Century Bank and Trust Company Exits Investment Management Agreement with BlackRock, 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), today announced that, effectively immediately, it has exited its Investment Management Agreement dated October 28, 2004 with BlackRock Financial Management, Inc., a subsidiary of BlackRock, Inc., for Century's Available For Sale securities portfolio. Under the terms of agreement entered into with Century Bank and Trust Company, BlackRock, Inc. had portfolio management authority for approximately $520 million of the Company's investment securities. Century is continuously evaluating strategic opportunities that will enhance its franchise. The Company is experiencing strong loan growth opportunities, at this time, and believes that reinvesting the investment cash flows in loans will help to achieve improvements in its yield. The current management objective is to reposition its balance sheet by lowering the investment to asset ratio and continuing to increase the loan to asset ratio. After careful evaluation of these strategic goals and market conditions, Century and BlackRock jointly agreed to suspend BlackRock's active management of the AFS A distributed file system for large, widely dispersed Unix and Windows networks from Transarc Corporation, now part of IBM. It is noted for its ease of administration and expandability and stems from Carnegie-Mellon's Andrew File System. AFS - Andrew File System securities portfolio. Century Bank and Trust Company, a wholly-owned subsidiary of Century Bancorp, Inc., is a $1.7 billion asset state chartered full-service commercial bank, operating twenty-three 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, 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 Mystic, rivers, United States Mystic. 1 River, c.10 mi (16 km) long, rising in SE Conn. and flowing S past Old Mystic and Mystic villages to the Long Island Sound. Mystic Seaport, a maritime museum, is at its mouth. 2 River, c. Avenue, Medford, MA 02155. 866.8.CENTURY. 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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