Community Bank Declares Third Quarter Dividend.Business Editors STERLING, Va.--(BUSINESS WIRE)--July 23, 2002 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 undivided profit The undistributed net income that has not yet been included as part of retained earnings. of the Corporation, a dividend of five cents ($0.05) per share. The dividend will be payable in cash on September 1, 2002, to Community Bank shareholders of record at close of business on August 15, 2002. At the present time, Community Bank has 9,954,777 outstanding shares of common stock which results in a total dividend payout of $497,738.85. Community Bank of Northern Virginia (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 $614.4 million as of June 30, 2002. Currently, the Bank operates eleven branch offices, fourteen 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. and three mortgage loan production offices. The primary services offered by its 298 employees include retail and home banking, commercial banking, and mortgage banking. This press release contains certain 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. 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 increases significantly; (2) changes in the interest rate environment reduce margins; (3) general economic conditions either nationally or regionally are less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. 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 addition to the Bank's loan loss reserve to address credit quality concerns in the wholesale mortgage portfolios is inadequate, and additional reserves are necessary; and (8) strategies to enhance earnings are not implemented or fail to have the effects anticipated. |
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