Centier Bank is reporting a net income in the first quarter of 2010 of $1.55 million.

According to a statement released on Wednesday, Centier’s total assets grew nearly $5 million in the first quarter and currently stand at $2.12 billion.

Stockholders’ equity grew $10.8 million or 6.5 percent for the quarter.

“Centier continues to remain ‘well capitalized’ by all regulatory standards, and has done so successfully without the injection of government bailout funds (TARP),” the statement said. “The decision to not accept bailout funds to increase the Bank’s capital and give the government an ownership interest in the bank reinforces the Bank’s commitment to remain independent.”

“Centier experienced continued loan growth in the beginning of 2010 and continues to meet the needs of its communities with increased lending to area families and businesses,” the statement said. “In the first quarter, the total loan portfolio grew $17 million and commercial loans increased by $26 million. This continues a milestone year set for the bank in 2009, when Centier reached more than $1 billion in its commercial loan portfolio. As a result of lending efforts to area small businesses, Centier was named the Regional Development Company’s ‘Most Active Partner’ and was honored as ‘Best Bank for Business’ by the Northwest Indiana Business Quarterly magazine for the eighth consecutive year.”

This month, Centier celebrated its 115th anniversary under the continued ownership and management of the Schrage family. Since 1895, Centier has grown to 44 banking locations throughout Northern Indiana, with business banking offices in Mishawaka, Fort Wayne, and Lafayette. Plans are currently underway to relocate the Lafayette business banking center this summer and expand into a full-service retail branch. The bank also plans to begin construction of a new Hammond branch facility in the fall.

“Our clients want responsive bankers who understand the local economy and can offer better savings and lending options that will benefit their financial future,” Centier President and CEO Mike Schrage said. “As a community bank, we can respond to these needs much faster and more effectively than a large bank. When you do that—and do it well—people notice.”

In 2010, Centier was also named among the top “Best Places to Work” by the Indiana Chamber of Commerce and was named “Best Bank” by readers of the Post-Tribune and the Times.

For more information about Centier Bank’s people, products, services, or locations, access its web site at www.centier.com

Posted 4/29/2010