Mountain Commerce Bank’s Third-Quarter 2009 shows impressive gains
JOHNSON CITY, TN – November 13, 2009 – East Tennessee-based Mountain Commerce Bank (MCB) announced today its numbers through the third quarter of 2009. Compared to a loss of $1.7 million during the same period last year, MCB’s before-tax profits of $689,000 and after-tax profits of $466,000 represented solid gains for the bank.
“We are pleased to report MCB’s profitability, especially given the current economic environment,” stated William E. Edwards, III, President and CEO. “We continue to meet the credit needs of our clients and strengthen our communities despite the challenges.”
As of September 30, 2009, MCB’s Total Assets equaled $320 million; loans, $255 million; and deposits, $276 million. In addition, Non-Brokered Deposits increased $49 million over the last twelve months. The Bank’s allowance for loan loss was 1.73% at September 30th: an increase of $1.422 million, compared to September 30, 2008. Tier I Capital and Total Risk-Based Capital was 8.77% and 11.96% respectively at September 30, 2009, which is up from 8.61% and 10.60% for the same period in 2008. The profit includes an additional $659,000 in loan loss provision year-to-date.
About Mountain Commerce Bank
Mountain Commerce Bank (MCB) is a state-chartered, FDIC insured, privately held financial services institution serving the mountain south region of East Tennessee. With its acquisition in 2006 of 96-year-old Erwin National Bank, MCB secured a nearly century-old foundation of exceptional service for its shareholders, clients, communities, and employees. Innovative technologies and banking services enable MCB to combine the advantages of a large bank with the personal attention of a community bank.
At the end of September 2009, MCB had $320 million in Total Assets and $276 million in Total Deposits. MCB currently employs more than 80 individuals at seven branches and one operations office. For more information, visit www.mcb.com or check your account anytime at 1-866-MCB-1910.
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