Community Bankshares Inc. --SC-- Announces 16.7% Increase in First Quarter 2001 Cash Dividend.Business Editors ORANGEBURG, S.C.--(BUSINESS WIRE)--Feb. 5, 2001 Earnings growth drives increase in cash dividends to seven cents per share from six cents in fourth quarter Community Bankshares Inc., (AMEX AMEX See: American Stock Exchange :SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) ), announced that its Board of Directors has declared a quarterly cash dividend of seven cents ($.07) per share, payable March 30, 2001 to shareholders of record March 15, 2001. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. E.J. Ayers stated, "CBI CBI abbr. cumulative book index CBI Confederation of British Industry CBI n abbr (= Confederation of British Industry) → C.E.O.E. has always believed in a safe, consistent dividend policy based on a review of our earnings, capital and other factors. CBI paid its first cash dividend in 1991. Since then we have increased our annual cash dividends from seven cents ($.07) to twenty-two cents ($.22) cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . For the first quarter of 2001 we will pay seven cents ($.07) per share, a 16.7% increase over the fourth quarter of 2000. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, this payment would be a 27% increase over 2000. The Board felt that this increase was appropriate and desirable since our profits were up 44% in 2000 and, accordingly, they wanted to share some of that increase with our shareholders." Community Bankshares Inc. recently announced consolidated net income of $3,147,000 ($.99 per share) for the year ended December 31, 2000 compared to $2,182,000 ($.68 per share) for 1999, an increase of $965,000 or 44%. At December 31, 2000 consolidated assets for CBI totaled $273 million compared to $228 million in 1999, an increase of $45 million or 20%. Gross loans totaled $195 million compared to $157 million the prior year, an increase of $38 million or 24%. Deposits totaled $219 million compared to $184 million the prior year, an increase of $35 million or 19%. Community Bankshares has a dividend reinvestment and additional stock purchase plan. Information on the plan may be obtained from Registrar and Transfer Company, the plan administrator, at 800-368-5948. CBI's common stock is traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. 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 SCB. Community Bankshares Inc., based in Orangeburg, South Carolina Orangeburg, also known as "The Garden City," is the largest city and county seat of Orangeburg County, South Carolina, United States. The population was 12,765 at the 2000 census. The population has steadily declined since the 1950s. , is the holding company for Florence National Bank, Sumter National Bank, and Orangeburg National Bank. This press release contains forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements relate to anticipated revenues, gross margins, earnings, and growth of the market for our services and products. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: uncertainties associated with market acceptance of and demand for the company's services and products, impact of competitive products and pricing, dependence on third party suppliers, and uncertainties associated with the development of technology. Investors are directed to the company's 1999 annual report, which is available from the company without charge for a more complete description of the company's business. |
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