Commonwealth National Bank Reports Second Straight Quarter of Profits.Business Editors/High-Tech Writers WORCESTER, Mass.--(BUSINESS WIRE)--June 3, 2004 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) ) announced its financial results for the first calendar quarter of 2004, which ended on March 31, 2004. Net Income for the first quarter equaled a profit of $52,000 or $0.02 per share an 8% increase compared to the net profit of $48,000 or $0.02 per share for the prior quarter. During the first quarter of 2003 the bank recorded a net loss of $462,000 or $0.33 per share. Total assets continued to grow, reaching $163.6 million as of March 31, 2004, a 17% increase over the $139.5 million level as of December 31, 2003 and a 74% increase since March 31, 2003. Loans have doubled from the same period last year, equaling $116.8 million on March 31, 2004, an increase of 10% from December 31, 2003. Total deposits have reached $133.2 million at quarter-end, a 63% increase in one year, and a 23% growth since the 4th Quarter of 2003. Commonwealth 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. Charles Valade remarked, "We are very pleased that we've achieved two consecutive quarters of profitable operations after opening the bank slightly more than two years ago. This achievement is made possible by the support we've received from the ever-expanding loan and deposit customer base, a base attracted by the bank's customer service levels, state-of-the-art products and our convenient branch hours and locations. All this is derived from the vision of the Organizers and Directors, who aimed to create a locally-owned, community bank to provide financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to those who are underserved by our competitors." Commonwealth recently announced it would open its fourth branch, located in Northbridge, this summer. "I think we've shown that our vision and careful planning were on the mark," Valade added. "By assembling talented, experienced professionals, and by giving people what they want - personalized, community-oriented banking, with local decision-making, that they can rely on - you can make a difference. We believe the market has seen that difference, and that's the reason we've been able to achieve this phenomenal success in just two short years." About Commonwealth National Bank Commonwealth National Bank is the first de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. 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 . The third branch at 564 Main Street, Shrewsbury opened in January 2003. For more information about Commonwealth National Bank, please visit:www.commonwealthworcester.com Certain statements in this press release, including statements regarding the anticipated development and expansion of the Company's business, and the intent, belief or current expectations of the Company, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such 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. . |
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