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2003 Annual Report
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ub
U N I O N B A N C O R P , I N C .
321 West Main Street, Ottawa, IL 61350
www.ubcd.com
NASDAQ: UBCD
Building, Earning & Serving - Together
2003
U N I O N B A N C O R P , I N C .
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report
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ub
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table of contents
letter to stockholders 1
new beginnings in yorkville 2
a shareholders' tradition 3
stewardship in our communities 4
our employee strength 5
financial statements
selected consolidated financial data 6
condensed consolidated balance sheets 7
condensed statements of income 8
condensed statements of stockholders' equity 9
auditors report 10
corporate information 10
officer listing 11
business locations 11
our mission 12
board of directors 13
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UnionBancorp, Inc. 2003
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dear fellow stockholders,
As we reflect on the accomplishments, challenges and events of year 2003, we do
so with the confidence that we have become a stronger organization.
Throughout the year, the Company embarked on numerous initiatives designed to
optimize internal efficiencies, improve revenues and position the organization
for future growth. Among the most notable of these projects was the successful
merger of two of our banking subsidiaries. UnionBank/Central was successfully
absorbed into our flagship entity, UnionBank, yielding greater economies of
scale, internal consistency and standardization, and the streamlining of various
backroom and reporting functions. Seamless to our customers, the action was the
first of a two-phase process, with UnionBank/West and UnionBank/Northwest
scheduled to merge into UnionBank during the first quarter of 2004.
The Company also focused much of its attention during 2003 on revenue
generation. In addition to the success of such products as eFree checking and
the Eagle Money Market Account, the Company again experienced strong performance
in the mortgage banking division. Record levels of production were recorded, as
consumers continued to take advantage of the favorable interest rate
environment. Enhanced revenue was also realized by way of fee-based income,
primarily on our overdraft protection offerings.
Recognizing the importance of market expansion, UnionBank officially joined the
Yorkville community in December of 2003, our first de novo endeavor since 1999.
Tagged as the "branch of the future," the Yorkville office combines a community
banking environment with a comprehensive offering of financial products,
expanded services and state-of-the-art technology for a unique retail banking
experience.
While managing these growth efforts, we remained focused on addressing asset
quality issues that have continued to negatively impact operating performance.
Numerous initiatives, including the establishment of a Senior Credit Committee
and extensive revision of the Company's lending policies and procedures, were
implemented to monitor loan quality, evaluate loan requests, and ensure the
overall integrity of our credit process. We continue to take a proactive stance
on non-performing loans and commit the necessary resources to staff training and
development.
While cognizant of the obstacles and challenges the global marketplace will
present, we remain committed to positioning the Company for future growth
opportunities. As we move forward, a strategic market focus, a strong
concentration on operational efficiencies and, of course, an unwavering
dedication to exceptional customer service will guide us through the strongest
and weakest of economic times.
On behalf of the entire UnionBancorp family, we thank you for your continued
support and reaffirm our commitment to enhancing shareholder value in 2004.
/s/ DENNIS J. MCDONNELL /s/ DEWEY R. YAEGER
Dennis J. McDonnell Dewey R. Yaeger
Chairman of the Board President & CEO
UnionBancorp, Inc. UnionBancorp, Inc.
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UnionBancorp, Inc. 2003
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new beginnings in yorkville
Building for a stronger future, the Board of Directors and management team of
UnionBancorp continuously strive for ways to enhance our branch distribution
network and provide an optimal level of both service and convenience for our
customers.
In addition to the introduction of new products and services and the enhancement
of existing ones, our entrance into new markets has positioned us to expand our
already broad and diverse service area, making us the financial services company
of choice for over 33,000 households.
In December of 2003, UnionBank was welcomed into the City of Yorkville, one of
the fastest growing Chicago suburbs. Putting a 21st century spin on traditional
banking, the facility comes equipped with large-screen plasma screens which
display financial news for our market-conscious customer, a children's play
area, extended Sunday hours and a complimentary coffee bar for our suburban
commuters, all within a spacious, contemporary structure. Featured above are
Personal Banking Supervisor Griffin Leininger and Kelly Davis of Panera Bread, a
customer of UnionBank who also coordinates the branch coffee bar.
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UnionBancorp, Inc. 2003
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a shareholder's tradition of involvement
Earning a fair return for our shareholders remains a guiding principle of our
organization.
In 1874, with just 40 shareholders and less than $110,000 in total deposits, it
may have been unimaginable to our founders that we would one day have over 1,000
shareholders and nearly $800 million in total assets. Today, we are proud to be
publicly traded on the world's first truly global securities market, the NASDAQ.
And, through it all, an unwavering commitment to our shareholders, the
individuals who have made our vision possible, has remained. In December of
2003, the Board of Directors of UnionBancorp, Inc. approved payment of the 75th
consecutive quarter of dividends to our shareholders.
For generations, shareholder Patricia (Plumb) Breen's family has played an
integral role in the town of Streator and with UnionBank. It was her great,
great uncle, Civil War Colonel Ralph Plumb, who founded and incorporated the
City of Streator and her great grandfather, Samuel Walter Plumb, who founded
what is known today as UnionBank. Patricia's grandmother, Levancia Plumb, was
also the President of Union National for more than 20 years and was one of only
two women bank presidents in the nation at the time. In fact, each generation of
Patricia's family has played a part in shaping our Company's history, with
grandfather Samuel Walter Plumb, Jr. following in his father's footsteps and
serving as our President in the 1920's. Some 50 years later, Patricia's father,
who served as a Vice President for UnionBank, bought Patricia and her husband
Richard, UnionBank's former Purchasing Agent, their first shares of UnionBank
stock. Little did they know then that the corner bank they were investors in
would someday grow into a multi-million dollar corporation, with locations
throughout the State of Illinois.
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UnionBancorp, Inc. 2003
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a commitment of stewardship in the communities we serve
Serving the communities in which we reside has always been a top priority for
the employees of UnionBancorp.
We recognize that involvement in our communities yields a better way of life for
our customers, employees and citizens and creates a winning situation for all
involved. In 2003, our staff and management team logged countless hours,
supporting virtually all aspects of the communities we serve. From volunteering
at local schools and chambers of commerce to taking part in national fundraisers
for groups like the March of Dimes, the American Cancer Society and the United
Way, our employees assume leadership roles in a variety of worthwhile charitable
causes.
Acting as a member of the Board of Directors of Ottawa's Reddick Mansion
Association, Commercial Loan Officer Mike Wickkiser is doing his part to
positively impact the City of Ottawa and to preserve the rich legacy of a local
historical landmark. He volunteers his time to raise money to preserve and
refurbish this 22-room, pre-Civil War mansion, visionary in its architectural
quality and complexity. Considered to be one of the most expensive and ornate
Italianate residences ever constructed in the Midwest during the mid-1800's,
this splendid mansion, which the Reddick family called home for some 30 years,
is now open to visitors and tourists thanks to the efforts of concerned citizens
like Mike Wickkiser and Esther Funk, pictured above, board member of the Reddick
Mansion Association and director of the local campfire council.
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UnionBancorp, Inc. 2003
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some of our greatest strengths are our employees
Together, the employees of UnionBancorp have been serving the financial needs of
our customers for more than seven generations.
With expertise in banking, insurance, investments and trust services, our staff
provides quality service in a friendly and professional environment. Employing
over 400 individuals, the management of UnionBancorp, Inc. takes pride in our
comprehensive employee benefits and career development programs, designed to
enrich the lives of our employees and their families.
While UnionBancorp boasts of many long-term employees, there is perhaps no
greater remaining historian than Catherine "Kitty Lou" Miller, who, in September
of 2003, celebrated 44 years of service. Much has changed in the organization,
the industry and even the world since Kitty first made her way through the doors
of Union National Bank on that fall day in 1959. That was before man landed on
the moon, before the Vietnam War and long before the advent of the personal
computer. Employees could not yet fathom the automatic teller machine, online
home banking or that a financial services organization, born out of Streator,
Illinois, would one day span 15 counties. In 2000, following in the footsteps of
her mother, daughter Keri embarked on her UB career within a slightly different
financial landscape. One thing, though, has remained unchanged- a dedicated
family of professionals committed to providing exceptional customer service.
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UnionBancorp, Inc. 2003
selected consolidated financial data
(in thousands, except share data) (unaudited)
2003 2002 2001 2000 1999
----------- ----------- ----------- ----------- -----------
Statement of Income Data
Interest income $ 41,086 $ 45,509 $ 53,829 $ 54,208 $ 48,549
Interest expense 15,961 20,186 29,385 30,685 24,897
----------- ----------- ----------- ----------- -----------
Net interest income 25,125 25,323 24,444 23,523 23,652
Provision for loan losses 8,236 3,574 4,161 4,858 1,522
----------- ----------- ----------- ----------- -----------
Net interest income after provision for loan losses 16,889 21,749 20,283 18,665 22,130
Noninterest income 13,719 12,455 11,920 11,140 9,488
Noninterest expense 28,607 29,026 26,212 25,885 23,597
----------- ----------- ----------- ----------- -----------
Income (loss) before income taxes 2,001 5,178 5,991 3,920 8,021
Provision (benefit) for income taxes (129) 1,134 1,537 1,017 2,514
----------- ----------- ----------- ----------- -----------
Net income (loss) $ 2,130 $ 4,044 $ 4,454 $ 2,903 $ 5,507
Net income (loss) on common stock $ 1,937 $ 3,787 $ 4,197 $ 2,644 $ 5,248
=========== =========== =========== =========== ===========
Per Share Data
Basic earnings per common shares $ 0.48 $ 0.95 $ 1.06 $ 0.66 $ 1.28
Diluted earnings per common shares 0.48 0.94 1.05 0.66 1.27
Cash dividends on common stock 0.35 0.31 0.27 0.24 0.19
Dividend payout ratio for common stock 74.39% 32.59% 25.59% 35.93% 14.65%
Book value per common share $ 16.77 $ 16.97 $ 15.91 $ 14.76 $ 13.80
Basic weighted average common shares outstanding 3,997,464 3,979,750 3,974,205 3,979,895 4,085,286
Diluted weighted average common shares outstanding 4,069,220 4,027,441 4,008,867 4,006,793 4,133,554
Period-end common shares outstanding 4,026,850 3,980,946 3,979,056 3,965,548 4,047,309
Balance Sheet Data
Securities $ 252,248 $ 227,229 $ 186,282 $ 192,719 $ 173,918
Loans 476,812 483,229 504,968 505,094 472,395
Allowance for loan losses 9,011 6,450 6,295 6,414 3,691
Total assets 793,422 791,616 748,307 758,733 704,077
Total deposits 638,032 641,958 612,144 636,003 594,198
Stockholders' equity 68,047 68,064 63,814 59,035 56,341
Earnings Performance Data
Return on average total assets 0.28% 0.53% 0.59% 0.40% 0.83%
Return on average stockholders' equity 3.16 6.11 7.04 5.09 9.83
Return on average total assets, including mandatory
redeemable preferred stock 0.28 0.53 0.59 0.40 0.83
Return on average equity, including mandatory
redeemable preferred stock 3.16 6.03 6.95 5.01 9.68
Net interest margin ratio 3.65 3.74 3.64 3.67 4.03
Efficiency ratio(1) 72.25 71.73 68.14 69.49 67.11
Asset Quality Ratios
Nonperforming assets to total assets 1.10% 0.80% 1.44% 1.10% 0.57%
Nonperforming loans to total loans 1.78 0.99 1.76 1.56 0.74
Net loan charge-offs to average loans 1.18 0.70 0.85 0.44 0.38
Allowance for loan losses to total loans 1.89 1.33 1.25 1.27 0.78
Allowance for loan losses to nonperforming loans 106.30 135.50 70.93 81.41 105.01
Capital Ratios
Average equity to average assets 8.87% 8.71% 8.37% 7.90% 8.42%
Total capital to risk adjusted assets 12.15 11.84 11.66 10.99 11.04
Tier 1 leverage ratio 7.60 7.48 7.54 6.90 7.20
(1) Calculated as noninterest expense less amortization of intangibles and
expenses related to other real estate owned, divided by the sum of net
interest income, less investment mark to market adjustments, before
provision for loan losses and total noninterest income excluding securities
gains and losses.
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UnionBancorp, Inc. 2003
condensed consolidated balance sheet
December 31, 2003 and 2002 (in thousands, except share data)
2003 2002
---------- ----------
ASSETS
Cash and cash equivalents $ 22,198 $ 38,962
Securities available-for-sale 252,248 227,229
Loans 476,812 483,229
Allowance for loan losses (9,011) (6,450)
---------- ----------
Net loans 467,801 476,779
Cash value of life insurance 14,379 13,776
Mortgage servicing rights 2,775 2,640
Premises and equipment, net 16,576 14,055
Goodwill 7,642 7,642
Intangible assets, net 1,232 873
Other real estate 227 1,557
Other assets 8,344 8,103
---------- ----------
Total assets $ 793,422 $ 791,616
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits
Non-interest-bearing $ 89,424 $ 90,606
Interest-bearing 548,608 551,352
---------- ----------
Total deposits 638,032 641,958
Federal funds purchased and securities sold under
agreements to repurchase 1,533 3,588
Federal Home Loan Bank advances 72,450 61,750
Notes payable 7,873 8,275
Series B mandatory redeemable preferred stock 831 --
Other liabilities 4,656 7,150
---------- ----------
Total liabilities 725,375 722,721
Series B mandatory redeemable preferred stock -- 831
---------- ----------
Stockholders' equity
Preferred stock -- --
Series A Convertible Preferred Stock (aggregate
liquidation preference of $2,762) 500 500
Series C Preferred Stock -- --
Common stock, $1 par value, 10,000,000 shares authorized;
4,627,613 and 4,571,209 shares issued in 2003 and 2002 4,628 4,571
Surplus 22,484 21,856
Retained earnings 43,609 43,113
Accumulated other comprehensive income 2,141 3,171
Unearned compensation under stock option plans (2) (23)
---------- ----------
73,360 73,188
Treasury stock, at cost (600,763 shares at December 31, 2003
and 590,263 shares at December 31, 2002) (5,313) (5,124)
---------- ----------
Total stockholders' equity 68,047 68,064
---------- ----------
Total liabilities and stockholders' equity $ 793,422 $ 791,616
========== ==========
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UnionBancorp, Inc. 2003
condensed consolidated statements of income
Years Ended December 31, 2003 and 2002 (in thousands, except per share data)
2003 2002
---------- ----------
Interest income
Loans $ 32,693 $ 36,283
Securities
Taxable 6,805 7,377
Exempt from federal income taxes 1,533 1,702
Federal funds sold and other 55 147
---------- ----------
Total interest income 41,086 45,509
Interest expense
Deposits 12,453 17,145
Federal funds purchased and securities sold under
agreements to repurchase 122 170
Advances from the Federal Home Loan Bank 2,997 2,514
Notes payable and other 389 357
---------- ----------
Total interest expense 15,961 20,186
---------- ----------
Net interest income 25,125 25,323
Provision for loan losses 8,236 3,574
---------- ----------
Net interest income after provision for loan losses 16,889 21,749
Noninterest income
Service charges 3,090 2,812
Merchant fee income 560 1,185
Trust income 701 775
Mortgage banking income 3,947 2,843
Insurance and brokerage commissions and fees 2,318 2,188
Securities gains, net 281 407
Other income 2,822 2,245
---------- ----------
13,719 12,455
Noninterest expenses
Salaries and employee benefits 16,020 15,284
Occupancy, net 2,138 1,868
Furniture and equipment 2,094 1,820
Supplies and printing 541 525
Telephone 874 1,074
Other real estate owned 178 919
Amortization of intangibles assets 247 245
Other 6,515 7,291
---------- ----------
28,607 29,026
---------- ----------
Income before income taxes 2,001 5,178
Income taxes (129) 1,134
---------- ----------
Net Income 2,130 4,044
Preferred stock dividends 193 257
---------- ----------
Net income for common stockholders $ 1,937 $ 3,787
========== ==========
Basic earnings per common share $ 0.48 $ 0.95
========== ==========
Diluted earnings per common share $ 0.48 $ 0.94
========== ==========
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UnionBancorp, Inc. 2003
condensed consolidated statements of stockholders' equity
Years Ended December 31, 2003 and 2002 (in thousands, except share data)
Unearned
Compensation
Series A Accumulated Under
Convertible Other Stock
Preferred Common Retained Comprehensive Option Treasury
Stock Stock Surplus Earnings Income Plans Stock Total
--------- --------- --------- --------- --------- -------- -------- ---------
Balance,
January 1, 2002 $ 500 $ 4,569 $ 21,841 $ 40,560 $ 1,536 $ (68) $ (5,124) $ 63,814
Common stock dividends -- -- -- (1,234) -- -- -- (1,234)
Preferred stock dividends -- -- -- (257) -- -- -- (257)
Exercise of stock
options (1,890 shares) -- 2 15 -- -- -- -- 17
Amortization of
unearned compen-
sation under stock
option plans -- -- -- -- -- 45 -- 45
Comprehensive income
Net income -- -- -- 4,044 -- -- -- 4,044
Net increase in fair
value of securities
classified as available-
for-sale, net of income
taxes and
reclassification
adjustments -- -- -- -- 1,635 -- -- 1,635
---------
Total comprehensive income 5,679
--------- --------- --------- --------- --------- -------- -------- ---------
Balance,
December 31, 2002 $ 500 $ 4,571 $ 21,856 $ 43,113 $ 3,171 $ (23) $ (5,124) $ 68,064
Common stock dividends -- -- -- (1,441) -- -- -- (1,441)
Preferred stock dividends -- -- -- (193) -- -- -- (193)
Exercise of stock
options (56,404 shares) -- 57 628 -- -- -- -- 685
Amortization of
unearned compen-
sation under stock
option plans -- -- -- -- -- 21 -- 21
Purchase of 10,500 shares
of treasury stock -- -- -- -- -- -- (189) (189)
Comprehensive income
Net income -- -- -- 2,130 -- -- -- 2,130
Net decrease in fair
value of securities
classified as available-
for-sale, net of income
taxes and
reclassification
adjustments -- -- -- -- (1,030) -- -- (1,030)
---------
Total comprehensive income 1,100
--------- --------- --------- --------- --------- -------- -------- ---------
Balance,
December 31, 2003 $ 500 $ 4,628 $ 22,484 $ 43,609 $ 2,141 $ (2) $ (5,313) $ 68,047
========= ========= ========= ========= ========= ======== ======== =========
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UnionBancorp, Inc. 2003
independent auditors report
- ----------------------------------------
Stockholders and Board of Directors
UnionBancorp, Inc.
Ottawa, Illinois
We have audited, in accordance with auditing standards generally accepted
in the United States of America, the consolidated balance sheets of
UnionBancorp, Inc. as of December 31, 2003 and 2002 and the related
consolidated statements of income, stockholders' equity, and cash flows for
the years then ended (not presented herein), and in our report dated
January 23, 2004, we expressed an unqualified opinion on those consolidated
financial statements.
In our opinion, the information set forth in the accompanying condensed
consolidated balance sheets as of December 31, 2003 and 2002, and the
condensed consolidated statements of income and stockholders' equity for
the years then ended is fairly stated, in all material respects, in
relation to the consolidated financial statements from which it has been
derived.
Oak Brook, Illinois
January 23, 2004 /s/ Crowe Chizek and Company LLC
annual meeting
- ----------------------------------------
April 27, 2004 - Tuesday - 10:00 a.m.
Starved Rock Lodge and Conference Center
Routes 178 & 71, Utica, Illinois 61373
stockholder services
- ----------------------------------------
To obtain copies of the 2003 Annual Report and Form 10-K, which includes
the full consolidated financial statements of the Company and the related
notes thereto, as required to be filed with the Securities and Exchange
Commission, please send a written request to: Investor Relations,
UnionBancorp, Inc., 321 West Main Street, Ottawa, Illinois 61350.
Stockholders should direct inquiries concerning their stock, change of
name, address or ownership, report lost certificates or consolidate
accounts to the Company's transfer agent at: 1-312-360-5393 or write:
Computershare Investor Services, Stockholder Services Division, 2 North
LaSalle Street, Chicago, Illinois 60602.
stock trading information
- ----------------------------------------
UnionBancorp, Inc. common stock is traded on the Nasdaq Stock Market under
the symbol UBCD. Our primary market makers also quote shares: Hoefer &
Arnett, Inc.; Howe Barnes Investments, Inc.; Knight Securities L.P.; and
Spear, Leeds & Kellogg.
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UnionBancorp, Inc. 2003
unionbancorp, inc. officers
- ----------------------------------------
Dennis J. McDonnell Robert L. Davidson James M. Bartoloni
Chairman of the Board Senior Vice President/Chief Investment Assistant Vice President/ Head of Credit
Officer & Asset Liability Manager Administration
Dewey R. Yaeger
President & Chief Executive Officer Rick R. Clary Brian M. Petzold
Vice President/ Chief Operating Officer Chief Technology Officer
Jimmie D. Lansford
Executive Vice President/ Kenneth A. Jones Rodney G. Hewitt
Organizational Development Vice President/ Lending Division Risk Management Officer
& Planning
Heather M. Hammitt Suzanne Fechter
Kurt R. Stevenson Vice President/ Director of Human Secretary/Treasurer
Senior Vice President/ Resources
Chief Financial Officer
banking and affiliate locations
- ----------------------------------------
UnionBank UnionBank/West UnionBank/Northwest UnionFinancial
Services & Trust Company
Directors: Directors: Directors:
Richard J. Berry Dennis R. Iversen Paul F. Crandall Directors:
Walter E. Breipohl Kenneth A. Jones Shane R. Gerber Donald L. Haag
Randy L. Cady Alan Mays Mark S. Klippert Dennis J. McDonnell
Rick R. Clary James Rinella Joseph E. Nack John A. Shinkle
Robert J. Doty Donald L. Sharp LaVerle Streicher Everett J. Solon
Donald L. Haag LeRoy A. Ufkes Scott C. Sullivan William E. Steep
Vincent R. Luckey Sam B. White William M. Wolter Dewey R. Yaeger
Donald R. Rayfield Dewey R. Yaeger Marvin Wurster
I.J. Reinhardt, Jr. Locations:
Michael D. Ruiz Locations: Locations: Clayton:
John A. Trainor Blandinsville: Elizabeth: 102 S. Jefferson
Dewey R. Yaeger 135 S. Main Street 112 N. Main Street Macomb:
Carthage: Hanover: 440 N. Lafayette Street
Locations: 1395 Buchanan Street 215 Jefferson Street Mendota:
Manlius: Macomb: 1403 13th Avenue
109 W. Maple Street 440 N. Lafayette Street Ottawa:
Mendota: Paloma: 122 W. Madison Street
1403 13th Avenue Highway 24, P.O. Box 71 Peru:
Ottawa: Quincy: 1311 Shooting Park Road
122 W. Madison Street 2442 Broadway Street 4 West US Highway 6
400 Etna Road Rushville: 944 4th Street
401 E. McKinley Road 116 S. Congress Street Princeton:
119 W. Jefferson Street 1839 N. Main Street
Peru: Quincy:
1311 Shooting Park Road 2442 Broadway Street
Plano: Rushville:
15 W. South Street 116 S. Congress Street
Princeton: Sandwich:
601 S. Main Street 202 Indian Springs Drive
1839 N. Main Street Streator:
Sandwich: 201 E. Main Street
202 Indian Springs Drive
Streator:
201 E. Main Street
24 Danny's Drive
Tampico:
120 Main Street
Tiskilwa:
100 Main Street
Yorkville:
208 E. Veterans Parkway
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UnionBancorp, Inc. 2003
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our mission...
UnionBancorp, Inc. is a financial services company established to serve the
financial needs of our clients.
Our purpose is to supply quality financial services on a competitive basis for
our subsidiaries, clients and customers, security for the bank, a positive
self-fulfilling environment for our employees, and a reasonable return to our
stockholders.
To accomplish our mission, we shall be a market-driven organization committed to
excellence. We shall maintain a close relationship with our clients while
providing them superior products and services in an innovative atmosphere. In
doing this, we will expand our leadership position while meeting the challenges
of an ever-changing environment.
The fundamental considerations shall be the maintenance of a sound institution;
never losing sight of our fiduciary responsibility to our stockholders and the
civic responsibility to the communities that we serve.
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UnionBancorp, Inc. 2003
unionbancorp, inc. board of directors
standing left to right: front row
I. J. Reinhardt, Jr. Scott C. Sullivan
General Manager Attorney
St. Louis Beverage Co. Williams & McCarthy
Director since 1991 Director since 1996
Dewey R. Yaeger Robert J. Doty
President & Chief Executive Officer Farm Management
UnionBancorp, Inc. Director since 1996
Director since 2003
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- ------------------------------------------------------
standing left to right: back row
Dennis J. McDonnell Richard J. Berry
Chairman of the Board Attorney
UnionBancorp, Inc. Myers, Berry, O'Conor
McDonnell Investment Management, & Kuzma, Ltd.
LLC Director since 1985
Director since 2000
John A. Trainor
Walter E. Breipohl President
Broker/Owner Trainor Grain & Supply Co.
Kaszynski/Breipohl Realtors Director since 1985
Director since 1993
John A. Shinkle
Executive Vice President & Director
Synovus Securities, Inc.
Director since 1997
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