Comstock Bank shareholders approve formation of holding company.RENO, Nevada--(BUSINESS WIRE)--June 6, 1996--Comstock Bank (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 : LODE lode, deposit of ore. ) today announced that at its annual shareholders meeting, the shareholders approved the exchange of stock of Comstock Bank for that of Comstock Bancorp. Comstock Bank will become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Comstock Bancorp. Shareholders of record on June 15, 1997, will receive two shares of the holding company stock for each share of Comstock Bank payable June 16, 1997. The stocks 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 will remain LODE. "Shareholders do not need to take any action to facilitate the transition. Comstock Bank share certificates will convert into an equal number of Comstock Bancorp shares and our transfer agent will mail the additional Bancorp certificates to the last known address for all certificate holders, resulting in a two for one share exchange," stated Robert Barone Robert Charles Barone is a fictional character from the American TV sitcom Everybody Loves Raymond. He is played by actor Brad Garrett. Though Robert is four years older than Ray, he constantly feels as if he's stuck in Ray's shadow, and lets his feelings be known. , 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. . "For shareholders whose stock is held in brokerage accounts, the financial institution of record will handle the conversion for beneficial owners. "We are pleased that this action has been approved by our shareholders and believe that this structure will help us build shareholder value and expand growth opportunities for the institution." In April, Comstock Bank announced first quarter net income of $265,000, or $.12 per share ($.10 fully diluted). Assets rose 18.3% to $156.5 million at March 31, 1997, total loans rose 17.7% to $103.2 million, loans classified as held to maturity rose 31.2% to $98.3 and deposits gained 18.5% compared to a year ago. Comstock Bank operates four full service branches in Reno and Carson City Carson City, city (1990 pop. 40,443), state capital, W Nev., in the Eagle valley; inc. 1875. The city is a trade center for a mining and agricultural area. State government is the major employer, and tourism is economically important. and additional lending centers Reno and Minden/Garnerville. A fifth branch is scheduled to open in late July. The Bank ended the first quarter with $157 million in assets and $13.3 million in shareholders equity. The book value of the shareholders equity was $6.25 on March 31, 1997, up 17.5% from $5.32 per share a year earlier. On June 5, 1997, the stock closed the trading day at $ 12.75 per share. CONTACT: Comstock Bank Robert Barone, 702/828-6477 |
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