Mound City Financial Services, Inc., held its 19th annual shareholder meeting March 15.
President Donna Hoppenjan reported net income of $2.9 million representing a $11.39 per weighted share return for the 312 shareholders of the holding company as of Dec. 31.
Directors Steve Brogley, Dennis Cooley & Craig Trongaard were elected to serve three-year terms expiring in 2019. Bruce Kroll was elected to fill the unexpired two-year term of retiring Phil Karrmann. Other board members include Barry Brodbeck, Keith Buchert, Donna Hoppenjan, Robert Just and Richard Kopp.
Retiring director Phil Karrmann was recognized for his 44 years of service to the banking industry as a board director.
“Phil’s leadership and direction over the past 44 years has played a major role in the success story of Mound City Bank,” said Hoppenjan. “The bank will greatly miss not only his guidance, but the support that he has given us.”
Incoming director Bruce Kroll and wife Caroline, in partnership with Richard and Judith Adams, own Culver’s Frozen Custard in Platteville and Dubuque. Prior to running his own business for the last 20 years, Bruce Kroll worked in the accounting field after graduation from UW–Platteville.
“We look forward to Bruce’s business and accounting expertise,” said Hoppenjan. “We feel the addition of Bruce will complement the rest of our current board and the board’s desire to remain a profitable, independent community bank.”
Mound City Bank has assets of $311 million with locations in Belmont, Cuba City, Mineral Point, Mount Horeb and Platteville. The company has 72 employees.