GRAYSTONE FINANCIAL CORP. REPORTS RESULTS FOR SECOND QUARTER 2008
"Fourth Consecutive Quarter of Profitability in Less than 3 Years of Operation"
July 23, 2008 – Graystone Financial Corp. (the “Company”), the parent company for Graystone Bank, announced today that the Company recorded net income of $303,000 for the second quarter of 2008. For the quarter ended June 30, 2008, earnings increased $357,000 compared to a net loss of $54,000 during the same period in 2007.
The Company also reported that as of June 30, 2008, total assets grew to $565.3 million from $351.8 million at June 30, 2007, representing an increase of $213.5 million or 60.7%. Loans and deposits also continued to grow, totaling $499.6 million and $449.5 million, respectively at June 30, 2008, representing increases of $222.7 million or 80.4% and $153.8 million or 52.0%, respectively from June 30, 2007.
"We are pleased to report strong earnings for the second quarter of 2008, representing the fourth consecutive quarter of profitability in just our third year of operation," said Andrew Samuel, Chairman, and Chief Executive Officer of Graystone Financial Corp. "Our performance continues to be driven by solid loan and deposit growth, and excellent asset quality." Mr. Samuel further stated, “Our strong capital position together with dedicated and passionate employees will enable us to continue to grow our market share, exceed customer expectations, and deliver long-term value to our shareholders and the communities where we work and live.”
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 nine 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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