Local bank issues first dividends

Published: Monday, January 23, 2012 at 7:19 p.m.
Last Modified: Monday, January 23, 2012 at 7:19 p.m.

OCALA – Florida Community Bankshares Inc., the holding company for Community Bank & Trust of Florida, announced a net income of $2.273 million and net assets of $546.3 million for year ending Dec. 31, 2011.

Total capital increased to $56.2 million or 10.29 percent of total assets. Delinquent loans were 0.29 percent of total loans outstanding and non-performing loans were 2.19 percent of total assets. Audited results are expected in March.

Because of the financial performance, the board declared the company’s first dividend for shareholders and checks of 10 cents a share were mailed Jan. 13.

“We are committed to contributing to the communities where we do business,” company President Hugh F. Dailey wrote in a news release. “We were able to distribute dividends to our local shareholders in a tough economy instead of funneling profits through Wall Street like the big banks. We do not have European investments or exotic investments we don’t understand. We have local employees that live and work here just like our customers. We are proud of our folks and we are looking forward to improvements in our local economy in 2012.”

Community Bank & Trust of Florida, established in 1998, has eight banking offices along with trust and investment services. The company employs 109 people in its offices in Ocala, Belleview, Gainesville and The Villages.

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