Century Bank and Trust Company Enters into an Investment Management Agreement with BlackRock Financial Management, Inc.MEDFORD, Mass. -- Century Bank and Trust Company ("Century"), a wholly-owned subsidiary of 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) is pleased to announce that it has entered into an Investment Management Agreement dated October 28, 2004 with BlackRock Financial Management, Inc. for Century's Available For Sale securities portfolio. BlackRock Financial Management, Inc. is majority owned by BlackRock, Inc and under the terms of agreement entered into with Century Bank & Trust Company, will have portfolio management authority for approximately $470 million of the company's investment securities. Century is continuously evaluating strategic opportunities that will enhance its franchise. After careful consideration, Century believes that BlackRock will help it achieve improvements in the company's yield and total return on its investment portfolio. BlackRock is one of the largest publicly traded investment management firms in the United States with roughly $323 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. at September 30, 2004. BlackRock manages assets on behalf of institutional and individual investors worldwide through a variety of equity, fixed income, liquidity and alternative investment products. In addition, BlackRock provides risk management, investment system outsourcing and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to a growing number of institutional investors. Clients are served from BlackRock's headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , as well as offices in Boston, Edinburgh, Hong Kong, San Francisco, Singapore, Sidney, Tokyo and Wilmington. BlackRock is majority owned by The PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Financial Group, Inc. (NYSE NYSE See: New York Stock Exchange : PNC) and by BlackRock employees. Century Bank and Trust Company, a wholly-owned subsidiary of Century Bancorp, Inc., is a $1.6 billion asset state chartered full-service commercial bank, operating twenty-two full-service branches in the Greater Boston area, and offers a full range of Business, Personal and Institutional Services. 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. . Corporate Headquarters located at 400 Mystic Avenue, Medford, MA 02155. 866.8.CENTURY. This press release contains "forward-looking statements" with respect to the financial condition, results of operations and business of Century. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, whether improvements in yield and total return will be achieved with respect to Century's investment portfolio. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Century Bancorp, Inc. are contained in its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2004 and its Annual Report on Form 10-K for the year ended December 31, 2003, filed with the SEC. Century undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion