Cornerstone Bank Declares 10% Common Stock Dividend.STAMFORD, Conn.--(BUSINESS WIRE)--July 17, 1998--Norman H. Reader, President, announced that Cornerstone Bank's Board of Directors declared, at its regularly scheduled meeting, a 10% common stock dividend payable on August 31, 1998 to shareholders of record as of the close of business on July 31, 1998. Cornerstone had 1,104,721 shares of common stock outstanding as of June 30, 1998. Mr. Reader said, "The stock dividend is an additional reward to our shareholders based on the Bank's recent strong financial performance." The announcement of the common stock dividend follows the Bank's announcement on July 15, 1998 of a 71% increase in net income for the six months ended June 30, 1998 compared to results for the same time period last year. This increase was principally due to the resolution of two nonperforming loans which resulted in an additional $509,980 of pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern loan income. As a result of the 10% stock dividend, earnings per share data for all periods will be adjusted to reflect the increase in average shares outstanding. The stock dividend is in addition to the cash dividends that the Bank has been paying every quarter since the first quarter of 1995. On January 21, 1998, the Board of Directors also declared a special dividend of $0.10 per share. The special dividend was payable on February 16, 1998 to stockholders of record on February 4, 1998. On February 18, 1998, the Board of Directors declared a regular quarterly dividend of $0.06 per share. The quarterly dividend was payable on April 15, 1998 to stockholders of record on March 31, 1998. On May 20, 1998, the Board of Directors declared a regular quarterly dividend of $0.06 per share payable on July 15, 1998 to stockholders of record on June 30, 1998. In Connecticut, Cornerstone Bank operates from four full service locations in Stamford, one full service location in Greenwich and a limited service mobile branch. The Bank'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 symbol CBN CBN - call-by-name . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Except for historical information, the matters discussed in this news release that may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. may be subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, including uncertainties in the market, pricing competition, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , efficiencies and other risks detailed from time to time in the Bank's financial statements and other factors discussed in the Bank's securities filings with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . The Bank assumes no obligation to update the information in this news release. CONTACT: Cornerstone Bank, Stamford James P. Jakubek or Leigh A. Hardisty, 203/356-0111 |
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