OXBC $8.85 http://www.oxfordbank.com/ABOUTUS-pressreleases.cfm
April 08, 2015 OXFORD BANK CORPORATION ANNOUNCES TIER 1 CAPITAL MILESTONE
Oxford, Michigan – Oxford Bank Corporation (“the Company”) (OTC Bulletin Board: OXBC), the holding company for Oxford Bank (“the Bank”), today announced that the Bank has achieved a Tier 1 Capital to average asset ratio exceeding 8%. This achievement marks the first time since December 2007 that the Bank has met this “well capitalized” level.
Oxford Bank’s President and CEO Jim Bess said, “I am very pleased to report to you that after six years of concentrated, dedicated effort, the Bank has been able to reach and exceed the minimum 8% Tier 1 Capital/Asset Ratio mandated under the Order to Cease and Desist (C&D) that was entered into May 28, 2008.”
The Bank’s Tier 1 capital totals $21,692,000 as of March 31, 2015, or 8.02% of average total assets compared to a low of $7,100,000, or 2.44% as of October of 2010. The Bank has continued to gradually build capital through earnings, operating efficiencies, and strategic balance sheet management. In addition, the Company has successfully raised capital through a Private Placement Memorandum which has provided capital totaling $3,059,200 through March 31, 2015. “This is a milestone event that will usher-in the beginning of a bright new future for Oxford Bank, its shareholders and stakeholders,” said Mr. Bess.
Bank management and directors view this development with optimism and hope that the Bank’s well capitalized position will allow it to expand customer relationships and product offerings. “Oxford Bank customers have been the unsung heroes in the Bank’s turnaround,” said Mr. Bess. “They have been at our side during the good times and the bad and we hope that the Bank’s new capital position will allow us to expand our superior customer service in our hometown communities.”
Oxford Bank is a subsidiary of Oxford Bank Corporation, a registered holding company. It is the oldest commercial bank in Oakland County and operates eight full-service offices in Clarkston, Davison, Dryden, Goodrich, Lake Orion, Oakland Township, Ortonville and Oxford. It also manages a consumer and commercial lending center in downtown Oxford. The Bank has operated continuously under local ownership and management since it first opened for business in 1884. For more information about Oxford Bank and its complete line of financial services, please visit www.oxfordbank.com.
Except for the historical information contained herein, the matters discussed in the Release may be deemed forward-looking statements that involve risk and uncertainties. Words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "project", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Factors which could cause actual results to differ, include, but are not limited to, fluctuations in interest rates, changes in economic conditions of the Bank's market area, changes in policies by regulatory agencies, the acceptance of new products, the impact of competitive products and pricing and the other risks detailed from time to time in the Bank's and Corporation’s reports. These forward-looking statements represent the Bank's judgment as of the date of this report. The Bank disclaims, however, any intent or obligation to update these forward-looking statements.