Community Savings, F.A. makes announcement.NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--April 25, 1995--James B. Pittard Jr., president and chief executive officer of Community Savings, F.A. (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 :CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ) announced Tuesday the receipt of $816,000, representing a partial settlement of Community's claim with the Florida Department of Insurance, as Receiver. In 1986, Community Savings entered into a commercial lending relationship with International Medical Centers Inc. of Miami (IMC (Internet Mail Consortium, Santa Cruz, CA, www.imc.org) An industry trade association founded in 1996 by Paul Hoffman and Dave Crocker that promotes Internet e-mail standards and features. ). IMC was taken over in 1987 by the Florida Department of Insurance, who was appointed to act as Receiver. At that time, the Association filed a $2.3 million claim against IMC. Pittard stated that Community Savings has persistently pursued the claim and was pleased that a portion was finally released. He said, however, that any further recovery is contingent on pending 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. filed by the Receiver. It is expected that Community Savings will reflect the $816,000 recovery in its quarterly financial information for the quarter ended June 30, 1995 as an offset to net loss on real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most . Community Savings was chartered in 1955 and has 17 full service offices throughout Palm Beach, Martin and St. Lucie counties. The Association's common stock trades on the NASDAQ National Market under the symbol ``CMSV.'' CONTACT: Community Savings, F.A., North Palm Beach James B. Pittard Jr., President 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. or Larry J. Baker, Senior Vice President and Treasurer 407/881-4800 |
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