GRAYSTONE FINANCIAL CORP. REPORTS RESULTS FOR FIRST QUARTER 2008
May 1, 2008 – Graystone Financial Corp. (the “Company”), the parent company for Graystone Bank, announced today that the Company recorded net income of $523,000 for the first quarter of 2008. For the quarter ended March 31, 2008, earnings increased $1.6 million or 147.4% compared to a net loss of $1.1 million during the same period in 2007.
The Company also reported that as of March 31, 2008, assets increased to $524.4 million from $287.1 million at March 31, 2007, representing an increase of $237.3 million or 82.7%. Loans and deposits continued to increase totaling $444.2 million and $403.1 million, respectively at March 31, 2008, representing increases of $221.7 million or 99.7% and $175.0 million or 76.7%, respectively for the same period in 2007.
“Our first quarter results demonstrate that 2008 is off to a remarkable start,” said Andrew Samuel, Chairman and Chief Executive Officer of Graystone Financial Corp. “Graystone continues to thrive because of the hard work and dedication that our employees demonstrate each day to benefit our customers, communities and shareholders.”
The Company’s wholly owned subsidiary, Graystone Bank, was founded in 2005 and serves Cumberland, Dauphin, Lancaster, Lebanon, York, and Centre counties in Pennsylvania, and Frederick County, Maryland, with seven convenient branch office locations and two loan production offices. Graystone offers a full range of checking, savings, and loan products to retail, business, and non-profit customers. Recognized with the 1st place award among the 2007 Best Places to Work in Pennsylvania, the core of the Bank’s strategy is based on local, relationship-oriented bankers with a passion for their customers and the communities they serve. For more information, please visit the Company’s website at www.graystonebank.com.
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