Founders bank reports record year-end earnings of $6.3M
Founders Financial Corp., the holding company for Founders Bank & Trust in Grand Rapids, has reported annual earnings in 2012 were a record $6.3 million, or $7.09 per share, compared to 2011 earnings of $4.28 million, or $4.63 per share.
The privately held bank also reported net income of $1,380,286, or $1.57 per share, for the fourth quarter of 2012, compared to $1,252,641, or $1.40 per share, in the fourth quarter of 2011.
“We are proud to conclude 2012 with record annual earnings,” said Laurie F. Beard, president and CEO. “The excellent credit quality of our loan portfolio, an exceptional year for mortgage production and a commitment to building long-term relationships with customers all contributed to another strong quarter and record year for our bank. Our bank’s fundamentals, including capital position, remain extremely strong.”
Founders Bank & Trust has four branches in the Grand Rapids region. Its headquarters is in Ada Township on Cascade Road, on the southeast side of Grand Rapids.