Message #6 From:
NewsBot Date: January 9, 2007 03:31:00 PM
CHOB News Deposits and Results Surge for Charter Oak Bank as Move to Permanent Quarters is Completed
NAPA, Calif.--(BUSINESS WIRE)--Charter Oak Bank, (OTCBB:CHOB), headquartered in Napa, California,
reported a record increase of $29.1 million in deposits during the
fourth quarter of 2006. Deposits ended the year at $61.6 million as
compared December 31, 2005 total of $27.2 million. Brian Kelly,
President & Chief Executive Officer, states “Continuing
the development of core deposit relationships is the mark of a community
bank, and key to our ongoing success. Our staff out-performed all other
banks in the county in deposit growth for the twelve months ending June
30, 2006, and then they delivered even more extraordinary growth during
the last six months of 2006.”
Charter Oak Bank reported a net profit for the month of December 2006,
its first monthly profit since its December 2004 opening. The bank had a
net loss for the year of $321,000, as compared to a total net loss of
$1.3 million in 2005 – a gain of $979,000. The
fourth quarter net loss was $15,000, a strong improvement over the third
quarter of 2006 net loss of $48,000. The Bank reported no delinquent or
past due loans and is considered “well-capitalized”
by regulatory definition.
As of December 31, 2006, total assets were $77.8 million. That
represents a quarterly increase of $23.7 million, and compares to
December 31, 2005 total assets of $43.1 million. Total loans at December
31, 2006 were $57.8 million, representing an increase of $23.3 million
from the December 31, 2005 total of $34.5 million.
On January 8th, the bank moved into its
permanent headquarters at 600 Trancas Street in Napa. The bank will
occupy the entire 5,000 squarefoot first floor in this new
building located at the north end of Soscol Avenue at Trancas Street.
The bank’s other branch located in St. Helena
is expected to relocate to their permanent location on the corner of
Railroad and Adams Streets in the coming weeks.
Kelly further comments, “We had a very good
fourth quarter and thus have positioned ourselves well for 2007. Our
moves into permanent facilities should have a marketable impact on our
presence in the Napa Valley, and our ability to grow the bank. Charter
Oak Bank is a true community bank that is here to meet and exceed the
expectations of our customers and is committed to enhancing the
financial community of Napa Valley. We have a great staff and great
customers and look forward to continued achievements in the coming year.”
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.
