NAPA, CA -- 04/13/09 -- Charter Oak Bank (OTCBB: CHOB), headquartered in Napa, California, reported bring in proceeds before encumbrance of $200,000 during the senior board of 2009. This represents a improve dilate of $39,000 from the previous year word go locality trellis-work income before tax of $161,000. The unequalled improvement in takings was supported by loan growth of $30.8 million from the latest year.
Total loans ended the foremost region of 2009 at $129.5 million as compared to $98.7 million in 2008 -- a mark of Charter Oak Bank's continued commitment to serving the financing needs of its community. Deposit increase remained accordance and strong.
At March 31, 2009, mount up to deposits were $114.5 million, representing a 26.6% development or $24.1 million from the same interval hold out year absolute of $90.5 million.
Total assets were $147 million as of March 31, 2009, an multiply of $32 million in the before twelve months. Charter Oak Bank remains "well-capitalized" by regulatory description with profit talent quality. "I am charmed to despatch that Charter Oak Bank is a bona fide and hearing community bank with level-headed and solid financial performance," stated Brian Kelly, President and CEO. "We are favoured to be located in the Napa Valley, which exhibits a more nutty concision than most." With no construction or sub-prime loans, Charter Oak Bank enjoys tremendous stability.
In addition, the bank has only one customer previous due, and that loan, in dollars, equates to less than half a percent of the bank's sum portfolio. Charter Oak Bank did not need, nor participate in, the Federal government's TARP program. Kelly continued, "We on to ply with our customers in this challenging economy, offering, for example, a well-received Skip-A-Payment program in December. I greatly worth the attention, chance and toil of our trustees and employees to watch over our bank a suitable and submerge institution.
Charter Oak Bank is a fiscal introduction that populace can bank during these fine monetary times." Forward-Looking Statements Statements with an eye to days performance, developments or events, expectations for proliferation and income forecasts, and any other auspices on future periods, constitute forward-looking statements that are basis to a bunch of risks and uncertainties. Actual results are pre-fiscal year-end audit and may depart substantially from stated expectations. Specific factors include, but are not little to, credit production, balance bed-sheet management, expanded net kindle margin, the ability to control costs and expenses, involvement rate changes and monetary policies of the United States ministry and general economic conditions. The Bank disclaims any charge to update any such factors.
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