Walsch named Taneytown Bank vice president

BUSINESS NOTES

January 26, 1995

Michael K. Walsch has been named executive vice president and chief financial officer at Taneytown Bank & Trust Co.

His responsibilities will include directing the bank's financial and accounting departments and supervising the data processing, deposit services, loan operations and mortgage services.

He will remain treasurer of Monocacy Bancshares Inc., parent company of Taneytown Bank.

Previously, he worked for Signet Bank in Richmond, Va., and Ernst and Young in Baltimore.

He holds a bachelor's degree from Morgan State University and a master's in business administration from Duke University.

Mr. Walsch is active in the Carroll County Historical Society, the Sandymount Recreation Council, Sandymount Elementary School and Sandymount United Methodist Church.

A certified public accountant, Mr. Walsch lives in Finksburg with his wife, Sandy, and their children, Marc and Katie. Monocacy Bancshares Inc., parent company of Taneytown Bank & Trust Co., has reported a net income of $2,404,211, or $1.83 per share for the year ended Dec. 31, 1994. This marks a 23 percent increase from 1993.

The return on average equity was 13.53 percent for 1994 compared with 11.28 percent for 1993, and return on average assets was 1.17 percent for 1994 compared with 1.09 percent in 1993.

Net income for the three months ended Dec. 31 was $612,472, or 47 cents per share. This is a 34 percent increase compared to the 1993 results of $455,987, or 35 cents per share.

The board of directors declared a fourth quarter dividend of 8 cents per share payable on Jan. 20 to stockholders of record.

IRA specialists form organization

A new group for area bank IRA specialists to meet and share information was formed this month by Deborah Zepp, individual retirement account administrator at Taneytown Bank & Trust Co..

The group, which met Jan. 19, will meet each quarter to review the federal regulations that govern IRA accounts and discuss concerns expressed by customers.

Information: 756-2655 or 876-3787.

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