Cardinal State Bank Unveils Plans for Holding Company and Expansion
10 May 2006 - 2:22AM
PR Newswire (US)
Plans call for three new offices in the next three years. DURHAM,
N.C., May 9 /PRNewswire-FirstCall/ -- At Cardinal State Bank's
(NASDAQ:CSNC) recent annual meeting, it was announced that
shareholders had approved the formation of a bank holding company.
"While the formation of a holding company is not in our immediate
plans," said John W. Mallard, Jr., president and CEO, "with this
approval in place, we can move forward as soon as we believe it is
in the best interest of Cardinal State Bank and our shareholders.
The formation of a holding company will give us flexibility in how
we conduct business, and the structure we need to have in place as
our growth plans unfold. We will be in a better position to act on
opportunities, including opportunities for expansion, more
quickly." Growth plans currently call for the opening of three
additional offices over the next three years. The Bank is looking
at sites in communities that are both contiguous and noncontiguous
to Durham County, NC, where the Bank is headquartered and operates
three banking offices. Cardinal State Bank reported total assets of
$171.6 million at March 31, 2006. http://www.cardinalstatebank.com/
This news release may contain, among other things, certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, (i) statements regarding certain of Cardinal State
Bank's goals and expectations with respect to earnings, earnings
per share, revenue, expenses and the growth rate in such items, as
well as other measures of economic performance, including
statements relating to estimates of credit quality trends, and (ii)
statements preceded by, followed by or that include the words
"may", "could", "should", "would", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "projects", "outlook" or
similar expressions. These statements are based upon the current
beliefs and expectations of Cardinal State Bank's management and
are subject to significant risks and uncertainties. Actual results
may differ from those set forth in the forward-looking statements.
These forward-looking statements involve certain risks and
uncertainties that are subject to change based on various factors
(many of which are beyond Cardinal State Bank's control).
DATASOURCE: Cardinal State Bank CONTACT: John W. Mallard, Jr.,
President and CEO of Cardinal State Bank, +1-919-403-2833, or Web
site: http://www.cardinalstatebank.com/
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