Commercebank Posts Significant Increase in Earnings for Third Quarter 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 third quarter earnings of $13.4 million, an increase of 18.2 percent over the same period last year. The Bank's assets grew to a total of $4.664 billion, an increase of 13.5 percent over the same quarter last year. During 2006, the net earnings for the nine months ended September 30, were $39.7 million compared to $30.1 million last year. Net loans are up 13.2 percent from December 2005 and 29.9 percent from September 2005, demonstrating Commercebank's strong commitment to the communities it serves. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets for the third quarter was 1.19 percent. "Our results indicate a strong performance due to increases in lending activity, net interest margins and high credit quality," said J. Guillermo Villar, President and Chief Executive Officer at Commercebank. "Our strategy and satisfactory results will allow for further growth in the months to come." Period ended September 30 > > 2006 2005 ($000) > > Total Assets > $ > 4,663,897 $ 4,109,795 Total Deposits > $ > 3,293,610 $ 3,082,339 3rd Quarter Earnings > $ > 13,357 $ 11,301 3rd Quarter Return on Assets > > % 1.19 % 1.16 This month, Commercebank continued its growth via product launches introducing the new Commercebank Visa[R] Platinum Credit Card, a straightforward, highly competitive, and no-hidden fees credit card. The Bank's goal as a card issuer is to provide customers with a clear and distinct value proposition. The features of this product are consistent with the bank's offering of quality financial products and services. 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 “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . 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. For more information, please visit www.commercebankfl.com |
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