Commercebank Posts Record Earnings for Year 2006.Financial Institution Reaches Almost $5 Billion in Assets CORAL GABLES, Fla. -- Commercebank, one of the largest privately held banks in South Florida, announced today its 2006 end-of-year results achieving $4.9 billion in assets and record earnings of $49.5 million. During 2006, the Bank's earnings represented a 14.8% increase compared to $43.1 million in 2005. Deposits and customer overnight repurchase agreements increased by 18.6% while loans increased 30.4% to close the year at almost $2.6 billion. The return on average assets for 2006 was 1.11%. "During 2006 we accomplished objectives that strengthened our position as one of the largest financial institutions serving Florida for over 25 years," said J. Guillermo Villar, Commercebank President and Chief Executive Officer. "We will continue offering our customers the high quality financial products and services that are characteristic of Commercebank." Period ended December 31 2006 2005 ($million) Assets 4,898.2 4,111.1 Deposits 3,505.5 3,123.8 Total Year Earnings 49.5 43.1 Total Year Return on Assets 1.11 1.10 Commercebank's accomplishments in 2006 included the acquisition of Florida Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , which expanded its network of Banking Centers to a total of 15 branches and broadened its customer base. During the year, Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. reaffirmed the Bank's investment grade, which included a BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. long-term deposit rating. About Commercebank Commercebank N.A., one of the largest privately held banks in South Florida, is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Commercebank Holding Corp., which in turn is owned by Mercantil Servicios Financieros Mercantil Servicios Financieros is a Venezuelan enterprise that offers financial services, insurance, real estate and stock exchange. It has actions on sale in the BVC (Caracas Stock Exchange). External links
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and one in Houston, Texas. It also has a loan production office in Weston, Florida. The Bank offers a wide variety of domestic, international, personal, and commercial banking services, including investment, trust, and estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the through its subsidiaries, Commercebank Investment Services, and Commercebank Trust Company, N.A. For additional information, please visit www.commercebankfl.com. |
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