/ CORRECTION - Charter Oak Bank Continues to Be Safe and Sound
14 April 2009 - 3:46AM
Marketwired
In the new release, "Charter Oak Bank Continues to Be Safe and
Sound," issued earlier today by Charter Oak Bank (OTCBB: CHOB), we
are advised by the company that the deposit figure in the second
sentence of the second paragraph should read "$114.6 million"
rather than "$114.5 million" as originally issued. Complete
corrected text follows.
Charter Oak Bank Continues to Be Safe and Sound
NAPA, CA -- April 13, 2009 -- Charter Oak Bank (OTCBB: CHOB),
headquartered in Napa, California, reported net income before tax
of $200,000 during the first quarter of 2009. This represents a
profit increase of $39,000 from the prior year first quarter net
income before tax of $161,000. The notable improvement in income
was supported by loan growth of $30.8 million from the prior year.
Total loans ended the first quarter of 2009 at $129.5 million as
compared to $98.7 million in 2008 -- a reflection of Charter Oak
Bank's continued dedication to serving the financing needs of its
community.
Deposit growth remained consistent and strong. At March 31,
2009, total deposits were $114.6 million, representing a 26.6%
increase or $24.1 million from the same period last year total of
$90.5 million. Total assets were $147 million as of March 31, 2009,
an increase of $32 million in the past twelve months. Charter Oak
Bank remains "well-capitalized" by regulatory definition with good
asset quality.
"I am delighted to report that Charter Oak Bank is a safe and
sound community bank with steady and solid financial performance,"
stated Brian Kelly, President and CEO. "We are fortunate to be
located in the Napa Valley, which exhibits a more robust economy
than most."
With no construction or sub-prime loans, Charter Oak Bank enjoys
tremendous stability. In addition, the bank has only one client
past due, and that loan, in dollars, equates to less than half a
percent of the bank's total portfolio. Charter Oak Bank did not
need, nor participate in, the Federal government's TARP
program.
Kelly continued, "We continue to work with our customers in this
challenging economy, offering, for example, a well-received
Skip-A-Payment program in December. I greatly appreciate the
attention, time and effort of our board and employees to keep our
bank a safe and sound institution. Charter Oak Bank is a financial
institution that people can trust during these tenuous economic
times."
Forward-Looking Statements
Statements concerning future performance, developments or
events, expectations for growth and income forecasts, and any other
guidance on future periods, constitute forward-looking statements
that are subject to a number of risks and uncertainties. Actual
results are pre-fiscal year-end audit and may differ materially
from stated expectations. Specific factors include, but are not
limited to, loan production, balance sheet management, expanded net
interest margin, the ability to control costs and expenses,
interest rate changes and financial policies of the United States
government and general economic conditions. The Bank disclaims any
obligation to update any such factors.
Contact: Brian Kelly Email Contact Phone: 707-265-2001
Charter Oak Bank (CE) (USOTC:CHOB)
Historical Stock Chart
From May 2024 to Jun 2024
Charter Oak Bank (CE) (USOTC:CHOB)
Historical Stock Chart
From Jun 2023 to Jun 2024