Rockville Bank Exchanges Bills

Rockville Bank exchanged a few Bills - and bills - on Tuesday and in the process proclaimed the bank has clean bill of health.

At the bank's annual meeting in South Windsor, William McGurk, who has served as president and chief executive officer for more than three decades, officially retired and turned the gavel and the day-to-day operations over to William Crawford.

McGurk, who seemed to be in attendance at every one of the more than 300 events the bank is involved with, will remain on the board of directors for a couple of years.

"It's the first and last,'' McGurk said, referring to the bank's initial meeting as a fully public company and his last with the gavel.

Both McGurk and Crawford maintained that the bank has a commitment to its community bank reputation.

McGurk reviewed some healthy numbers. The bank has $60.7 million in cash and short-term investments, a 214 percent jump from the $19 million it declared for 2009.

It has 1.56 million in investment securities, a 12 percent jump from last year's $1.38 million.

Total assets are $1.678 billion, $1.4 billion of which comes from loans.  Assets jumped 7 percent while loans took a leap of 4 percent.

Assets totaled $1.5 billion in 2009.

Deposits totaled $1.2 million, a jump of 8 percent.

Net income was $12 million, a jump of 26 percent and each share earned 66 cents, a 25-percent increase.

When McGurk turned the floor over to Crawford, the old U.S. Navy man in him came out.

"You've got the baton,'' he said. "I stand relieved.''

And the ship, both men said, is going full steam ahead.