Community Bank of Bergen County closes branch due to storm.
M2 EQUITYBITES-December 26, 2013--Community Bank of Bergen County closes branch due to storm
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26 December 2013 -- New Jersey US-based Community Bank of Bergen County NJ (OTCQB: CMTB) said it has permanently closed its Garfield branch to storm damage.
According to the bank, the Garfield office experienced significant water damage, a result of a storm on November 26. The extent of the damage is such that the branch was not able to conduct business and was unsafe for customers and Bank employees.
Therefore, the bank decided to permanently close the branch and will not re-open a branch in Garfield at this time. The Bank leased the premises in which the branch is located, and has terminated such lease.
The Bank said it has notified the FDIC and the New Jersey Department of Banking and Insurance of the permanent closure of the Garfield branch.
It added that the Garfield branch closing will impact the Bank's earnings this quarter and will be reflected as a one-time loss which should not exceed USD 300,000, which may be subsequently recovered by insurance proceeds.
Established in 1928, Community Bank of Bergen County, NJ serves the northern New Jersey community with four locations in Rochelle Park, Maywood, Fair Lawn and Garfield.
Find out more at www.cbbcnj.com
1 USD = 0.6114 GBP
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 26, 2013|
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