Business Bank Corp. Announces 1999 Earnings.Business Editors LAS VEGAS--(BUSINESS WIRE)--March 27, 2000 With the release of its 1999 Annual Report to shareholders, Business Bank Corp. and its subsidiary, Business Bank of Nevada (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BBNV BBNV Business Bank of Nevada ) reported record earnings for 1999, with after-tax earnings of $779,842 and with a return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). of 0.61 percent. The corporation reported increased assets of $127,915,536 as of December 31, 1999. This represents an 18 percent increase over December 31, 1998. Total deposits were $115,633,724 and total outstanding loans were $88,231,416 at year-end 1999. These totals represent 18 percent and 31 percent increases respectively. "The corporation and the bank attributes its growth in 1999 to excellent market conditions, loyal customers and a dedicated staff and board of directors," said John Guedry, the new president of Business Bank of Nevada and its parent corporation. Business Bank of Nevada currently offers three branch locations in southern Nevada and one in Carson City Carson City, city (1990 pop. 40,443), state capital, W Nev., in the Eagle valley; inc. 1875. The city is a trade center for a mining and agricultural area. State government is the major employer, and tourism is economically important. , in northern Nevada, with plans to open additional branches in the coming years. Since opening in 1995 with $5.0 million in capital, the bank has grown to $128 million in assets. Business Bank of Nevada is a full-service, independent community bank with an emphasis on personalized service and products, such as its 24 hour automated telephone banking system, business PC banking and merchant and ATM services, as well as its Business Express Courier service, which is available to business customers for transporting non-cash deposits and documentation for loans, deposit accounts and its merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or . Statements in this press release which express "belief," "intention," "expectation" or "prospects," as well as other statements which are not historical fact, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve certain risks and uncertainties. |
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