Mountain Commerce Bank announces earnings for First Quarter 2011
For Immediate Release
Contact:
Regenia B. Ellis
AVP & Corporate Secretary
Mountain Commerce Bank
(423) 262-5820
JOHNSON CITY, TN—May 16, 2011—Despite challenges in the financial sector, Mountain Commerce Bank (MCB) improved earnings during the first quarter of 2011.
“I am pleased that Mountain Commerce Bank began the year profitably in spite of the economic downturn. We continue to monitor credit quality, improve operational efficiency, and concentrate on balanced growth in loans and deposits,” said Bill Edwards, President and CEO.
MCB’s earnings for the first quarter of 2011 were $890,000 before tax and $608,000 after tax, as compared to $230,000 after tax for the same period last year. As of March 31, 2011, MCB’s revenue totaled $4.8 million, in contrast to $4.4 million for the same quarter last year. Net interest margins, total loans, and total deposits also improved over last year’s first quarter numbers.
About Mountain Commerce Bank:
Mountain Commerce Bank (MCB) is a state-chartered, FDIC-insured, century-old, privately held financial services institution serving East Tennessee. Through innovative use of technology and modern banking services, MCB offers big bank products and services, with the personal attention and exceptional service of a hometown community bank.
At the end of March 2011, MCB had $357.9 million in Total Assets and $314.0 million in Total Deposits. MCB currently employs more than 80 individuals at six branches and one operations office. For more information, visit us at www.mcb.com or check your account any time at 1-866-MCB-1910. MCB is an equal opportunity employer.
