Community Bank Declares Third Quarter Dividend.STERLING, Va. -- Community Bank of Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. (Nasdaq:CBNV CBNV Community Bank of Northern Virginia ) announced that the Board of Directors declared from the undivided profits of the Corporation, a dividend of ten cents Ten Cents has several meanings:
Total dividends declared this year have increased 32% or $0.07 per share compared to the same period last year. At the present time, Community Bank has 10,166,577 outstanding shares of common stock, which results in a total dividend payout of $1,016,657.70 for the third quarter of 2004. Community Bank of Northern Virginia common stock trades on the NASDAQ National Market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors CBNV. Community Bank (www.cbnv.com) began banking activities in 1992 upon receiving its charter from the Virginia State Corporation Commission through the acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. and liabilities of an existing bank. Community Bank is a full-service banking institution with total assets of $869.9 million as of June 30, 2004. Currently, the Bank operates 13 branch offices and 15 automated teller machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. . The primary services offered by its 122 full-time equivalent Full-time equivalent (FTE) is a way to measure a worker's involvement in a project, or a student's enrollment at an educational institution. An FTE of 1.0 means that the person is equivalent to a full-time worker, while an FTE of 0.5 signals that the worker is only half-time. employees include retail, mortgage, commercial banking, and home banking. Dividend Payment History Quarter Year 2002 Year 2003 Year 2004 ----------------------------------------------------------------- First $0.05 $0.07 $0.09 ----------------------------------------------------------------- Second $0.03 $0.07 $0.10 ----------------------------------------------------------------- Third $0.05 $0.08 $0.10 ----------------------------------------------------------------- Fourth $0.06 $0.08 ----------------------------------------------------------------- This press release contains certain forward-looking statements with respect to the plans, objectives, future performance and business of Community Bank of Northern Virginia. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressure in the banking industry increase significantly; (2) changes in the interest rate environment reduce margins or favorable changes in interest rates do not occur; (3) general economic conditions either nationally or regionally are less favorable than expected, resulting in, among other things, a deterioration in credit quality; (4) changes occur in the regulatory environment; (5) changes occur in business conditions; (6) changes occur in the securities markets; (7) the Bank's loan loss reserve to address credit quality concerns may be inadequate, and additional reserves are necessary; (8) strategies to enhance earnings and/or shareholder value are not implemented or fail to have the effects anticipated; (9) recent bank merger activity may not result in the Bank's realizing its goals of increased market share and additional branch expansion; and (10) litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Bank's second mortgage lending Second mortgage lending Loans secured by real estate previously pledged in a first mortgage. does not have the effects anticipated and liabilities resulting from the litigation are greater than expected. |
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