prior to a stuffed chicken dinner served family style by the VFW.

It has been announced that the MFC Board of Directors declared a dividend of $.19 per share to shareholders of record March 13, 2008. Mercersburg Financial Corporation is the parent company of The First National Bank of Mercersburg with seven community offices in Mercersburg, Fort Loudon, Chambersburg, Greencastle, Waynesboro and Scotland - opening in April.