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Meridian Bank has appointed Christopher E. McDermott as Senior Vice President, Commercial Lending, bringing his extensive banking experience to serve business customers in Bucks and Montgomery Counties. McDermott's background includes working for large and small institutions in commercial lending, and his expertise will enhance Meridian's 'Continuum of Lending' strategy. CEO Chris Annas believes McDermott's experience aligns well with Meridian's culture of partnership and customer loyalty.
Meridian (MRBK) reported first-quarter 2024 results, with net income of $2.7 million and diluted earnings per share of $0.24. Commercial loans increased by 5% for the quarter. Total assets were $2.3 billion. The Board declared a dividend of $0.125 per share. The CEO noted improvements in earnings, stable interest margins, and growth in the Philadelphia metro region.
