Business News • MarketWire • Charter Oak Bank Reports Strong Operating Income Growth but Loan Charges Result in Net Loss for 2009 |
Charter Oak Bank Reports Strong Operating Income Growth but Loan Charges Result in Net Loss for 2009 |
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Charter Oak Bank Reports Strong Operating Income Growth but Loan Charges Result in Net Loss for 2009
NAPA, CA--(Marketwire - February 1, 2010) - Charter Oak Bank (OTCBB: CHOB), headquartered in
Napa, California, reported a net loss before-tax of $3.6 million for the
year 2009. According to President & CEO Brian Kelly, "The loss, compared
to the bank's net income before tax of $87,000 in 2008, reflected the
ongoing adverse effects of the economy on the bank's borrowers, primarily
those with real estate holdings." The bank's capital ratios continue to
exceed that of a "well-capitalized" bank, the highest standard for capital,
as defined by bank regulators.
View More : http://www.marketwire.com/mw/release.do?id=1110484&sourceType=3
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