Eastern Michigan Financial : 2021 Annual Report

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21Annual

STATEMENT, MISSION PROMISE AND VALUES,

2021MISSION STATEMENT, VALUES, AND PROMISE

MISSION STATEMENT

To continue as a progressive and growing community bank, serving our communities by offering a wide range of competitive services for our customers, resulting in a profitable organization, enabling us to build capital, pay appropriate dividends to our stockholders and competitive salaries to our employees.

CORE VALUES

At Eastern Michigan Bank, we take great pride in being a community bank. At the center of our value system is our core commitment to provide value driven products and courteous service delivered by a caring and professional staff. After all, we're not just in the "banking business," we're in the business of financing people's lives and dreams - a responsibility we don't take lightly.

OUR PROMISE

We promise our customers they can rely on us to listen to their needs and try to provide solutions. We also promise to always practice discretion and tact when it comes to personal or professional financial issues and to treat our customers with respect, dignity and integrity, all while doing our best to help them reach their financial goals.

Eastern Michigan Financial Corporation | 2021 Annual Report

2021

Mission Statement, Core Values and Promise	Inside Front Cover
Index, Locations and Contact Information	1
Board of Directors	2
Board Retirements, Board Elections, Officers, In Memoriam	3
Promotions	4
New Hires and Retirements	5
Letter to Shareholders	6 - 7
2021 Highlights and Ten Year Financial Profile	8
Consolidated Balance Sheets	9
Consolidated Statements of Income	10
Consolidated Statements of Comprehensive Income	11
Consolidated Statements of Shareholders' Equity	12
Consolidated Statements of Cash Flows	13
Notes to Consolidated Financial Statements	14 - 24
Auditors' Report	25 - 27
Branch, Loan and Administrative Staff, Locations	28
Milestones	Inside Back Cover

AND LOCATIONS INDEX, INFORMATION T CONTAC

GENERAL INFORMATION

Eastern Michigan Financial Corporation is the holding company for Eastern Michigan Bank, a full service community bank with offices in Croswell, Deckerville, Fort Gratiot, Lakeport, Lexington, Marysville, Port Huron, Ruth and Sandusky.

CORPORATE HEADQUARTERS

Eastern Michigan Financial Corporation

65 N. Howard Avenue

Croswell, Michigan 48422

INVESTOR RELATIONS CONTACT

Errin Levitt, Senior Vice President, Chief Financial Officer

Eastern Michigan Financial Corporation 65 N. Howard Avenue

Croswell, Michigan 48422 810.398.5135

INDEPENDENT AUDITORS

Rehmann Robson

5800 Gratiot, Suite 201 Saginaw, Michigan 48638 989.799.9580

TRANSFER AGENT AND REGISTRAR

Computershare Shareholder Services P.O. Box 30170

College Station, Texas 77842-3170 800.368.5948

STOCK SYMBOL

Over-the-Counter Bulletin Board: EFIN

ANNUAL MEETING

The Eastern Michigan Financial Corporation annual meeting of company shareholders is scheduled for Tuesday, April 26, 2022 at 5:30 p.m. and will be held at Lakeview Hills Golf Resort, 6560 E. Peck Road, Lexington, Michigan 48450.

Eastern Michigan Financial Corporation | 2021 Annual Report

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DIRECTORS OF BOARD

TIMOTHY WARD	WILLIAM OLDFORD, JR.
Chairperson	Vice Chairperson
Retired Chief Executive Officer	President and Chief Executive Officer
Eastern Michigan Bank, Croswell	Eastern Michigan Bank, Croswell

KAREN FLANAGAN	BRADLEY APSEY	KATHLENE PARTAKA
Director	Director	Director
Farmer	President	Retired Executive Vice President, Operations
Sandusky	Apsey Funeral Home Inc., Deckerville	Eastern Michigan Bank, Croswell

PATRICIA RYAN	DONNA NIESTER	ANTHONY ROGGENBUCK
Director	Director	Director
Retired Partner	President and Chief Executive Officer	President, D&D Farms, Inc., Ruth
Frohm, Kelley, Butler & Ryan, P.C., Port Huron	Acheson Ventures, LLC, Port Huron	Owner-Operator,Trucker T's Transport, LLC, Ubly

STEVEN SCHWEIHOFER	JOHN WILLIAMS	MICHAEL WENDLING
Director	Director	Director
Former Chief Financial Officer	Retired Superintendent	Prosecuting Attorney
Foster Blue Water Oil, Richmond	Electrical & Water Departments, Croswell	St. Clair County

A P P O I N T M E N T S
Anthony (Tony) Roggenbuck and Steve Schweihofer were appointed to the Boards of Directors of
Eastern Michigan Financial Corporation and its subsidiary, Eastern Michigan Bank, in August 2021.
Tony Roggenbuck is a lifelong resident of the Ruth area. He is the President of D&D Farms, Inc.,
a third-generation family farm that he grew up on, and also the Owner-Operator of Trucker T's
Transport, LLC, based in Ubly.	ANTHONY ROGGENBUCK
Steve Schweihofer is the former Chief Financial Officer for Foster Blue Water Oil, located in
Director
Richmond with operations throughout eastern Michigan. He is actively involved in his local
community, currently serving as Treasurer of the SC4 Foundation, the St. Vincent DePaul Society
(St. Clair), and the St. Clair Ecumenical Food Pantry. He is also a Trustee of the Community
Foundation of St. Clair County and serves on their Finance and C3 committees, as well as being
the varsity golf coach for Marysville High School. Steve is a lifelong resident of St. Clair County.

The directors, officers, and staff of Eastern Michigan Bank all welcome Mr. Roggenbuck and Mr.

Schweihofer to the organization and look forward to their contributions.

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STEVEN SCHWEIHOFER

Director

Eastern Michigan Financial Corporation | 2021 Annual Report

B O A R D R E T I R E M E N T S

EARL DESJARDINS | Retired Chairperson

Earl DesJardins retired in April 2021 after eight years of service as Chairperson of the Boards of Directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation. DesJardins was appointed to both boards in 2002. He is a retired civil engineer and former President of BMJ Engineers & Surveyors, Inc. in Port Huron.

The staff and directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation thank Mr. DesJardins for his many years of service and wish him well in all of his future endeavors.

I N M E M O R I A M

BOARD ELECTIONS

TIMOTHY WARD | Chairperson

In May 2021, sitting Vice Chairperson Timothy Ward was elected Chairperson of the Boards of Directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation. Mr. Ward was first appointed to both Boards in 2005, when he joined the Bank as President.

Ward served as President and Chief Executive Officer (CEO) of Eastern Michigan Bank from 2006 until 2015 and as CEO from 2015 until his retirement in early 2020.

WILLIAM OLDFORD, JR. | Vice Chairperson

Eastern Michigan Bank President and CEO William Oldford, Jr. was elected Vice Chairperson of the Boards of Directors of Eastern Michigan Bank and Eastern Michigan Financial Corporation. Mr. Oldford served as President of Eastern Michigan Bank from October 2015 through February 2020, at which time he was appointed President and CEO.

Former Director Sherwood Palmateer

passed away on March 5, 2021.

Palmateer was appointed to the Board of Directors in 1981 when the Bank was still operating as State Bank of Croswell. He retired in 2004, after 23 years of service.

In addition to his service to Eastern Michigan Bank and Eastern Michigan Financial Corporation, Palmateer was a lifelong farmer and retired builder who spent twenty years selling and

constructing family homes in the thumb of Michigan. He also played a role in the construction of the Colonial Woods Missionary Church of Port Huron, where he was a member of their board for a number of years. We extend our deepest sympathies to Sherwood's family.

O F F I C E R S
EASTERN MICHIGAN FINANCIAL
CORPORATION OFFICERS
Timothy Ward | Chairperson of the Board
William Oldford, Jr. | Vice Chairperson, President and Chief Executive Officer
Stacie Bales | Senior Vice President, Chief Operating Officer
Chad Deaner | Senior Vice President, Chief Lending Officer	EASTERN MICHIGAN BANK
Errin Levitt | Senior Vice President, Chief Financial Officer
EASTERN MICHIGAN BANK	ASSISTANT VICE PRESIDENTS
Stefanie Abbott | Deckerville Branch Manager
SENIOR MANAGEMENT OFFICERS	Christi Agostino-Erd | Mortgage Loan Officer
William Oldford, Jr. | President and Chief Executive Officer	David Baker | Port Huron Branch Manager
Stacie Bales | Senior Vice President, Chief Operating Officer	Julie Chapdelaine | Bank Secrecy Act Officer
Chad Deaner | Senior Vice President, Chief Lending Officer	Trishette Davis | Croswell Branch Manager
Errin Levitt | Senior Vice President, Chief Financial Officer	Alexander Messing | Commercial Loan Officer
EASTERN MICHIGAN BANK	Wendy Smith | Fort Gratiot Branch Manager
Kim Stencel | Lexington Branch Manager
VICE PRESIDENTS	EASTERN MICHIGAN BANK OFFICERS
Scott Badley | Commercial Loan Officer
Kimberly Bowman | Retail Banking Manager	Jennifer Briolat | Lakeport Branch Manager
Joseph Brown | Appraiser	Rachel Galbraith | Commercial Loan Officer
Christopher Flann | Commercial Loan Officer	Melissa Gelinski | Senior Accountant
Gerald Hepfer | Commercial Loan Officer	Daniel Hale | Commercial Loan Officer
Audra Levitte | Human Resources Director	Tracy Jackson | Sandusky Branch Manager
L. Michael O'Vell | Consumer Loan Manager and Security Officer	Noelle Malburg | Ruth Branch Manager
Joseph Pink | Information Technology Manager and Chief Information Security Officer	Amy Piconke | Marysville Branch Manager
Jessica Simon | Commercial Loan Manager	Jasmine Williams | Commercial Loan Officer
Tammy Williford | Marketing and Compliance Officer
Kathleen Wurmlinger | Mortgage Manager

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