NEW CANAAN, Conn.--(BUSINESS WIRE)--
BNC Financial Group CEO Jay Forgotson announced that the Organization
achieved record growth at the end of the second quarter of 2011, with a
consolidated profit of $781,000 -- a gain of $435,000 or 126% over the
previous year’s profit of $346,000 for the same period. BNC Financial
Group is the Holding Company for The Bank of New Canaan, its division
Stamford First Bank and The Bank of Fairfield.
“The second quarter of 2011 marked several important milestones for our
Organization,” notes Forgotson. “First, The Bank of Fairfield exceeded
$100 million in assets and turned the corner to profitability.
Additionally, Stamford First Bank celebrated its first anniversary ahead
of plan, with $58.5 million in deposits and $38.7 million in loans
outstanding.”
“Finally, BNC Financial Group became the first Organization in
Connecticut to be funded under the Treasury Department’s Small Business
Lending Fund, a program created to bring eligible community banks and
small businesses together to spur economic growth and promote jobs in
local communities,” adds Forgotson.
With the approximately $11 million in SBLF funds received on August 4th,
BNC Financial Group first paid off $5,037,000 outstanding under the
Treasury’s Capital Purchase Program (CPP). The remaining proceeds will
support the Organization’s leadership role as small business lenders in
local communities.
As the only locally-owned, independent commercial banks in both New
Canaan and Fairfield, The Bank of New Canaan, The Bank of Fairfield and
Stamford First Bank are committed to providing the highest possible
level of customer service and added value to the community. More
information about the Banks and the Holding Company can be found on the
bank websites www.bankofnewcanaan.com,
www.thebankoffairfield.com
and www.stamfordfirstbank.com
and in the accompanying letter to shareholders.
This press release may contain certain forward-looking statements
about the Company. Forward-looking statements include statements
regarding anticipated future events and can be identified by the fact
that they do not relate strictly to historical or current facts. They
often include words such as “believe,” “expect,” “anticipate,”
“estimate,” and “intend” or future or conditional verbs such as “will,”
“would,” “should,” “could,” or “may.” Forward-looking statements, by
their nature, are subject to risks and uncertainties. Certain factors
that could cause actual results to differ materially from expected
results include increased competitive pressures, changes in the interest
rate environment, general economic conditions or conditions within the
securities markets, and legislative and regulatory changes that could
adversely affect the business in which the Company and its subsidiaries
are engaged.
Source: BNC Financial Group
Contact:
BNC Financial Group
Merrill Jay Forgotson, 203-972-3838
Chief
Executive Officer
or
Ernest J. Verrico,
Chief Operating
Officer, 203-972-3838