Century Bancorp, Inc. Reports Preliminary First Quarter Results.Business Editors MEDFORD Medford. 1 City (1990 pop. 57,407), Middlesex co., E Mass., a residential and industrial suburb of Boston, on the Mystic River; settled 1630, inc. as a city 1892. Wax, paper, clothing, and furniture are among its products. , Mass.--(BUSINESS WIRE)--March 19, 2004 Century Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNBKA) (www.century-bank.com) ("the Company") today announced that it expects earnings for the first quarter ended March 31, 2004 to be negatively impacted by the current level of interest rates. In previous press releases, Century has noted that its net interest margin has declined as assets continue to reprice at historically low levels without a corresponding decrease in rates paid on deposits. This trend has continued into the first quarter of 2004. Century expects its net interest margin for the first quarter ended 2004 to be approximately 2.6% or approximately forty basis points lower than the fourth quarter ended December 31, 2003. Accordingly, net interest income will be approximately 9% or $1.0 million lower than the previous quarter. Century Bancorp, Inc., through its subsidiary bank, Century Bank and Trust Company, a state chartered full service commercial bank, operating twenty-one full-service branches in the Greater Boston Greater Boston is the area of the Commonwealth of Massachusetts surrounding the city of Boston, Massachusetts. While Metro Boston tends to be the "Inner Core" surrounding the City of Boston, Greater Boston overlaps the North and South Shores, as well as the MetroWest region. area, offers a full range of Business, Personal, Cash Management, Municipal and Investment products. Century Bank and Trust Company is a member of the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and is an Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . This press release contains certain "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. " with respect to the financial condition, results of operations and business of the Company. Actual results may differ from those contemplated by these statements. The Company wishes to caution readers not to place undue reliance on any forward-looking statements. The Company disclaims any intent obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. |
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