Commonwealth National Bank Announces Plans to Form a Bank Holding Company to Support Growth Plans.WORCESTER, Mass. -- Commonwealth National Bank (Commonwealth) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CWEA CWEA California Water Environment Association CWEA Chinese Wind Energy Association (Beijing, China) CWEA Civil War Education Association CWEA Caution and Warning Electronic Assembly (NASA) ), today announced plans to form a bank holding company to be named CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) Financial Corp. Forming holding companies is a common practice in the banking industry. The proposal is subject to approval from Commonwealth's shareholders, which will be sought at the Bank's 2005 Annual Meeting on May 19th. In addition, the reorganization must also be approved by the Federal Reserve Bank, which regulates and supervises bank holding companies. The details of the reorganization can be found in the proxy/prospectus which is available on the Bank's website at www.commonwealthworcester.com. "The Board of Directors and management fully support the formation of CNB Financial Corp.," said Charles Valade, Commonwealth's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "It will give the Bank additional means of raising capital to support continued growth, as well as giving us the flexibility to consider acquisitions and other lines of business that we currently cannot undertake. We have no plans presently to exercise any additional powers, but we feel the time is right to position our company for the future." About Commonwealth National Bank Commonwealth National Bank was the first new bank to open in the Worcester area in more than 15 years. Opened in December 2001, Commonwealth offers customers a traditional banking experience with high levels of personalized service, including extended business hours BUSINESS HOURS. The time of the day during which business is transacted. In respect to the time of presentment and demand of bills and notes, business hours generally range through the whole day down to the hours of rest in the evening, except when the paper is payable it a bank or by a and internet-banking options. Commonwealth has branches in Worcester at 33 Waldo Street and 1 West Boylston Street Boylston Street is the name of a major east-west thoroughfare in the city of Boston, Massachusetts and its western suburbs. It begins at its eastern end in central Boston as the continuation of Essex Street at the intersection of Tremont, and forms the southern boundary of Boston , 564 Main Street, Shrewsbury and 701 Church Street in Northbridge. For more information about Commonwealth National Bank, including detailed financial information, please visit:www.commonwealthworcester.com |
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