Greater Rome Bank will close its Shannon branch at 5740 New Calhoun Highway, Dwight Stout, president and chief executive officer, told bank shareholders during the annual meeting today.
Stout said that present plans are to close the office near the end of the third quarter. Customers will receive advance written notice.
Employees at the Shannon office will be absorbed into other positions within the bank.
Stout said while Greater Rome Bank experienced the best first-quarter earnings ever ($588,000) in the 12-year history of the bank, the decision to close the Shannon branch was based on economics.
When a temporary facility was opened in late 2005, new businesses and housing developments were expected to locate on or near the Ga. 53 and Ga. 140 corridors.
Because those developments have not materialized, the bank’s board of directors believe customers will be best served by focusing resources on the three offices in Rome.
Stout added that the bank will maintain control of the Shannon property and may decide to re-enter the market at some point.
Shareholders also learned that the bank is reporting total assets of nearly $175 million as of today’s meeting. Net in-come for 2007 was $1,289,783 compared to $1,186,322 in 2006.
The shareholders also elected 15 directors to holding company Greater Rome Bancshares Inc.: Robert L. Berry, Dr. Paul B. Brock, Frank A. Brown Jr., Thomas D. Caldwell III, Dr. Gene G. Davidson, Barry R. Henderson, Dr. Kenneth W. Jones Jr., Henry Haskell Perry, Bradford Lee Riddle, M. Wayne Robinson, Dwight R. Stout, William B. Temple, Martha B. Walstad, Edwin C. Watters and E. Grey Wins
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