Fulton Financial
Annual Report 2009

Plain-text annual report

FULTON FINANCIAL CORPORATION 2 0 0 9 A n n u a l R e p o r t “The 3,900 members of our team have been the key to ensuring that this company continues to move forward, and I am very grateful for their hard work and support. Their efforts enabled us to retain existing clients and attract new ones, and I am very proud that we are part of the same team.” - R. Scott Smith, Jr., Chairman & CEO (cid:49) (cid:40) (cid:40) (cid:42) t r o p e R l a u n n A n o i t a r o p r o C l a i c n a n i F n o t l u F F u l t o n F i n a n c i a l C o r p o r a t i o n A n n u a l R e p o r t (cid:42) (cid:40) (cid:40) (cid:49) Dear Shareholder: As I write to you, I am encouraged by how different the message and tone of this letter is from the one I wrote to our shareholders a year ago. At that time, we had ended the previous year with disappointing results, and as I shared that news, I stated that we were managing your company with one goal in mind: to position the Corporation for the future so that we could emerge faster and stronger as the economy improved. Now, one year later, I am pleased to tell you that our strategies are working, as seen in our 2009 performance. Our fourth quarter 2009 earnings were relatively strong as compared to what we, and much of our industry, have experienced over the past two years. For the year ended December 31, 2009, net income available to common shareholders was $53.8 million, or 31 cents per diluted share, compared to a net loss available to common shareholders of $6.1 million, or 3 cents per diluted share, for 2008. We expect continued earnings improvement as the economy rebounds. In 2009, we saw significant core deposit growth, good growth in non-interest income, and continued tight control of expenses. There were a number of other bright spots during the past year as well. We increased our deposit market share in 36 of the 53 counties we serve throughout our five-state footprint. Our mortgage banking business contributed nicely to our bottom line. New technology that has been deployed throughout the company is helping us serve our customers even more efficiently than before. Our continued focus on the small business sector is enabling us to grow our presence in this market segment. And our enhanced rewards programs provide incentives for customers to increase their banking relationships with us. R. Scott Smith, Jr. Chairman and Chief Executive Officer E. Philip Wenger President and Chief Operating Officer Through these efforts and others, along with the help of a strengthening economy, we are focused on achieving our goal of returning this company to being a strong performer. We were pleased to see our stock price increase in the fourth quarter of 2009, as the market recognized our stronger financial performance. As you know, the past 18-24 months have posed economic challenges for our customers, our company, our industry, our nation, and the world. During this tumultuous period, our primary goal was to make sure this company emerged successfully from a prolonged economic downturn. To do so, we made some difficult but necessary decisions. We continually and realistically assessed our loan portfolio and worked to address our credit issues quickly and decisively. We participated in the Treasury’s Capital Purchase Program to ensure that we maintained a strong balance sheet in case of a prolonged recession. And we reduced the cash dividend for the first time in our history. I will discuss each of these actions briefly. Loan quality has been a key priority for us and for our industry. Credit issues were the major challenge for the year, as we allocated additional reserves to cover loan losses. We expensed $190 million, and charged off $113 million in loans. While the credit crisis has not affected our company to the extent that it has affected a number of our peers, our loan losses were still far greater than any we had experienced in Fulton Financial’s 28-year history. We worked to recognize credit quality problems early. We decisively addressed them to get those issues behind us and to position the company for better times ahead. Knowing that commercial real estate loans have been an industry-wide concern, we have managed this portfolio carefully to ensure that it is well diversified, that the (cid:49) (cid:40) (cid:40) (cid:42) t r o p e R l a u n n A n o i t a r o p r o C l a i c n a n i F n o t l u F Charles J. Nugent Senior Executive Vice President/ Chief Financial Officer F u l t o n F i n a n c i a l C o r p o r a t i o n A n n u a l R e p o r t (cid:42) (cid:40) (cid:40) (cid:49) average loan size remains relatively small, and that a large portion of these loans are for owner-occupied properties, which helps to mitigate our risk. Although we have paid careful attention to loan quality, we have continued to make quality loans to credit-worthy individuals and businesses. However, the demand for loans decreased as customers postponed growth and expansion plans in favor of more conservative financial practices. As we begin to see increasingly encouraging economic news, we believe that customers will feel more comfortable in expanding their businesses, purchasing homes, and pursuing the wide variety of lending options we have to offer. We participated in the U.S. Treasury Department’s Capital Purchase Program. Some banks have repaid these funds to the federal government, and I am often asked when we will do the same. Our board of directors continually evaluates our capital position relative to the economy and to our earnings performance. We will repay these funds when the board feels it is prudent to do so, and when it can be done in as shareholder-friendly a manner as possible. Our quarterly cash dividend currently stands at three cents per share, and I am sure you are wondering what our plans are for increasing the dividend in the future. We realize that the cash dividend is very important to our shareholders. However, during periods of economic challenge, it is important for a business to retain a greater portion of its earnings to see it through the difficult times, and that is what we have done. We are thankful that, even through the prolonged economic downturn, we have been able to continue to declare a dividend, although at a reduced level, and we look forward to the time when we can increase it. When the board of directors feels certain James E. Shreiner Senior Executive Vice President/ Administrative Services Craig H. Hill Senior Executive Vice President/ Human Resources that our capital base is sufficient relative to the to the communities they serve, and for the strength of the economy and our earnings are strength of our local decision-making process at a level that supports increasing the dividend, which, despite tough times, enabled families we will do so. to buy homes, businesses to obtain loans, and helped hundreds of nonprofit and community Many of our customers have seen and heard organizations to continue to help our friends troubling news items related to problems in and neighbors in need. some areas of our nation’s financial services industry. These articles have fostered a greater Despite the economic downturn and our awareness of the importance of “knowing efforts to reduce costs, we continued to your banker.” As a result, our commitment dedicate resources to strengthen our ability to to local community banking is more important deliver on our customer promise. This focus than ever. At a time when customers were enabled us to maintain high employee morale unsure about the safety of their funds, we and helped our staff members to communicate were there to help them. Our employees a stable and positive attitude to customers who upheld our customer promise to “Care, Listen, were concerned about the safety and soundness Understand and Deliver,” and they worked of their financial partner. Our employees hard to earn and maintain each and every realized that we were operating in largely client’s trust. Time and time again, we heard unprecedented times, and they met every how grateful customers were for our team challenge enthusiastically and effectively. members, who live in, work in and give back (cid:49) (cid:40) (cid:40) (cid:42) t r o p e R l a u n n A n o i t a r o p r o C l a i c n a n i F n o t l u F • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 8 9 5 0 $ . 0 0 6 0 $ . % 6 1 8 1 . 25 20 15 10 5 0 % 3 3 . 9 % 6 9 . 5 0.75 0.50 0.25 0.00 8 8 0 $ . 1.5 1.0 0.5 0.0 0 2 1 . 0 $ 1 3 . 0 $ ) 3 0 . 0 $ ( 2007 2008 2009 Return on Average Common Equity (tangible)* 2007 2008 2009 2007 2008 2009 Cash Dividends Per Common Share Net Income (Loss) Per Common Share (diluted) *Net income (loss), adjusted for intangible amortization (net of tax) and goodwill impairment charges, divided by average common shareholders’ equity, net of goodwill and intangible assets. F u l t o n F i n a n c i a l C o r p o r a t i o n A n n u a l R e p o r t (cid:42) (cid:40) (cid:40) (cid:49) The 3,900 members of our team have been the the challenges of the past year or two, we have key to ensuring that this company continues to continued to carefully and strategically invest move forward, and I am very grateful for their in new branches in existing and new markets to hard work and support. Their efforts enabled us foster organic growth. to retain existing clients and attract new ones, and I am very proud that we are part of the same team. As I close this letter, I want to thank you, and the more than 49,000 shareholders who have We believe our efforts to focus on activities invested in our company. We know that there that will help us emerge from the economic are sure to be some bumps along the road to downturn more quickly than our peers are economic recovery, but we have seen some working. The opportunity to acquire banks encouraging news over the past few months. at a reasonable cost has not presented itself for We will continue to work to deliver the kind of several years. We are still interested in making earnings performance that drives increases in acquisitions that would benefit our shareholders. shareholder value. However, in the absence of these opportunities, our ongoing strategy is to focus on organic Sincerely, growth. This means serving more individuals and businesses, providing a greater number of services to each of our customers, and increasing our non-interest income – all of which will R. Scott Smith, Jr. strengthen the company’s bottom line. Despite Chairman and Chief Executive Officer • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • FINANCIAL HIGHLIGHTS AS OF OR FOR THE YEAR ENDED DECEMBER 31 (Dollars in thousands, except per-share data) Percent Change BALANCE SHEET DATA 2009 2008 2007 2009/2008 2008/2007 Total assets Loans, net of unearned income Deposits Common shareholders’ equity PER COMMON SHARE DATA Net income (loss) (diluted) Common stock cash dividends Shareholders’ equity (tangible) N/M - Not meaningful $16,636,000 $16,185,000 $15,923,000 11,972,000 12,098,000 1,566,000 12,043,000 10,552,000 1,491,000 11,204,000 10,105,000 1,575,000 $0.31 0.120 5.75 $(0.03) 0.600 5.33 $0.88 0.598 5.30 2.8% (0.6%) 14.7% 5.0% N/M (80.0%) 7.9% 1.6% 7.5% 4.4% (5.3%) (103.4) 0.3% 0.6% 10 YEARS IN REVIEW (2000-2009) 20 18 16 14 12 10 8 6 4 2 0 100 80 60 40 20 0 Total Assets (in billions of dollars) Common Stock Cash Dividends (in millions of dollars) 2 . 6 1 6 . 6 1 9 . 5 1 9 . 4 1 4 . 2 2 1 . 1 1 8 . 4 9 . 8 8 . 6 7 . 6 00 01 02 03 04 05 06 07 08 09 5 . 3 0 1 6 . 4 0 1 9 . 0 0 1 5 . 8 8 3 . 7 7 8 . 6 1 6 . 0 0 6 . 4 5 3 . 4 4 1 . 1 2 Deposits (in billions of dollars) 00 01 02 03 04 05 06 07 08 09 (cid:49) (cid:40) (cid:40) (cid:42) t r o p e R l a u n n A n o i t a r o p r o C l a i c n a n i F n o t l u F 1,800 1,600 1,400 1,200 1,000 800 600 400 0 Common Shareholders’ Equity (in millions of dollars) 5 7 5 1 , 6 6 5 1 , 1 9 4 1 , 6 1 5 1 , 3 8 2 1 , 4 4 2 , 1 8 4 9 5 6 8 2 1 8 9 7 6 Loans (in billions of dollars) 15 12 9 0 . 6 2 . 6 8 . 6 6 9 . 4 1 . 2 1 2 . 0 1 6 . 0 1 1 . 0 1 8 . 9 8 . 7 00 01 02 03 04 05 06 07 08 09 . 0 2 1 . 0 2 1 . 2 1 1 . 4 0 1 4 8 . 5 7 . 1 6 . 4 . 5 3 . 5 9 . 4 3 0 12 11 10 9 8 7 6 5 4 3 2 1 0 00 01 02 03 04 05 06 07 08 09 00 01 02 03 04 05 06 07 08 09 F u l t o n F i n a n c i a l C o r p o r a t i o n A n n u a l R e p o r t (cid:42) (cid:40) (cid:40) (cid:49) (cid:44)(cid:49)(cid:57)(cid:40)(cid:54)(cid:55)(cid:50)(cid:53)(cid:3)(cid:44)(cid:49)(cid:41)(cid:50)(cid:53)(cid:48)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:3)(cid:36)(cid:49)(cid:39)(cid:3)(cid:39)(cid:50)(cid:38)(cid:56)(cid:48)(cid:40)(cid:49)(cid:55)(cid:54) A copy of the Corporation’s Annual Report, Form 10-K, 2010 Proxy Statement and other documents filed with the Securities and Exchange Commision can be viewed on the Corporation’s website at www.fult.com. In addition, copies of the Form 10-K and 2010 Proxy Statement may be obtained without charge to shareholders by writing to: Corporate Secretary Fulton Financial Corporation P.O. Box 4887 Lancaster, PA 17604-4887 News, stock information, an events calendar, Corporate presentations and other information can be found on the Corporation’s website at www.fult.com. The Annual Meeting of Shareholders of Fulton Financial Corporation will be held on Friday, April 30, 2010 at 10:00 a.m. in the Commonwealth Ballroom of the Lancaster Marriott at Penn Square in downtown Lancaster. Please note that any shareholder who would like to attend MUST HAVE A RESERVATION. To make a reservation, please return the Annual Meeting Response Card you received with your proxy statement. Your reservation will help ensure that we have adequate seating for all shareholders who plan to join us that day. INVESTOR INFORMATION (cid:44)(cid:49)(cid:57)(cid:40)(cid:54)(cid:55)(cid:50)(cid:53)(cid:3)(cid:44)(cid:49)(cid:41)(cid:50)(cid:53)(cid:48)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49) (cid:54)(cid:55)(cid:50)(cid:38)(cid:46)(cid:3)(cid:47)(cid:44)(cid:54)(cid:55)(cid:44)(cid:49)(cid:42) Common shares of Fulton Financial Corporation are traded under the symbol “FULT” and are listed in the NASDAQ Global Select Market. (cid:38)(cid:36)(cid:54)(cid:43)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:39)(cid:40)(cid:49)(cid:39)(cid:54) The Fulton Financial Corporation Board of Directors decides whether to declare a quarterly cash dividend in the third month of each quarter (i.e., March, June, September and December). (cid:39)(cid:44)(cid:57)(cid:44)(cid:39)(cid:40)(cid:49)(cid:39)(cid:3)(cid:53)(cid:40)(cid:44)(cid:49)(cid:57)(cid:40)(cid:54)(cid:55)(cid:48)(cid:40)(cid:49)(cid:55)(cid:3)(cid:51)(cid:47)(cid:36)(cid:49) (cid:36)(cid:49)(cid:39)(cid:3)(cid:39)(cid:44)(cid:53)(cid:40)(cid:38)(cid:55)(cid:3)(cid:39)(cid:40)(cid:51)(cid:50)(cid:54)(cid:44)(cid:55)(cid:3)(cid:50)(cid:41)(cid:3)(cid:38)(cid:36)(cid:54)(cid:43)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:39)(cid:40)(cid:49)(cid:39)(cid:54) Fulton Financial Corporation offers its shareholders the convenience of a Dividend Reinvestment and Stock Purchase Plan and direct deposit of cash dividends. Holders of stock may have their quarterly dividends automatically reinvested in additional shares of the Corporation’s common stock by utilizing the Dividend Reinvestment Plan. Shareholders participating in the Plan may also make voluntary cash contributions not to exceed $5,000 per month. In addition, shareholders also have the option of having their cash dividends sent directly to their financial institution for deposit into their checking or savings account. Shareholders may receive information on either the Dividend Reinvestment Plan and Stock Purchase Plan or direct deposit of cash dividends by writing to: Stock Transfer Department Fulton Financial Advisors P.O. Box 3215 Lancaster, PA 17604-3215 or by calling: (717) 291-2546 or toll-free: 1.800.626.0255. SENIOR MANAGEMENT, DIRECTORS & ADVISORY BOARD MEMBERS (cid:41)(cid:56)(cid:47)(cid:55)(cid:50)(cid:49)(cid:3)(cid:41)(cid:44)(cid:49)(cid:36)(cid:49)(cid:38)(cid:44)(cid:36)(cid:47) (cid:38)(cid:50)(cid:53)(cid:51)(cid:50)(cid:53)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49) (cid:37)(cid:50)(cid:36)(cid:53)(cid:39)(cid:3)(cid:50)(cid:41)(cid:3)(cid:39)(cid:44)(cid:53)(cid:40)(cid:38)(cid:55)(cid:50)(cid:53)(cid:54) Jeffrey G. Albertson, Esq. John M. Bond, Jr. Donald M. Bowman, Jr. Dana A. Chryst Craig A. Dally, Esq. Patrick J. Freer Rufus A. Fulton, Jr. George W. Hodges Willem Kooyker Donald W. Lesher, Jr. John O. Shirk, Esq. R. Scott Smith, Jr. Gary A. Stewart E. Philip Wenger (cid:54)(cid:56)(cid:37)(cid:54)(cid:44)(cid:39)(cid:44)(cid:36)(cid:53)(cid:60)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) (cid:37)(cid:50)(cid:36)(cid:53)(cid:39)(cid:54)(cid:3)(cid:50)(cid:41)(cid:3)(cid:39)(cid:44)(cid:53)(cid:40)(cid:38)(cid:55)(cid:50)(cid:53)(cid:54) (cid:41)(cid:56)(cid:47)(cid:55)(cid:50)(cid:49)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) Richard J. Ashby, Jr. Larry D. Bashore Dana A. Chryst Carlos E. Graupera James M. Herr Curtis J. Myers George A. Parmer Harlowe R. Prindle A. Richard Pugh Craig A. Roda John O. Shirk, Esq. (cid:41)(cid:56)(cid:47)(cid:55)(cid:50)(cid:49)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49)(cid:36)(cid:47)(cid:3)(cid:37)(cid:50)(cid:36)(cid:53)(cid:39)(cid:54) (cid:37)(cid:53)(cid:36)(cid:49)(cid:39)(cid:60)(cid:58)(cid:44)(cid:49)(cid:40)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Kenneth M. Goddu, Chairman Robert F. Adams, Esq. Wilmer L. Hostetter Dallas Krapf James D. McLeod, Jr. Michael J. O’Rourke (cid:38)(cid:36)(cid:51)(cid:44)(cid:55)(cid:36)(cid:47)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Robert S. Jones, Chairman James C. Byerly Samuel T. Cooper, III, Esq. Thomas S. Davis, M.D. Charles J.DeHart, III, Esq. Steven S. Etter Dolores Liptak Barry E. Musser, C.P.A. Beth A. Peiffer Steven C. Wilds (cid:39)(cid:53)(cid:50)(cid:57)(cid:40)(cid:53)(cid:54)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Vernon L. Bracey Robert S. Freed Jevon L. Holland Gregory V. Saubel William S. Shipley, III Gary A. Stewart, Jr. Delaine A. Toerper Christine R. Wardrop Constance L. Wolf (cid:42)(cid:53)(cid:40)(cid:36)(cid:55)(cid:3)(cid:57)(cid:36)(cid:47)(cid:47)(cid:40)(cid:60)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Jeffrey R. Rush, Chairman Marcelino Colon Michael D. Fromm Kathryn G. Goodman Daniel M. Goodyear William G. Koch, Sr., C.P.A. Chris G. Kraras (cid:47)(cid:40)(cid:37)(cid:36)(cid:49)(cid:50)(cid:49)(cid:3)(cid:57)(cid:36)(cid:47)(cid:47)(cid:40)(cid:60)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Barry E. Ansel, Chairman Donald H. Dreibelbis Randall I. Ebersole Robert J. Funk Robert P. Hoffman Wendie DiMatteo Holsinger Robert J. Longo Albert B. Murry M. Randolph Tice (cid:51)(cid:53)(cid:40)(cid:48)(cid:44)(cid:40)(cid:53)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Joseph R. Feilmeier, Chairman Barry R. Angely Anthony D. Cino Wallace Rosenthal Ivy Silver (cid:54)(cid:50)(cid:56)(cid:55)(cid:43)(cid:40)(cid:53)(cid:49)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) T.A. Grell, Jr., Chairman T. Richard Litton, Jr. Lloyd M. Poe Timothy J. Stiffler Elizabeth Addington Twohy (cid:41)(cid:56)(cid:47)(cid:55)(cid:50)(cid:49)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46)(cid:3)(cid:36)(cid:39)(cid:57)(cid:44)(cid:54)(cid:50)(cid:53)(cid:60)(cid:3)(cid:37)(cid:50)(cid:36)(cid:53)(cid:39)(cid:54) (cid:49)(cid:50)(cid:53)(cid:55)(cid:43) Gerald L. Harding Dean A. Hoover Louis G. Hurst Kent M. Martin Michael L.Weinhold,C.P.A. (cid:38)(cid:40)(cid:49)(cid:55)(cid:53)(cid:36)(cid:47) Ronald L. Miller, C.P.A. Irel D. Buckwalter Wilbur G. Rohrer Paul W. Stauffer (cid:49)(cid:50)(cid:53)(cid:55)(cid:43)(cid:58)(cid:40)(cid:54)(cid:55) P. Larry Groff, Sr. Peter J. Hondru Kenneth L. Kreider Jessica H. May Peter B. McCracken Robert W. Obetz, Jr. Larry D. Sauder David W. Sweigart, III J. David Young, Jr., Esq. Dennis M. Zubler (cid:41)(cid:56)(cid:47)(cid:55)(cid:50)(cid:49)(cid:3)(cid:41)(cid:44)(cid:49)(cid:36)(cid:49)(cid:38)(cid:44)(cid:36)(cid:47)(cid:3) (cid:38)(cid:50)(cid:53)(cid:51)(cid:50)(cid:53)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:3)(cid:54)(cid:40)(cid:49)(cid:44)(cid:50)(cid:53)(cid:3)(cid:3) (cid:48)(cid:36)(cid:49)(cid:36)(cid:42)(cid:40)(cid:48)(cid:40)(cid:49)(cid:55) R. Scott Smith, Jr., Chairman and Chief Executive Officer E. Philip Wenger, President and Chief Operating Officer Charles J. Nugent, Senior Executive Vice President/ Chief Financial Officer James E. Shreiner, Senior Executive Vice President/ Administrative Services Craig H. Hill Senior Executive Vice President/ Human Resources (cid:49) (cid:40) (cid:40) (cid:42) t r o p e R l a u n n A n o i t a r o p r o C l a i c n a n i F n o t l u F F u l t o n F i n a n c i a l C o r p o r a t i o n A n n u a l R e p o r t (cid:42) (cid:40) (cid:40) (cid:49) (cid:40)(cid:36)(cid:54)(cid:55) Galen Eby R. Douglas Good, Esq. Richard M. Hurst Aldus R. King Vernon R. Martin John D. Yoder (cid:54)(cid:50)(cid:56)(cid:55)(cid:43) Frank M. Abel, V.M.D. John E. Chase James W. Hostetter, Sr., C.P.A. Dwight E. Wagner (cid:54)(cid:55)(cid:36)(cid:55)(cid:40)(cid:3)(cid:38)(cid:50)(cid:47)(cid:47)(cid:40)(cid:42)(cid:40) Allan Darr Elizabeth A. Dupuis Todd A. Erdley John A. Rodgers (cid:36)(cid:42)(cid:53)(cid:44)(cid:38)(cid:56)(cid:47)(cid:55)(cid:56)(cid:53)(cid:36)(cid:47)(cid:3)(cid:36)(cid:39)(cid:57)(cid:44)(cid:54)(cid:50)(cid:53)(cid:60)(cid:3)(cid:37)(cid:50)(cid:36)(cid:53)(cid:39) Harry H. Bachman I. Hershey Bare Dennis L. Grumbine William Hostetter Amos M. Hursh Aldus R. King Jay H. Kopp Peter B. McCracken (cid:54)(cid:58)(cid:44)(cid:49)(cid:40)(cid:41)(cid:50)(cid:53)(cid:39)(cid:3)(cid:49)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:36)(cid:47)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) Arthur F. Bowen Thomas C. Clark, Esq. Michael N. O’Keefe William D. Robinson Michael R. Wimer Gene D. Zartman (cid:47)(cid:36)(cid:41)(cid:36)(cid:60)(cid:40)(cid:55)(cid:55)(cid:40)(cid:3)(cid:36)(cid:48)(cid:37)(cid:36)(cid:54)(cid:54)(cid:36)(cid:39)(cid:50)(cid:53)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) Gary A. Clewell Craig A. Dally, Esq. L. Anderson Daub Sara (Sally) Jane Gammon Thomas J. Maloney, Esq. Alan B. McFall, Esq. Jamie P. Musselman Gerald A. Nau Edith Ritter John J. Simon (cid:41)(cid:49)(cid:37)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46)(cid:15)(cid:3)(cid:49)(cid:17)(cid:36)(cid:17) Robert O. Booth Richard A. Grafmyre James D. Hawkins Wendy S. Tripoli Joanne E. Wade (cid:39)(cid:40)(cid:47)(cid:36)(cid:58)(cid:36)(cid:53)(cid:40)(cid:3)(cid:49)(cid:36)(cid:55)(cid:44)(cid:50)(cid:49)(cid:36)(cid:47)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) Dale R. Dukes Jeffrey M. Fried Amy A. Higgins Mark E. Huntley Greg N. Johnson Terry A. Megee Ronald T. Moore Ralph W. Simpers P. Randolph Taylor David T. Wilgus (cid:55)(cid:43)(cid:40)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) Joseph F. Adams, C.P.A. Jeffrey G. Albertson, Esq. Dennis N. DeSimone Lawrence M. DiVietro, Jr. Sandra J. Gubbine James R. Johnson, Jr. Scott H. Kintzing Warner A. Knobe Ross Levitsky, Esq. Angela M. Snyder Daniel G. Timms, D.D.S. Paul J. Tully (cid:55)(cid:43)(cid:40)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49)(cid:36)(cid:47)(cid:3)(cid:37)(cid:50)(cid:36)(cid:53)(cid:39) (cid:41)(cid:44)(cid:53)(cid:54)(cid:55)(cid:3)(cid:58)(cid:36)(cid:54)(cid:43)(cid:44)(cid:49)(cid:42)(cid:55)(cid:50)(cid:49)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) James R. Johnson, Jr. Timothy J. Losch Stephen R. Miller (cid:54)(cid:46)(cid:60)(cid:47)(cid:36)(cid:49)(cid:39)(cid:54)(cid:3)(cid:38)(cid:50)(cid:48)(cid:48)(cid:56)(cid:49)(cid:44)(cid:55)(cid:60)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) Norman S. Baron Blanquita Bonifacio John K. Kitchen Joel A. Kobert Stephen R. Miller Raymond Nisivoccia, C.P.A. Denis H. O’Rourke Paul Pinizzotto Anthony J. Santye, Jr. Leslie E. Smith, Jr. Mark F. Strauss, Esq. Norman Worth (cid:55)(cid:43)(cid:40)(cid:3)(cid:38)(cid:50)(cid:47)(cid:56)(cid:48)(cid:37)(cid:44)(cid:36)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46) Joe N. Ballard John M. Bond, Jr. Robert R. Bowie, Jr. Donald M. Bowman, Jr. Garnett Y. Clark, Jr. Raymond A. Grahe Donald R. Harsh, Jr. James R. Moxley, III John A. Scaldara, Jr. Gregory Snook David K. Williams, Jr. Elizabeth M. Wright (cid:55)(cid:43)(cid:40)(cid:3)(cid:38)(cid:50)(cid:47)(cid:56)(cid:48)(cid:37)(cid:44)(cid:36)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46)(cid:3)(cid:3) (cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49)(cid:36)(cid:47)(cid:3)(cid:37)(cid:50)(cid:36)(cid:53)(cid:39)(cid:54) (cid:43)(cid:36)(cid:42)(cid:40)(cid:53)(cid:54)(cid:55)(cid:50)(cid:58)(cid:49)(cid:3)(cid:55)(cid:53)(cid:56)(cid:54)(cid:55)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Donald M. Bowman, Jr. Paul N. Crampton, Jr. Louis J. Giustini Raymond A. Grahe Donald R. Harsh, Jr. Doris E. Lehman Paul C. Mellott, Jr. John A. Scaldara, Jr. Gregory Snook (cid:51)(cid:40)(cid:50)(cid:51)(cid:47)(cid:40)(cid:54)(cid:3)(cid:37)(cid:36)(cid:49)(cid:46)(cid:3)(cid:50)(cid:41)(cid:3)(cid:3) (cid:40)(cid:47)(cid:46)(cid:55)(cid:50)(cid:49)(cid:3)(cid:39)(cid:44)(cid:57)(cid:44)(cid:54)(cid:44)(cid:50)(cid:49) Harry C. Brown Donald S. Hicks Robert O. Palsgrove John A. Scaldara, Jr. Nancy R. Simpers David K. Williams, Jr. (cid:37)(cid:36)(cid:49)(cid:46)(cid:44)(cid:49)(cid:42)(cid:3)(cid:54)(cid:56)(cid:37)(cid:54)(cid:44)(cid:39)(cid:44)(cid:36)(cid:53)(cid:44)(cid:40)(cid:54)(cid:29) Fulton Bank, N.A. Swineford National Bank Lafayette Ambassador Bank FNB Bank, N.A. Delaware National Bank The Bank Skylands Community Bank The Columbia Bank Residential mortgage lending offered through: Fulton Mortgage Company Investment management and planning services offered through: Fulton Financial Advisors & Clermont Wealth Strategies 

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