Monticello Bankshares’ principal operating subsidiary is The Monticello Bank-ing Company, a Kentucky commercial bank chartered in 1895 with its cor-porate office located in Monticello. The bank has operated under the same name and at the same location since its inception 117 years ago.

The Monticello Banking Company operates twelve full service community banking centers surrounding Lake Cumberland and in the Barren River re-gion. Product offerings include traditional banking services, such as com-mercial and consumer deposit and loan products, trust and investment services, as well as a variety of electronic banking services including Inter-net banking, eStatements, bill payment, and cash management at www.bankatmbc.com.

Management and the Boards believe strongly in the values of traditional community banking, that the Monticello Banking Company is defined not by size or location, rather by the reputation it has earned for serving and being of service, by taking an active role for the betterment of the com-munity, and by building relationships and retaining these relationships with customers that keep them coming back. We remain dedicated to our vision of focusing on our customer as our primary reason for being.

Be the premier financial institution in the communities we serve.

Create and deliver quality financial products and services that represent superior value to our customers.

Provide a stimulating and challenging work environment that encourages, develops and rewards excellence.

Be honest, fair and maintain confidentiality in all transactions and relationships.

Be a good community citizen.

By focusing on the above, achieve consistent superior financial performance that creates value and pride for our shareholders.

corporate profile

Monticello Bankshares’ Mission is to...

To Our Shareholders Page 1

Moving Forward - Technology Page 3

Report on Management Responsibilities Page 5

Audit Committee Responsibilities Page 6

Financial Review Page 7

Corporate Information Page 15

Special Recognition - Years of Service Page 27

Shareholder Information Page 28

table of contents

1

shareholder letter

To Our Shareholders:During 2011, we successfully managed

Monticello Bankshares through a difficult

economy, and delivered strong results. In

spite of the economic headwinds and

ultra-low interest rate environment, we are

pleased to report net income of $3,127,667.

We continue to build upon our already

strong capital base and have bolstered our

liquidity position while maintaining a healthy

dividend to our shareholders. Results like

these don’t just happen. They are the result

of our entire team, our officers, employees,

and boards, all pulling together in the same

direction and supported by a community

banking culture that has guided us for more

than a century.

We undertook a strategy in 2011 to strength-

en capital, reduce higher cost deposits,

keep overhead expenses as low as possible,

and aggressively reduce problem assets.

Monticello Bankshares’ total capital, as

measured by FASB-115, ended the year at

a record $49,778,352, up from $44,041,527

last year. Total deposits declined almost $21

million to $535,388,858 as we intentionally

reduced the level of higher cost certificates

of deposit. Non-interest bearing core

deposit checking accounts increased

significantly ending the year at $61,896,292.

And, overhead expenses declined in 2011 as

all operations were carefully managed. As a

result, core earnings for the bank remained

very strong and enabled the company to

successfully attend to problem loans and

repossessions ensuing from the recession.

The company’s provision for loan losses was

$5,572,000 for 2011, or $1,372,000 more than

2010. Additional provisions were necessary

to augment the company’s reserves and to

address specifically identified problem

credits. We were pleased in our efforts to

reduce the level of loans on nonaccrual of

interest by $5,368,143 during 2011.

Additionally, foreclosed real estate and

other repossessed assets declined by

$1,743,258. We anticipate continued

improvements in overall asset quality as

economic conditions improve.

Net Interest Income remained steady in a

very low interest rate environment totaling

$19,185,685. The Federal Reserve continued

unprecedented economic stimulus

measures and maintained short-term

interest rates throughout 2011 between 0.00

to 0.25%. Pressure on our interest margin

from the large amount of liquidity we have

maintained should begin to ease as we

begin to redirect some of that liquidity into

loans and investments. Other factors

expected to improve overall net interest

income are lower deposit costs and

reduced levels of non-performing loans.

Non-Interest Income in 2011 was significantly

lower than 2010. While service charges

and fees on deposits remained steady at

$2,743,277, secondary market mortgage

fees were off $504,735. Additionally, the

customers still appreciate face-to-face

visits and we will continue to build as well as

improve upon our existing network to meet

the needs of our entire customer base.

We are very optimistic about our long-term

future and the virtues of community

banking. We understand the realities of

changes in financial regulation and our

bankers will adapt and thrive as we go for-

ward from the solid foundation we have es-

tablished. We have all the building blocks

in place to succeed. Our capital is strong,

stronger even than when the financial crisis

began. Members of the board of directors

provide keen insight and superior counsel.

Most important, we have the people in

place to make it happen. At every level,

employees throughout the company are

bringing Monticello Banking Company to

life, helping our existing as well as

prospective customers understand what

sets us apart, and ensuring our future.

We extend our sincere thanks to you, our

shareholders, for the confidence you have

placed in us. We will continue to work

every day to earn your trust and to deliver

solid results.

Mack Butler President & CEO

Kenneth RamseyChairman

2

company experienced fewer investment

gains on securities in 2011. Mortgage

lending fees are expected to improve in

2012 as borrowers recover from recession-

ary challenges and as we improve our

ability to originate, process, and sell

residential mortgage loans within the

framework of recently enacted federal

financial reforms.

We are fully engaged and working hard

to be fully aware of all aspects of the

far-reaching financial reform bill – known

as Dodd-Frank - including participating

with banking industry groups to try to lessen

the brunt of some parts of the bill. Virtually

every aspect of the banking industry has

been impacted by this legislation which

contains over 2,000 pages and requires

regulators to promulgate numerous new

regulations to implement.

We are encouraged to see some early

signs of growth in the economy. While

unemployment continues to be significantly

higher than desired, job growth is

returning. We expect to continue to see

positive trends in the quality of loans

available in our markets and plan to

aggressively pursue new business in 2012.

Additionally, we plan to expand the ways

customers can handle their business with

us through online and mobile services.

We continue to see rapid adoption of our

electronic products and services across all

demographics. Although more and more

activity is moving to our website, many

shareholder letter

Monticello Banking Company strives to provide our customers with solutions

that make their banking experience more efficient, convenient and reliable.

We continue to see rapid adoption of our electronic products and services

across all demographics and have some really exciting things planned for 2012.

NetTeller Online Banking NetTeller, our online banking service, allows 24 houraccess to accounts over the Internet.

• View deposit and loan account information • Pay Bills• Obtain specific check information • Obtain specific loan payment information • Transfer funds between accounts • Make loan payments • View and print items on statements

Over one-third of Monticello Banking Company’s customers utilize NetTeller Online Banking.

Mobile BankingMonticello Banking Company’s Mobile Banking allows our customers access to theiraccounts anytime, anywhere using their mobile phone and devices. Our Mobile Banking service offers our customers an even more convenient way of performing routine banking such as; viewing account balances and history, transferring funds andpaying bills, as well as viewing alerts and receiving text messages. Additionally, Apps are available for the iPhone and Android phones. Other phones with internet access can access the same features via the web browser. Any phone with Text capabilities can receive balance & transaction information.

Monticello Banking Company’s Mobile Banking was introduced in May 2011 and the number of customers utilizing the product has grown rapidly, approaching 1,200 users.

3

Moving Forwardtechnology

eStatements - Online Account Statements In addition to the traditional paper statement, customers have the convenience of accessing account statements via NetTeller, our online banking service. With eStatements, an email notice is sent when an account statement is available.

• Same as paper but receive online• Customers may view, print or save to their computer • Access is quick and easy • eStatements are free

Since being introduced in 2007, the percentageof accounts receiving eStatements has grown to 27%. While offering quick, secure access for the bank’s customers to their statements, thisproduct saves the bank the cost of printing, inserting, envelopes and postage.

eDeposit eDeposit is a remote deposit service signed to help improve business operations by depositing checks without leaving the office. A small desktop check scanner is installed at the place of business on a computer that has high speed internet. All checks received are scanned including consumer checks, commercial checks, cashier’s checks and money orders. At 6:00 p.m. the sys-tem automatically generates a file that contains all of the check images for that day. The bank receives the file and processes it for deposit. FEATURES & BENEFITS: • Access eDeposit website to administer, monitor and pull reports on items scanned • Same day deposit for checks scanned prior to 6:00 p.m. (EST)• Reduce transportation time, costs and risks • Deposit checks throughout the day • Consolidate banking relationships • Improve availability of funds

eDeposit, introduced in 2008 allows Monticello Banking Company to serve customers that are not conveniently located to one of our offices or for those who simply wish to save time and money. Through 2011, transaction volume has grown to over sixty-eight thousand transac-tions per year.

eDeposit Remote Deposit Capture

4

technology

5

The management of Monticello Bankshares, Inc. is responsible for the integrity

of its financial statements and their preparation in accordance with account-

ing principles generally accepted in the United States. To fulfill this responsibility

requires the maintenance of a sound accounting system supported by strong

internal controls. The Company believes it has a high level of internal controls,

which is maintained by the recruitment and training of qualified personnel with

appropriate divisions of responsibility, the development and communication

of accounting and other procedures, and comprehensive internal audits.

Our independent auditors, Mountjoy Chilton Medley, LLP, are engaged to

audit, and render an opinion on, the fairness of our consolidated financial

statements in conformity with accounting principles generally accepted in

the United States. Our independent auditors obtain an understanding of our

internal accounting control systems, review selected transactions and carry

out other auditing procedures before expressing their opinion on our consoli-

dated financial statements.

The Board of Directors has appointed an Audit Committee, composed of out-

side directors, that periodically meets with the independent auditors, bank

examiners, management and internal auditors to review the work of each.

The independent auditors, bank examiners and the Company’s internal au-

ditors have free access to meet with the Audit Committee without manage-

ment’s presence.

D. Mack ButlerPresident & Chief Executive Officer

management’s responsibilities

6

Board of Directors and ShareholdersMonticello Bankshares, Inc.Monticello, Kentucky

The Audit Committee of the Board of Directors is composed of four members which are all independent directors. Those members are Bob Hayden - Chairman, Charles Fletcher, Dr. James K Phillips, Jr., and Rick Drake.

The committee held five meetings during 2011.

The Audit Committee oversees the company’s financial reporting process on behalf of the Board of Directors. In fulfilling its responsibility, the committee recom-mended selection of the company’s independent public accountants, Mountjoy Chilton Medley, LLP, 175 East Main Street, Suite 200, Lexington, Kentucky 40507.

The Audit Committee discussed with the internal auditor and the independent public accountants the overall scope and specific plans for their respective audits. The committee also discussed the company’s consolidated financial statements and the adequacy of the company’s internal controls.

The committee met regularly with the company’s internal auditor and indepen-dent public accountants, to discuss the results of their audit, their evaluations of the company’s internal controls, and the overall quality of the company’s financial reporting.

The meetings also were designed to facilitate any private communication with the committee that the internal auditor or independent public accountants desired.

Bob Hayden, ChairmanAudit Committee

audit

$56,027,0001,000

$56,028,000

$139,204,00085,000

3,075,000$142,364,000

$352,692.00014,588,0001,066,000

25,359,000

$592,097,000

$61,896,000473,493,000

$535,389,000

$709,0004,858,000

$5,567,000

$1,363,000

$542,319,000

$170,000

19,774,000

(668,000)3,220,000

24,129,0003,153,000

$ 49,778,000

$592,097,000

$30,045,00016,087,000

$46,132,000

$127,948,000130,000

3,015,000$131,093,000

$384,306,00014,937,0001,066,000

29,203,000

$606,737,000

$ 55,458,000500,531,000

$555,989,000

$04,858,000

$4,858,000

$1,849,000

$562,696,000

$169,000

19,775,000

(665,000)3,233,000

22,544,000(1,015,000)

$ 44,041,000

$606,737,000

2011 2010ASSETS

Cash and due from Banks Federal funds sold Total Cash and Cash Equivalents Securities - Available for Sale Securities - Held to MaturityRestricted Investments Total Securities

Net LoansBank premises and equipmentGoodwill, NetOther assets

Total Assets

Non-interest bearing deposits Interest-bearing deposits Total Deposits

Federal Funds PurchasedLine of Credit Total Other Borrowed Funds

Other Liabilities

Total Liabilities

Preferred stock: $5 par value, 50,000 sharesAuthorized; (2011) 34,023 (2010) 33,798 shares Issued & Outstanding

Common stock: $5 Par Value, 8,000,000 shares Shares Authorized & Issued; (2011) 3,954,712 (2010) 3,954,937 respectively Shares Outstanding; (2011) 3,821,071 (2010) 3,821,955 respectively

Treasury Stock (2011) 133,641 shares (2010) 132,982 shares respectivelySurplusRetained earningsAccumulated Other Comprehensive Income (Loss) Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity

LIABILITIES AND SHAREHOLDERS’ EQUITY

Consolidated for the Year Ended December 31, 2011

7

financials

STOCKHOLDERS’ EQUITY

8

2011$23,066,000

4,755,000

223,000

$28,044,000

$8,661,000

197,000

$8,858,000

$19,186,000

$5,572,000

$2,743,000

784,000

397,000

996,000

$4,920,000

$8,723,000

$2,230,000

4,973,000

$15,926,000

$2,608,000

($520,000)

$3,128,000

Interest Income on Loans

Interest Income on Securities

Interest Income on Federal Funds Sold & Other Interest Income

Total Interest Income

Interest Expense on Deposits

Interest Expense on Other Borrowed Funds

Total Interest Expense

Net Interest Income

Provision for Loan Losses

Service Charges on Deposit Accounts

Gain (Loss) on Sale of Securities

Secondary Market Mortgage Fees

Other Income

Total Non-Interest Income

Salaries & Employee Benefit Expense

Occupancy Expense

Other Non-Interest Expense

Total Non-Interest Expense

Net Income Before Income Taxes

Income Tax Expense

Net Income

$24,220,000

4,547,000

139,000

$28,906,000

$9,488,000

118,000

$9,606,000

$19,300,000

$4,200,000

$ 2,791,000

1,424,000

902,000

1,197,000

$6,314,000

$9,023,000

2,316,000

5,317,000

$16,656,000

$4,758,000

$697,000

$4,061,000

Consolidated for the Year Ended December 31, 2011

2010

financials

Total Capital: Total Capital, as measured

by FASB-115, for MBI increased by ($6 Mil-

lion), [13.0%] and ended the year at $50 Mil-

lion. Overall, Capital increased due to the

change in the Unrealized Gains (Losses) in

the Investment Portfolio, also known as Other

Comprehensive Income (OCI). Net Income

was lower in 2011 than the previous year and

dividends remained at the same level as the

previous year. When computing Regulatory

Capital, the Unrealized Gains (Losses) are not

a component in the calculation. Regulatory

Capital for MBI ended the year at 7.74%.

Total Assets: Total Assets for MBI declined by

$15 Million, [2.4%] and ended the year at

$592 Million.

Total Loans: Total Loans for MBI declined by

$33 Million, [8.5%] and ended the year at

$358 Million.

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

9

10

Total Deposits: Total Deposits for MBI declined

by $21 Million, [-3.7%] and ended the year at

$535 Million. The decline in deposits was in

the Interest Bearing category. Non-Interest

Bearing Deposits showed strong growth for

2011, ending the year with a $6 Million in-

crease.

Net Income: Net Income for MBI for 2011 was

$3.1 Million, a decline of ($934,000), [-23.0%]

versus the previous year. Overhead expens-

es represented the largest improvement for

earnings, while Provisions to the Loan Loss Re-

serve represented the most deterioration for

earnings.

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

Market Value Per Share: Market Value for

MBI common stock remained unchanged

during 2011 and ended the year at $25.00.

The total return of the stock for 2011, includ-

ing dividends, earnings, and appreciation,

was 4.9%.

2007 2008 2009 2010 2011

Earnings per Share (Undiluted): EPS (Undi-

luted) for MBI Common Stock decreased

by (-$.24), [-22.6%] and ended 2011 at $.82.

The number of shares outstanding did not

change materially over 2011 and the decline

in EPS is attributed to lower Net Income dur-

ing 2011.

Dividends Per Share: Dividends per Share for

MBI remained at $.40 per share. This is the

same level of dividends paid in 2010.

2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

11

Net Income: Net Income for MBC ended the

year at $3,300,000 versus $4,210,000 for 2010.

This is a decrease of (-$910,000), [-21.6%] over

the prior year. Increased Provision Expense

for the Loan Loss Reserve is the main con-

tributor for lower earnings in 2011 versus 2010.

2007 2008 2009 2010 2011

12

Net Interest Income: Net Interest Income for

MBC declined by $9,000 and ended the year

at $20.7 Million. Subtracting Interest Expense

from Interest Income computes Net Interest

Income. This is the most significant source of

income to the Company.

Core Earnings: Core earnings for MBC de-

clined by $39,000 [-0.4%] and ended the

year at $9.3 Million. Core earnings consist

of Net Interest Income (Interest Income less

Interest Expense), plus Non-Interest Income,

less Non-Interest Expense. These three com-

ponents of earnings are used to compute

and measure the “Efficiency Ratio”. This is

a common ratio used by Bank Analysts in

determining the amount of overhead that is

needed to generate revenue. 2007 2008 2009 2010 2011

2007 2008 2009 2010 2011

13

Deposit Composition by Market

Somerset22%

Glasgow2%

Russell County3%

Clinton County10%

Casey County6%

Bowling Green11%

Monticello46%

Over the past three years, deposits have grown in the financial services

industry at rates not seen in many years. The Federal Reserve continues

to increase the money supply in hopes of encouraging economic growth.

As in years past, it is evident that one cannot compete on rates alone.

Superior customer service is a key ingredient in building long-term customer

relationships. The Monticello Market continues to dominate total deposits with

(46%), followed by Somerset with (22%), Bowling Green with (11%), Clinton

County with (10%), Casey County with (6%), Russell County with (3%), and

Glasgow with (2%). As we continue to grow, our funding sources are greatly

enhanced with our ability to attract funds from the seven markets that we serve.

14

Loan Composition by Market

Somerset15%

Glasgow4%

Russell County9%

Clinton County7% Casey County

4%

Bowling Green22%

Monticello39%

Diversification continues to be a key strategy to mitigate credit risk by avoid-

ing a concentration in one particular market or geographical region. For

the year ending 2011, the composition of the loan portfolio by market is as

follows: Monticello (39%) of total loans, Bowling Green (22%) of total loans,

Somerset (15%) of total loans, Russell County (9%) of total loans, Clinton

County (7%) of total loans, Casey County (4%) of total loans, and Glasgow

(4%) of total loans. The Monticello Market continues to provide support for

all of our markets, in addition to operating four full-service banking facilities.

15

Kenneth RamseyChairman

Ramsey Insurance Agency

D. Mack ButlerPresident & CEO

Monticello Bankshares, Inc.

Roger DaltonDirector

Retired-Chairman National City Bank of Kentucky

Marilyn DrakeDirector

Pharmacist

Rick DrakeDirector

Drake Franchised Dealership

Bob HaydenDirector

Retired-EVPMonticello Banking Company

Dr. James K. Phillips, Jr.Director

Family Physician

Van PhillipsDirector

Attorney-Phillips & Phillips

Monticello Banking Company Board of Directors

Monticello Bankshares Inc. Board of Directors

Back Row (L-R): Rick Drake, Sam Brown, Kenneth Ramsey-Chairman, D. Mack Butler, Lyle DenneyFront Row (L-R): Marilyn Drake, Charles Fletcher, Mike Blevins, Bob Hayden & Dr. James K. Phillips, Jr.

16

Bowling Green

Dr. James K. PhillipsChairman

D. Mack Butler Mike Davenport

Laura SpencerDr. Kirk Fee Greg Stivers Gayla WarnerBuster Stewart

Advisory Board Members

Steve TallentJoe SummersHoward “Tuddy” StocktonPaula LittleB. G. Dunnington

Rick DrakeChairman

D. Mack Butler Raymond DelkJeff Choate

Albany

17

Glasgow

Sheila Dishman

Bobby Lee HurtLarry Hammer

Mike Goad

Van Phillips Chairman

Kenny Ramsey T. Richard Alexander

Lyle DenneyChairman

D. Mack Butler Stacey Beeler

Ronnie Davis

Barry Davis

Jerry Hoskins Lonnie Mullins Richard Owens Doug Wolford

Advisory Board Members

Casey County

Leanne Davis

18

Somerset

Regina Brinson

Terri Tuttle

D. Mack Butler

Dr. Keith Sinclair

Danny Ford Mark HaneySam BrownChairman

Bruce Orwin

Advisory Board Members

Mike BlevinsChairman

D. Mack Butler

Anita Tucker

Angela Cundiff-Roy Rick Mann David Smith

Freddy Tarter

Russell County

19

Monticello Corporate Office

Renee’ AdamsVP/Personal Banker

Elaine BertramLoan Services Manager

Judy CarltonDeposit Operations Rep.

Garrett CoffeyTechnical Support/System Operator

Mildred CoffeyDeposit Operations Rep.

Crystal CrabtreeFinancial Accounting Rep.

Tabatha DeckerDeposit Operations Asst. Mgr.

Jackie DennisNetwork Administrator

Jayma DobbsAVP/Commercial Banker

Becky DolenSVP/Human Resource Mgr.

Helen DolenVP/Commercial Banker

Brandon DunningtonSecondary Market Supervisor

Wendy FosterExecutive Assistant

Sandra FrostSVP/Auditor

Barbara GehringSVP/Marketing Director

Jonathan GoleyAVP/Credit Analyst

Kenny RamseyExecutive Vice President

Sue BertramVP/Deposit Operations Mgr.

Tabitha DobbsDeposit Operations Rep.

D. Mack ButlerChief Executive Officer

Pattie CorderVP/Compliance Officer

Monticello Corporate Office

Misty GoleyAVP/Compliance Auditor

Susan AyearstSenior Teller

Nicole BurnetteLoan Processor

Norma DeckerLoan Services Representative

20

Debbie NelsonAVP/Item Processing Mgr.

Tommy NelsonAVP/Collector

Eddie NorfleetMaintenance

Randy ParsonsSVP/Chief Technology Officer

Elissa PhippsItem Processing Operator

Leverne GuffeyDeposit Operations Rep.

David HarmonFacilities/Purchasing Mgr.

Dawn HarmonAsst. Audit/BSA Officer

Jean HicksSVP/Senior Lender

Billy HurdVP/Commercial Banker

Jamie JonesFinancial Accounting Rep.

Patty KeithAVP/Head Teller

Mary LairReceptionist

Barbara LesterVP/Human Resource Asst. Mgr.

Angela LozanoPart-time Deposit Operations Rep.

Rick McClendonSVP/Special Assets Mgr.

Christy ParmleyLoan Services Representative

Monticello Corporate Office

Brian MorrowAVP/Mortgage Processing Mgr.

Kenny LyonsTechnical Support/System Operator

Lena KingLoan Processor

Amie LowhornOnline Banking Representative

Heather ParmleyCollections Secretary

Kista GregoryTeller

Amanda McGinnisLoan Services Representative

Monticello Corporate Office

Melissa PiercyInformation Security Officer

21

Kelley RaderVP/Information Technology Mgr.

Becky RamseySecurity Asst.

Jeremy StearnsTechnical Support/System Operator

Sandra TroxellAVP/Business Development

Frances WatsonSVP/Controller

Rodney WeaverVP/Senior Credit/Loan Review

Charity WillisLoan Services Representative

Jamie ReaganAVP/Mortgage Processor

Natalie EdwardsPart-time Marketing Asst.

Monticello Corporate Office

Austin GehringPart-time Maintenance

Brittany ChaplinPart-time Teller

50 N. Main Street, PO Box 421, Monticello, KY 42633 (606) 348-8411

Not Pictured:Drake Staples

Part-time Teller

February 17, 2012 was the day we sadly lost one of our own here at Monticello Banking Company. Barbara Sue Harlan was a valued employee of the bank for 21 years. At the time of her passing, she was the Loan Services Supervisor. As co-workers, we were more than just colleagues, we were family. Barb had a gentle sense of humor and a smile that was contagious and would brighten up your day. She struggled with her health during the last couple of years and took it like a champion. She was very dedicated to her work and loved life. There will forever be an empty hole in our hearts…but our hearts will forever be filled with treasured memories. We were privileged to know and to love her.

In Loving Memory of our FriendBarbara Sue Harlan

1956 - 2012

22

Angela WestonVP/Retail Branch Mgr.

Linda FoisterAVP/Head Teller

Peggy HumbleFinancial Service Rep.

Amy HurdFinancial Service Rep.

Mary Lois RobertsVP/Sr. Consumer Lender

Tradeway Branch

1450 N. Main St. Monticello, KY

42633(606) 348-6500

Sasha ChaplinPart-time Teller

Whitney PowellTeller

Tiffany StinsonTeller

Renee BunchTeller

Jakeilla SuttonTeller

Stephanie MassengaleTeller

Kevin RoseVP/Commercial Banker

Nadine SimpsonAVP/Senior Customer Rep.

Bridgett FosterTeller

Beulah MartinTeller

Janet BellVP/Operations Officer

Brenda BarrierSenior Teller

95 N. Main St. Monticello, KY 42633

(606) 348-6846Amy Bell

Financial Service Rep.

Downtown Branch

Monticello Corporate Office

Misty DukeFinancial Service Rep.

Lynette Dodson YowellVP/Retail Branch Manager

Shane SmithHead Teller

Ashley GehringTeller

Walmart Branch 175 Walmart Plaza Drive, Monticello, KY 42633 (606) 340-3159

DeLesia CorderTeller

23

Alice BranhamVP/Customer Service Rep.

Barbara L. SmithAVP/Head Teller

Debbie BrownAVP/Executive Assistant

Leslie BolesSenior Teller

Willard JohnsonVP/Consumer Lender/Collector

Allen SmithSVP/Commercial Banker

Spencer ParriginPart-time Teller

Kimberly GarrettTeller

Rebecca MeansReceptionist

Albany 310 N. Cross StreetAlbany, KY 42602

(606) 387-6611

Mike DavenportSenior Executive Officer

Leslie EansHead Teller

Tammy HammersExecutive Assistant

David HaynesFinancial Service Rep.

David SmithCommercial Banker

Hartland

1050 Wilkinson TraceBowling Green, KY 42103

(270) 796-6639

Bill HallSenior Investment Officer

Shelby DelkPart-time Teller

Natoshia WellsPart-time Teller

Rebecca SmithCustomer Service Rep.

Bowling Green

Bowling Green

Tammy OldhamExecutive Assistant

Sherry GiorgioSenior Teller

Janet PierceMortgage Lender/Business Dev. Officer

Ashley EnglerHead Teller/Customer Service Rep.

Cave Mill

Not Pictured: Part-time Tellers - Lauren Whitaker,

Lyndsey Whitaker & Leslie Dawn Bennett

Christopher TuckerPart-time Teller

1840 Cave Mill Rd.Bowling Green, KY 42104

(270) 780-1120

Anne LeighLoan/New Accts. Processor

Garland SharpSVP/Commercial Banker

Barry StringerVP/Consumer Lender

Nanette WrightPart-time Teller

Teresa WethingtonHead Teller

Sandra AllenPart-time Teller

Stacey BeelerSenior Executive Officer

Kelcie MurphyPart-time Teller

Joan LawhornCustomer Service Rep.

Judy ThomasTeller

611 North Wallace Wilkinson Blvd.Liberty, KY 42539

(606) 787-2046

Robyn GriderPart-time Teller

Gregory HansfordTeller

Ruth BrownAVP/Sr. Consumer Lender

Julie BowlesTeller

Casey County

24

25

Larry HammerSenior Executive Officer

Chesley CrainePart-time Teller

Lisa AdwellPart-time Teller

Tonya RedfordFinancial Service Rep.

Gail StaplesHead Teller

Kimberly CannonSenior Teller

1414 Happy Valley RoadGlasgow, KY 42141

(270) 659-0080

Glasgow

Christin MatneySecondary Mortgage Originator

Belinda HooverAVP/Sr. Consumer Lender

Karen IsbellTeller

Angela SmithLoan/New Accounts Processor

Ginger SmithReceptionist

Sharon TuckerHead Teller

Tiffany WillisSenior Teller

Nancy MoneyExecutive Assistant

Lisa RoyTeller

Russell County 2554 S. Hwy. 127Russell Springs, KY 42642

(270) 866-7322

Nancy MelsonPart-time Teller

Anita TuckerSenior Executive Officer

Tonya MeeceVP/Operations Officer

Scott BroylesAVP/Trust Officer

Vicky GodseyAVP/Trust Assistant

Amanda BeshearsTrust Assistant

Trust Department

(606) 451-0388 Norman MartinSVP/Trust Manager

3653 S. Hwy. 27 Somerset, KY

42501

(606) 676-8301

Regina BrinsonSenior Executive Officer

Debbie DunganAVP/Personal Banker

Ralph GibsonVP/Sr. Consumer Lender

Beverly GoverAVP/Personal Banker

Judy GreeneExecutive Assistant

Mazetta HardenHead Teller

Lisa ParkeyReceptionist

Glenda PriceVP/Operations Officer

Valerie ReynoldsLoan/New Accounts Processor

Pat SmithSenior Teller

Wally HudsonVP/Retail Branch Manager

Kelly KingPersonal Banker

Matt PriceLoan/New Accts. Processor

Lisa RoyAVP/Head Teller

Somerset South

Donna McQueenPart-time Teller

SomersetMain

475 E. Hwy. 80 Somerset, KY

42501

(606) 451-0388

Sheila HaleTeller

Karissa CooperTeller

Carly BrinsonPart-time Teller

Not Pictured: Samantha Wiley,Part-time Teller

26

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Patty KeithAsst. Vice President

Head Teller42 Years

Alice Branham Vice President

Customer Service Representative38 Years

Frances WatsonSr. Vice President

Controller35 Years

Sandra TroxellAsst. Vice President

Business Development Officer 35 Years

Jean HicksSr. Vice President

Senior Lender34 Years

Helen DolenVice President

Commercial Banker34 Years

Janet BellVice President

Operations Officer33 Years

Barbara GehringSr. Vice PresidentMarketing Director

32 Years

Becky DolenSr. Vice President

Human Resources Mgr.31 Years

Debbie NelsonAsst. Vice PresidentItem Processing Mgr.

31 Years

Renee’ AdamsVice President

Personal Banker30 Years

Sue BertramVice President

Deposit Operations Mgr.30 Years

Barbara LesterVice President

Human Resources Asst. Mgr. 29 Years

Elissa PhippsItem Processing Operator

29 Years

Mildred CoffeyDeposit Operations

Representative28 Years

experience counts

Shareholder Inquiries, Stock Transfer or Dividend Payments If you have inquiries or questions regarding

your Monticello Bankshares shareholder

account, please call Helen Dolen at

(606) 348-8411 or 1-800-909-3420 or write

Monticello Bankshares, Inc.

P.O. Box 421 • Monticello, KY 42633

InternetFor information on financial results, products

and services please visit our website:

Monticello Banking Company

www.bankatmbc.com

Corporate Headquarters Monticello Bankshares, Inc.

50 N. Main St., P.O. Box 421

Monticello, Kentucky 42633

(606) 348-8411 or 1-800-909-3420

Annual MeetingThe annual meeting of shareholders will

be held on Thursday, April 12th, 2012 at the

Historic Wayne Theater, 30 N. Main Street,

Monticello, Kentucky at 3:30 p.m.

Dividend CalendarDividends, as declared by the Board of

Directors, are customarily paid to

shareholders of record as follows:

March 1 – payable March 10

June 1 – payable June 10

September 1 – payable September 10

December 1 – payable December 10

Financial InformationFor a copy of our audit report, please

contact Frances Watson, Sr. Vice President

at (606) 348-8411 or 1-800-909-3420

or email at fwatson@ebank.ky.

Independent AuditorsMountjoy Chilton Medley, LLP

Certified Public Accountants

175 East Main Street, Suite 200

Lexington, KY 40507

(859) 255-4950 Fax (859) 255-2875

shareholderinformation

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