Community Bankshares announces consummation of Centerpoint Bank acquisition.CONCORD, N.H.--(BUSINESS WIRE)--March 21, 1996--Community Bankshares Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBNH) has completed the acquisition of Centerpoint Bank, a state chartered commercial bank headquartered in Bedford, N.H., according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the announcement by Douglas Crichfield, president and chief executive officer. Community Bankshares Inc. also owns Concord Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , headquartered in Concord, N.H. The acquisition approximately doubles Community's commercial banking component, and represents for Community its most significant entry into Hillsborough County Hillsborough County is the name of two counties in the United States:
Centerpoint Bank has approximately $87,000,000 in assets, and operates banking offices in Bedford, Manchester and Nashua. With the addition of Centerpoint, Community's two banking subsidiaries will operate a total of nine banking offices and 20 remote service units. On a consolidated basis, Community has total assets of approximately $493,000,000, total deposits of approximately $382,000,000, total loans of approximately $338,000,000 and total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of approximately $37,000,000. In making today's announcement, Crichfield stated, "We are very pleased to bring Centerpoint into the Community Bankshares family. They are a well run profitable bank with a proven record of delivering high quality commercial banking services to small businesses and professionals in Hillsborough County. As such, they bring a great deal of market and product synergy to us, and complement our dominant position in Merrimack County. Our strong consumer, mortgage and municipal businesses are a nice fit with their commercial banking expertise. We are excited about working together to serve the individuals, businesses and municipalities of central and southern New Hampshire." The agreement to acquire Centerpoint Bank was announced on Aug. 29, 1995, and was approved by shareholders of both companies in January of 1996. The transaction was completed as a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. of stock under which each share of Centerpoint Bank common stock outstanding is to be exchanged for 1.073 shares of Community Bankshares Inc. common stock. Transmittal letters Transmittal letter A letter describing the contents and purpose of a transaction delivered with a security that is changing ownership. and instructions to complete the stock exchange will be mailed to Centerpoint Bank shareholders prior to the end of March 1996. Community Bankshares Inc. is traded on the NASDAQ National Market System under the symbol "CBNH." Deposits in the company's banking subsidiaries, Concord Savings Bank and Centerpoint Bank, are insured up to the applicable limits by the Federal Deposit Insurance Corp. The company offers a wide range of 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 businesses, consumers and municipalities throughout New Hampshire with nine offices in central and southern New Hampshire. The company also originates residential mortgage loans in Vermont through its CB Mortgage Corp. subsidiary. Detailed financial information on the company can be viewed on the Internet at www.cbnh.nh.com. The company can be reached via e-mail at bankshares@cbnh.nh.com. CONTACT: Community Bankshares Inc. Richard Kamp, 603/224-1100 |
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