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Towne Bancorp, Inc. (TWNE)

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Last Post: 9/12/2019 11:20:44 AM - Followers: 1 - Board type: Free - Posts Today: 0

Towne Bancorp Announces Addition to Loan Loss Reserves PHOENIX, Oct 06, 2008 (BUSINESS WIRE) -- Towne Bancorp (OTCBB: TWNE), the holding company for Towne Bank of Arizona, today announced it expects to take additional provision expense of $2.4 million as of September 30, 2008. This will result in a $0.7 million increase in Allowance for Loan and Lease Losses (ALLL), for a total ALLL of $4.9 million. As of September 30, 2008, the Bank will also reduce the book value of its OREO by $1.2 million to reflect a continued softening in the real estate market. "Given current economic events and the reduction in real estate prices in Arizona, we believe that adding to the ALLL and writing down certain foreclosed real estate (OREO) is prudent," commented Patrick F. Patrick, President and Chief Executive Officer of Towne Bancorp. Patrick added, "In addition, we will maintain our strong capital position, with total risk-based capital of approximately 23% of risk weighted assets, well in excess of well-capitalized regulatory guidelines." SOURCE: Towne Bancorp
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#6   $TWNE ~ .01 r1aviator 09/12/19 11:20:44 AM
#5   $TWNE ~ .0069 r1aviator 09/12/19 10:57:21 AM
#4   Townebank is closed... I am not sure why Supamauhn 09/21/12 06:56:30 PM
#3   what's the story on this one? up big Coalission 09/01/10 04:25:23 PM
#2   It is so thin, on no volume practically ababoom 09/01/10 01:23:31 PM
#1   Not sure what the story is with with john wayne 05/10/10 10:01:06 PM
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