Commonwealth National Bank Shareholders Approve Measure to Form Bank Holding Company.WORCESTER, Mass. -- Annual Meeting Highlights Bank's Continued Growth 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) ) shareholders have approved a measure to form a bank holding company, 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. The measure was approved at the Bank's Annual Meeting, held Thursday, May 19, 2005 at Mechanic's Hall in Worcester. The new structure must be approved by the Federal Reserve and the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . "Creating a holding company will give us added flexibility in raising new capital to support our growth," said Charles Valade, Commonwealth 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. and President. It could also be used as a platform for other lines of business or for acquisitions. Commonwealth National, which first opened in November 2001, became profitable in late 2003 and has experienced six straight quarters of profits since then. In the quarter just ended on March 31, 2005, the Bank's assets grew to nearly $212 million. Commonwealth has opened four branches, and plans to open two branches a year in coming years. "Our premise for creating Commonwealth was based upon the fact that banking in Worcester County Worcester County is the name of several counties in the United States of America:
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, 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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