City Bank Files Form 12b-25 for Additional Time Finalizing the December 31, 2008 Results
March 16 2009 - 4:41PM
Business Wire
City Bank (NASDAQ:CTBK) has filed a Notification of Late
Filing on Form 12b-25 with the Federal Deposit Insurance
Corporation to report that it was not able to timely file its
Annual Report on Form 10-K for the year ended December 31, 2008. As
disclosed in our press release dated February 2, 2009, we
experienced a significant increase in non-performing assets as of
December 31, 2008. As a result, we are continuing to obtain
appraisals and other relevant information on impaired loans and
Other Real Estate Owned (OREO) to provide the most current and
accurate basis for the preparation of our financial statements in
accordance with generally accepted accounting principles.
The Bank initially reported a net loss of $35.80 million, or
$2.27 per diluted share for the year ended December 31, 2008 and
$39.90 million, or $2.53 per diluted share for the quarter ended
December 31, 2008, compared to net income of $41.50 million, or
$2.62 per diluted share for the prior year end and $10.19 million
or $0.65 per diluted share in the prior year quarter. The primary
cause for the net loss for the quarter and for the year was a
provision for loan losses of $58.00 million in the fourth quarter
and $91.10 million for the year. The Bank�s Management is
re-examining the amounts of the allowance at December 31, 2008 in
light of economic conditions affecting the Bank�s borrowers and the
collateral for its loans. In light of these pending appraisals in a
deteriorating real estate market, the Bank expects to report a
higher loss than initially reported in its year-end earnings
release. The Bank expects to file the Form 10-K on or before the
fifteenth calendar day following the original March 16, 2009 due
date.
Forward-Looking Statements
The previous discussion contains a summary of City Bank�s
operating results and financial condition for the three and twelve
months ended December 31, 2008 and 2007. The discussion may contain
certain forward-looking statements, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those stated, including, but not limited to, the Bank�s
inability to generate increased earning assets, sustain credit
losses, maintain adequate net interest margin, control fluctuations
in operating results, maintain liquidity to fund assets, retain key
personnel, and other risks detailed from time to time in the Bank�s
filings with the Federal Deposit Insurance Corporation, including
our Annual Report on Form 10-K�for the period ended December 31,
2007. Readers are cautioned not to place undue reliance on these
forward-looking statements.
City Bank is a state-chartered commercial bank founded in 1974
and headquartered in Lynnwood, Washington. The Bank is publicly
traded (NASDAQ: CTBK) and many of the stockholders are local
individuals. Eight banking offices serve both Snohomish and North
King counties. Three mortgage loan offices serve Snohomish, King,
Pierce and Clark counties. City Bank provides a wide range of
banking services for business and individuals, including loans for
residential construction, land development, mortgage, commercial,
Small Business Administration, consumer, and all types of deposits
as well as other general banking services.
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