A Franklin-based bank reported an increase in loans, leading to higher earnings, and a change coming in leadership.
Third Century Bancorp, the holding company for Franklin-based Mutual Savings Bank, had an increase in net income in 2016, compared to 2015.
The bank also announced the upcoming retirement of Chief Executive Officer Bob Heuchan at the end of 2017, according to a news release. Heuchan, who has worked in banking for 41 years, will be replaced by David Coffey, executive vice president.
The increase in net income, from $547,000 in 2015 to $691,000 in 2016, is primarily due to more loans being issued and the bank keeping spending down, Heuchan said. Total loans grew by more than $11 million, or 11.5 percent, he said.
Heuchan said 2016 was a good year, and he is pleased with where the bank stands, making him feel like now was a good time for retirement. The recession was tough on everyone, and he wanted to see the bank through that time and help with recovery, he said.
“Now is a good time for me to step aside,” Heuchan said.