BankORION’s net income rose 78 percent during 2010, President James R. Dingman announced on Monday, March 21. The bank’s net income during the year was a record $3,130,000, Dingman told shareholders at the 120th annual meeting of Orion Bancorporation, Inc., at Lavender Crest Winery Colona, Illinois. Dingman reported 13-year highs for the return on equity, which was 10.5 percent, and the return on assets, 1.02 percent.


BankORION’s net income rose 78 percent during 2010, President James R. Dingman announced on Monday, March 21.

The bank’s net income during the year was a record $3,130,000, Dingman told shareholders at the 120th annual meeting of Orion Bancorporation, Inc., at Lavender Crest Winery Colona, Illinois.

Dingman reported 13-year highs for the return on equity, which was 10.5 percent, and the return on assets, 1.02 percent.

Total assets grew 8 percent to $318 million. The company ended the year with $170 million in outstanding loans, a decrease of 1 percent.  

At the end of the year, stockholders’ equity in the company was $31.0 million, an increase of 8 percent. This is a book value of $401 per share or 9.75 percentage of assets.  

The company declared dividends of $5.60 per share during 2010, an increase of 8 percent.
In addition, the company paid a special dividend of $2 per share in February 2011 because of the extraordinary success achieved during 2010.

Dingman reviewed progress in branch growth, a remodeling project, a recent regulatory exam, new technologies and other areas.

During 2010, BankORION celebrated its 120th anniversary.  Dingman noted that the bank is now the oldest in Henry County and the third oldest in the entire Quad Cities area.

The company elected Timothy J. Fritz, Howard W. Nightingale and J. Albert Stenzel to three-year terms on the board of directors. They join  Dingman, Daniel J. Wahlheim, Alan F. Wright, Charles H. Langman and Archie E. Samuelson.

In addition, the board re-appointed officers, including  James R. Dingman, chairman, president and CEO; Larry Greim, vice president and  cashier; Timothy J. Fritz, senior vice president; Scott A. Gilbraith, vice president; Cindy S. Bender, vice president and controller; and Sharon K. Warner, vice president and human resources director.

Also reappointed were officers Emily H. Snell, assistant vice president; Donna J. Johnson, retail banking officer; Valerie A. Johnson, operations officer; Jolleen Montgomery, marketing director; Andrea Bobb, compliance officer; and Daniel J. Cusack, information systems officer.  

Officers at the Cambridge office include Mark A. Johnson, vice president; Martin L. Morey, assistant vice president; and Jo Lea Holevoet, office manager.  

Officers at the Moline office include Eric Tagtmeier, vice president and Kevin Schoonmaker, vice president.

Officers at the Annawan office include Janeane Minnaert, vice president.