CB Financial Corporation makes announcement.JACKSON Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. , Mich.--(BUSINESS WIRE)--March 10, 1997--CB Financial Corporation previously released its unaudited results for the year ended December December: see month. 31, 1996. In the course of the subsequent audit, it was determined that additional charges against 1996 earnings were appropriate. As a result of increased charge-offs in the indirect auto loan portfolios during the fourth quarter of 1996 and anticipated levels of future charge-offs, it was appropriate to substantially increase the reserve for loan losses from $4,529,000 to $6,168,000, or 1.01% of loans outstanding at December 31, 1996. This resulted in a pre-tax charge of $1,640,000 against fourth quarter 1996 earnings. In addition, the audit resulted in adjustments of $571,000 to other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , including depreciation on leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. and reserves for possible litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. liabilities. As a result, 1996 net income was reduced from the previously announced unaudited results by $1,459,000, or $.52 per share. Thus, audited earnings for 1996 were $5,004,000 compared with $4,616,000 for 1995. Earnings per share were $1.79 and $1.65 respectively. In making this announcement, Brian D. Bell, Chairman and Chief Executive Officer of CB Financial Corporation indicated that the adjustments to 1996 earnings do not affect the previously announced proposed merger of CB Financial Corporation with Citizens Banking Corporation, which is currently expected to close at the end of the second quarter. CB Financial Corporation, with assets of $826.2 million, as of December 31, 1996, is the parent holding company for City Bank and Trust Company in Jackson, City Bank in Lansing/St. Johns and CB North in Charlevoix. CB Financial Corporation and its subsidiaries have 39 financial centers providing commercial, trust, and personal banking services in northwest and central Michigan
Central Michigan, often called Mid-Michigan, is a region in the Lower Peninsula of the U.S. state of Michigan. . CB Financial Corporation maintains a site on Business Wire's "Corporate News on the Net" service, providing detailed information on the corporation and its subsidiaries. The site name is CB Financial Corporation at http://www.businesswire.com on the World Wide Web. CONTACT: CB Financial Corporation, Jackson Brian D. Bell, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 517/788-2706 |
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