Community Savings intends to file application to establish new branch office in Vero Beach.NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Feb. 26, 1997--James B. Pittard Jr., president and chief executive officer of Community Savings, F.A. ("Community Savings" or "the Association") (Nasdaq:CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ) announced Wednesday that the Association intends to file an application with the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. ("OTS See Office of Thrift Supervision. ") to establish a branch office in Vero Beach, Fla. Pending approval from the OTS, this full-service office is scheduled to open by the end of the second quarter of 1997 and will feature a drive-up ATM, convenient drive-through banking, safe deposit boxes, and a comprehensive package of financial services. "We are pleased to be expanding our designated service territory to Vero Beach. Our 20th branch will serve many existing customers and will provide us with the opportunity of establishing many new and valuable relationships with residents and businesses of the Vero Beach community," Pittard said. Located at the site of the new Vero Beach Mall on State Road 60, the address of Community's newest branch will be 6030 20th Street (State Road 60), Vero Beach, FL 32966. Chartered in 1955, Community Savings is a federal stock savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. headquartered in North Palm Beach, the deposits of which are insured by the Federal Deposit Insurance Corp. The Association has 19 full-service offices located throughout northern Palm Beach, Martin and St. Lucie counties. At Dec. 31, 1996, Community Savings had total assets of $655.2 million, total deposits of $513.7 million, and total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $76.1 million. CONTACT: Community Savings, F.A. 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. Larry J. Baker, Senior Vice President and Treasurer 561/881-2212 http://www.communitysavings.com |
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