Marvin S. Veatch, President of Bancorp. of Southern Indiana (BSI) and President/CEO of Jackson County Bank (JCBank), announced 2024 consolidated net earnings of $6,742,000 which resulted in Return on Average Equity and Return on Average Asset measures of 10.32% and 0.74%, respectively. The current year’s activities resulted in earnings of $4.99 per share.
Veatch reported that total assets for the year increased $29.0 million to $982.3 million as of December 31, 2024, an increase of 3.0% over 2023. Total deposits grew $46.2 million year-over-year, or 6.2%. Total outstanding loan balances grew $57.9 million or 7.8%, ending the year with approximately $807.8 million in outstanding loan balances.
Shareholders re-elected directors Warren L. Forgey, Marshall E. Royalty, and Marvin S. Veatch for additional three-year terms. The meeting also marked the bittersweet announcement of the planned upcoming retirement of Susan G. Judd, after serving with distinction on the BSI and JCBank Board of Directors for the past thirty years.
During a review of 2024, Veatch announced that it was another sound year for JCBank, marked by significant achievements and milestones. Besides the well-deserved 2024 recognition as one of the Best Places to Work in Indiana by the Indiana Chamber of Commerce, a testament to JCBank’s commitment to fostering a positive work environment, all four JCB Investment Services' Financial Advisors also experienced unprecedented success. Each achieved individual record production levels during 2024, reflecting their dedication and expertise in the financial industry, underscoring the strength and resilience of investment strategies executed in a competitive and evolving marketplace.
President Veatch overviewed several exciting investments made in the organization throughout 2024 and also shared the recent relocation and April 7, 2025 opening of the North Vernon Banking Center, located at 2355 N. State Highway 3 in North Vernon. This new location is equipped with a drive-thru, ATM, and night deposit to better serve customers in that market. He further shared the anticipated future banking center expansion and renovation plans in Bloomington on purchased property located at 3002 East 3rd Street.
Veatch also reviewed multiple investments in the organization, including the introduction of a mortgage banking product suite, debit card enhancements, and the implementation of online account opening, all of which improve the overall customer experience. Additionally, technology infrastructure upgrades were made, including information security and physical security advancements.
May 1, 2025, marks a milestone for JCBank as it celebrates 125 years of serving south-central Indiana communities. To commemorate this achievement, Veatch proudly unveiled a specially designed anniversary logo that embodies JCBank’s legacy, values, and long-term commitment to its communities. Along with the development of the logo, JCBank aims to create memorable and engaging experiences throughout the year that resonate with customers and team members while celebrating this significant milestone together.
Veatch concluded the meeting by praising the JCBank team for their dedication and resilience, “Our community banking model continues to be strong. Our team members have proven JCBank is well-positioned to continue serving the needs of our communities. I am proud of our team and their dedication and commitment to JCBank and our customers. This strong foundation of local expertise and customer-centric values continues to set the stage for a promising future, as JCBank remains steadfast in its role as a trusted financial partner.”