HONESDALE, PA - Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2022 Annual Meeting of Stockholders on April 28. The Company’s stock is traded on …
HONESDALE, PA - Dimeco, Inc. (the Company), the parent holding company of The Dime Bank (the Bank), held its 2022 Annual Meeting of Stockholders on April 28. The Company’s stock is traded on the OTCQX Marketplace under symbol DIMC, operated by OTC Markets Group.
The meeting was brought to order by John Kiesendahl, Chairman of the Board of Directors of the Company and Chairman of the Annual Meeting. At the meeting, Gregory J. Frigoletto, Henry M. Skier, and Todd J. Stephens were re-elected as directors, each for a three-year term. Stockholders ratified the appointment of S.R. Snodgrass, P.C. as the Company’s independent public accountants for the fiscal year ending December 31, 2022.
Total assets increased by $75.4 million to $958 million. Total loans increased over $12.5 million to end the year at $657 million. Total deposits were $797 million, an increase of $110 million, or 16.1% over total deposits a year earlier. Net income for 2021 was $11.9 million, which was a $3.1 million increase from the prior year. The Company continues to have a strong capital position. Stockholders’ Equity, at over $100 million, increased 5.4% over 2020. A special dividend, in addition to its regular dividend, was granted in the fourth quarter of 2021 of $0.50 per share to reward shareholders for their investment in Dimeco, Inc.
President and Chief Executive Officer Peter Bochnovich discussed first quarter results, which were made public in a separate release on April 28, and concluded, “2022 is off to a good start and we are cautiously optimistic but excited about the remainder of the year. A lot of good things are happening, and we are well positioned as shown in our financial results. We thank our shareholders, directors, staff, customers, and the community for their support of Dimeco, Inc.”
For more information on Dimeco, Inc. and The Dime Bank, visit www.thedimebank.com.
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