CBBC announces record earnings in 2007

CBBC/Citizens Bank of Blount County held its annual shareholders’ meeting at the bank’s main office in downtown Maryville on March 18. At a time when many major banks across the nation are reporting grim results, CBBC President and CEO, Joe Bruce reported on the safety and soundness of the local bank established in 1973.

Bruce reported 2007 record-earnings of $5.3 million and earnings per share of $9.19, with dividends of $2.90 per share. Net loans grew 11.5 percent to $265.5 million and deposits grew by 5.6 percent $244.3 million. The quality of CBBC’s loan portfolio is substantiated by 2007 loan losses of only .11 percent of average outstanding loans. CBBC has made a profit in each quarter since its inception for a total of 137 consecutive quarters. Its 2007 Return on Average Assets (ROAA) of 1.74 percent tied for the second highest in the bank’s history.

CBBC ranks 4th in the state out of 185 banks for financial strength and profitability and enjoys strong capital (net worth) in excess of $50 million. The continuity, experience, and stability of the bank’s senior management team of nine, having worked together for an average of 31 years, are poised to navigate CBBC through the nation’s current economic troubled waters. Bruce invites depositors looking for a safe and sound financial institution to visit Citizens Bank of Blount County, the local bank since 1973.

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