Sturgeon Bay, Wisconsin – June 15, 2011
Baylake Corp., the holding company for Baylake Bank, held its annual shareholder meeting recently at Stone Harbor Resort and Conference Center in Sturgeon Bay. A total of 79.3% of eligible voting shares were represented at the meeting. Four Class I nominees were elected for three-year terms including: Robert W. Agnew, Dee Geurts-Bengtson, Joseph J. Morgan, and Elyse Mollner Stackhouse. In addition, shareholders ratified the appointment of Baker Tilly Virchow Krause, LLP, as the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2011.
Special recognition was given to retiring board member George Delveaux Jr. at the occasion of his retirement after 30 years of service as a member of the Board of Directors.
Co-chairmen of the board Richard Braun and Robert Agnew, along with Baylake Corp. and Baylake Bank President and CEO Robert J. Cera, thanked Delveaux for his personal commitment to the Bank’s goals and his valued participation on director appointed committees.
Cera also presented an overview of Baylake Corp. 2010 year-end results and captured highlights of progress made in the first quarter of 2011. Cera particularly noted stronger credit metrics achieved during 2010 by reducing overall credit risk, while also improving prospects for meaningful net income improvement.
Other improvement areas that were highlighted from 2010 included growth in net interest margin from 3.18% for the year ended December 31, 2009 to 3.55% for the year ended December 31, 2010 as well as strong growth in Wealth Services revenues.
“Future growth in many non-interest income areas will be a key element of our earnings improvement plans for 2011 and beyond, “Cera stated.
Cera also shared key performance results and trends for the quarter ending March 31, 2011 including but not limited to emphasizing progress made with growth in capital ratios, and the ongoing reduction in non-performing assets. He closed by thanking shareholders for their continued commitment to the company, and invited questions from attendees.
Braun concluded the meeting by thanking Cera, the Bank’s management team and employees, and board members for diligent efforts and progress made the past year.
Baylake Corp. provides complete financial services from locations throughout Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca and Waushara Counties, and from their website at www.baylake.com.
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