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Investor Relations For Immediate Release
Bank of Evansville, N.A. Exceeds $58 Million Mark in Assets Loan and Deposit Growth Continue to Surpass Business Plan Expectations Evansville, Indiana, February 27, 2002 - Bank of Evansville, N.A. (OTCBB: BEVN) "The reception to quality banking products and superior service at competitive prices has been nothing short of overwhelming." Thomas L. Austerman, President and Chief Executive Officer, said. "On behalf of our entire Board, I want to thank our shareholders, clients, and employees for helping make us one of the fastest growing DeNovo banks in America." For the fourth quarter ending December 31, 2001, Total Assets were $58,605,474, an increase of $10,647,538 or 22 percent, for the quarter. Loans increased $18,831,991, or 62 percent, during the fourth quarter. Deposit growth for the same period was $11,042,274 or 29 percent. Net Interest Income before provisions for the quarter was $376,976, compared to $242,586 for the previous quarter, resulting in a 55 percent increase. Recurring Non-Interest Income totaled $17,868, compared to $10,206 for the first ninety days of operations. Stephen C. Byelick, Chief Financial Officer, indicated strong local business loan growth in targeted markets was the driving force behind the impressive year-end numbers. At December 31, 2001, loans outstanding were $49,317,438, and total deposits were $49,231,303. As projected, the Bank posted a net loss for the fourth quarter and first year of operations of $368,272 and $1,440,643, respectively. Byelick added, "Ninety-Two (92) percent, or $1,322,100 of the loss was due to pre-opening expenses (accounted for in the same time period) and allocations to maintain a 1.50 percent reserve for loan losses." Michael S. Sutton, Executive Vice-President and Chief Lending Officer, said, "The Board of Directors and management is dedicated to building a strong bank and optimizing long-term shareholder value. Although our loan portfolio is strong and no losses have been identified, we feel it is prudent, given current economic conditions, to establish loss reserves that are higher than our peer group average." The Bank announced earlier this year its intention to acquire the four-story office building located at 4424 Vogel Road rather than build a new facility on Burkhardt Road. Austerman said, "The image, location, and utility of the Vogel Road property, combined with the opportunity to reduce net occupancy expenses, should lead to enhanced shareholder value." He continued, "The 40,000 square foot building will meet every expansion opportunity we can foresee in the future. We are looking forward to relocating to this permanent banking center sometime later this year." The Bank has listed for sale the property it previously purchased at 944 Burkhardt. "The property on Burkhardt is a premier building site, and we believe it is a highly marketable piece of property. I believe prospects for selling it within a reasonable period of time are good." Austerman said. The Bank of Evansville, N.A. is a nationally chartered commercial bank, which opened its doors for business on July 2, 2001. The Bank's common stock now trades over the counter (OTCBB) under the symbol BEVN. The Bank is currently operating in a temporary office on the east side of Evansville located at 5130 Vogel Road, Suite 130. It also operates a permanent full-service banking center on the west side of Evansville at 530 North Saint Joseph Avenue. This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Such statements are based on management's current expectations are subject to a number of risks factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risk factors and uncertainties are contained in the Bank's Registration Statement on Form SB2, which is on file with the Office of the Comptroller of the Currency. |
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