pressreleaseearnings608.htm
Exhibit
99.1
PRESS
RELEASE
Community
Bancorp. Reports Earnings and Dividend
July
9, 2008
|
For
immediate release
|
For more
information contact: Richard White, Chairman or Steve Marsh, President and CEO
at (802)-334-7915
Derby,
VT: Community Bancorp., the parent company of Community National Bank, has
reported earnings for the second quarter ended June 30, 2008, of $873,561 or
$0.19 per share, compared to $857,883 or $0.20 per share for the second quarter
ended June 30, 2007. Earnings of $1,090,609 for the full six month period of
2008 compare to $1,533,139 for the same period in 2007.
In
commenting on the Company’s growth and earnings performance, President and CEO
Stephen Marsh said that first half earnings were significantly affected by on
going merger related expenses, including interest costs, non cash write downs in
the core deposit intangibles, as well as the termination of various contracts
and service agreements that had been in place at LyndonBank. The two companies
merged as of the close of business on December 31, 2007.
Total
assets at the end of the quarter were $482,212,025 compared to $502,031,618 at
year end and $334,305,933 at the end of the quarter a year ago. The current
numbers reflect the integration of all of LyndonBank’s assets and liabilities,
adjusted to fair market value as of December 31, 2007.
The Board
of Directors has declared a cash dividend of $0.17 per share, payable August 1,
2008 to shareholders of record as of July 15th.
Community
National Bank is an independent bank that has been serving its communities since
1851, with offices now located in Derby, Derby Line, Island Pond, Barton,
Newport, Troy, St. Johnsbury, Montpelier, Barre Lyndonville, Morrisville and
Enosburg Falls.
Forward-Looking
Statements: This press release contains forward-looking statements, including,
without limitation, statements about the Company’s financial condition, results
of operations, earnings outlook and business affairs. Although these
statements are based on management’s current expectations and estimates, actual
conditions, results, earnings and business may differ materially from those
contemplated by such forward-looking statements, as they could be influenced by
numerous factors which are unpredictable and outside the Company’s
control. Factors that may cause actual results to differ materially
from such statements include, among others, the following: (1) competitive
pressures increase among financial services providers in the Company’s northern
New England market area or in the financial services industry generally,
including pressures from nonbank financial service providers, from increasing
consolidation and integration of financial service providers and from changes in
technology and delivery systems; (2) interest rate changes in such a way as to
reduce the Company’s interest margins and its funding sources; (3) general
economic or monetary conditions, either nationally or regionally, are less
favorable than expected, resulting in a deterioration in credit quality or
diminished demand for the Company’s products and services; and (4) changes in
laws or government rules, or the way in which courts interpret those laws or
rules, adversely affect the Company’s business or impose additional costs and
regulatory requirements.