Commercebank Posts Significant Increase in Earnings for First Semester 2006.CORAL GABLES Coral Gables, city (1990 pop. 40,091), Miami-Dade co., SE Fla., SW of Miami; inc. 1925. Founded at the height of the Florida land boom, Coral Gables is a noted planned city, with tree-lined boulevards and Mediterranean-style buildings. , Fla. -- Commercebank, one of the largest privately held banks in South Florida, announced 2006 first semester earnings of $26.4 million, an increase of 40.6 percent over the same period last year. The Bank's assets grew to a total of $4.4 billion, an increase of 8.2 percent during the first semester. The loan portfolio reached almost $2.2 billion, a growth rate of 32 percent over June 2005. In May 2006, the Bank achieved an important objective with the acquisition of Florida Savings Banking, expanding its branch network to a total of 15 Banking Centers, now with additional presence in Pinecrest, Sunny Isles Beach, and Westchester, Florida Westchester is a census-designated place (CDP) in suburban Miami-Dade County, Florida, United States. The population was 30,271 at the 2000 census. Westchester is also the name of the unincorporated community that encompasses both the Westchester CDP and the University Park . Guillermo J. Villar, president and chief executive officer at Commercebank, said the merger brought an increase of $120.9 million in domestic deposits and more than 4,000 new valued customers who will benefit from a larger banking network with growing resources and global reach. Period ended June 30 2006 2005 -------------------------------------------------------------------- ($000) Total Assets $4,448,522 $3,852,688 Total Deposits $3,255,828 $3,055,429 1st Semester Earnings $ 26,391 $ 18,766 1st Semester Return on Assets 1.23% 0.99% Villar added that the Bank is exceptionally proud of the American Bankers Association's ABA Banking Journal ranking, which named the Bank as the seventh most profitable private financial institution in the United States for 2005, based on their criteria. The publication's June 2006 issue attributed the rise in the bank's rankings to its net interest margin resulting from improved credit quality and its strong real estate loan growth in Florida, New York Florida is the name of some places in the U.S. state of New York:
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 loan production offices in Tampa and 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. |
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