The Gilmer National Bank Board of Directors honored one of their own Tuesday, Feb. 12, when they acknowledged 40 years of service to the bank by William F. Patterson, the former chairman of the board.
“Bill was elected to the board March 21, 1972, and elected chairman July 17,1990,” Edwin “Pete” Herrmann told the stockholders in remarks Tuesday. Feb. 12. “He served during the terms of six different bank presidents: Bill Buie, Malcolm Smith, Max McPeek, Kenneth Stewart, Gary Patterson and Larry Cowan.”
The last three were all in attendance at the presentation.
President Larry Cowan presented Patterson with an acrylic plaque honoring his years of service, and chairman Herrmann with an engraved Rolex watch. His wife and children were present for the ceremonies.
When Patterson was elected to the board, the bank was known as the Farmers and Merchants National Bank and was located one block from the square in what is now the Tax Assessor Collector’s office. He presided as chairman over the move to the current location of the Gilmer National Bank off U.S. 271 North in Gilmer, when Kenneth Stewart was the president.
Herrmann underscored the changes the bank has undergone in these 40 years. In 1972, the bank had assets of $9 million, loans of $4 million, and deposits of $8 million. The bank disbursed $25,000 to stockholders in dividends.
When he became chairman of the board, the bank had grown to $104 million in assets, $37 million in loans, and $91 million in deposits.
This past year, the bank closed 2012 with assets of $204 million, loans of $125 million, and deposits of $176 million. In addition to distributing $900,000 to stockholders as a regular dividend, the board voted a special dividend of $2 a share at the end of the year for an addition $969,000 returned to the stockholders.