Message #1 From:
NewsBot Date: July 27, 2006 01:17:00 PM
CHOB News Charter Oak Bank Continues to Improve Performance
NAPA, Calif.--(BUSINESS WIRE)--July 27, 2006--Charter Oak Bank, (OTCBB:CHOB) a one and a half year old bank headquartered in Napa, California, reported total assets of $52.9 million as of June 30, 2006. That represents an increase of $21.2 million as compared to the June 30, 2005 total of $31.7 million. Total loans were $47.6 million as compared to $20.3 million one year ago. The bank's deposits at June 30, 2006 were $31.5 million, an increase of $15.8 million from the June 30, 2005 total of $15.7 million.
The bank's net loss for the six months ending June 30, 2006 was $260,000, a $578,000 improvement over the net loss of $838,000 for the same period in 2005. The bank reported no delinquent or past due loans and is considered "well-capitalized" by regulatory definition.
Brian Kelly, President & Chief Executive Officer, states, "We are very pleased with the Bank's performance to date. We continue to improve all aspects of the Bank as we strive to reach profitability on a monthly basis before year end."
Charter Oak Bank operates two branches in Napa County, including one in each of the cities of Napa and St. Helena.
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 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.
