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James Monroe Bank Reports Continued Growth in Assets and Nine-Months Earnings/New Annandale Branch.



ARLINGTON Arlington, county, United States
Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington.
, Va.--(BUSINESS WIRE)--Oct. 14, 1999--

James James, person in the Bible
James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship.
James, rivers, United States
James.
 Monroe Monroe.

1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as
 Bank reported third-quarter net income of $63,660 compared with second-quarter earnings of $36,839.

For the nine-month period ending September 30, the Bank earned $66,266. During the third-quarter the Bank expensed $18,320 of costs incurred in connection with the formation of James Monroe Bancorp Inc., holding company of the bank.

John Maxwell John Maxwell may refer to:
  • John Maxwell (archbishop) (d. 1647), Scottish prelate, Archbishop of Tuam, Bishop of Ross
  • Sir John Maxwell (general) (died 1929), British general
, President & 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. , stated that "Excluding these one-time costs, the Bank would have earned $81,980 for the quarter and $84,585 for the nine-month period. This would represent a Return on Average Assets of .73% and .31%, respectively."

At September 30 assets rose to $48,060,000, deposits increased to $41,428,000 and loans outstanding were $27,133,000. Mr. Maxwell added, "We continue to exceed all our initial expectations by a significant margin and our earnings continue to improve each month. Our new Annandale branch is now under construction and should open in December. We believe that this new branch will give another boost to the growth of James Monroe Bank."

James Monroe Bank opened for business on June 8, 1998, at 3033 Wilson Blvd. in Arlington. The Bank will open its first full-service branch at 7023 Little River Turnpike turnpike, road paid for partly or wholly by fees collected from travelers at tollgates. It derives its name from the hinged bar that prevented passage through such a gate until the toll was paid. See also road. , Annandale, in December. Kathleen Ford, a long time resident of Annandale and former Crestar banker in Annandale will manage the new branch.

David Pijor, Chairman of James Monroe Bank, also noted, "Our record of exceptional growth and profitability has enabled James Monroe Bank to begin expanding into new markets. We are looking forward to serving the Annandale and Springfield communities at our new branch.

James Monroe Bank is a full-service community commercial bank serving northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. . James Monroe Bank is 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 James Monroe Bancorp Inc. effective July 1, 1999. -0-

                         Financial Highlights
                           James Monroe Bank

------------------- ---------------- ---------------- ----------------
                        Dec. 31          Sept. 30
                         1998(a)           1999           Increase
------------------- ---------------- ---------------- ----------------
Total Assets          $ 23,509,000     $ 48,060,000         104%

Total Loans             12,769,000       27,133,000         113%
 Allowance for
  Loan Losses              132,000          311,000         136%

Total Deposits          16,781,000       41,428,000         147%

Total Capital            6,659,000        6,648,000           0%

Net Income                (452,000)          66,266

Net Interest Margin           5.09%            5.28%

Allowance for
 Loan Losses To
 Total Loans                  1.03%            1.15%

Equity to Assets                28%              14%

(a)Seven month period ending Dec. 31, 1998
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Publication:Business Wire
Date:Oct 14, 1999
Words:395
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