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CSHB: Shareholders of Community Shores Bank (CSHB) shall have the right to receive i) $5.00 per share, and/or (ii) 0.17162 shares of ChoiceOne Financial Services, Inc. (NASDAQ: COFS).
FINRA deleted symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
CSHB $2.25
Recent Developments
The Company’s risk profile continued to improve in 2015 as a result of credit quality stabilization and improved real estate valuations both of which translated into no calculated loan loss provision and fewer foreclosed asset impairment charges affecting core earnings.
As a result its trend towards regulatory safety and soundness, on December 29, 2015, the Bank received official notice from the FDIC and the Michigan Department of Insurance and Financial Services that the regulatory Consent Order entered into on September 2, 2010 was terminated effective December 16, 2015.
Management is pleased to report that due to capital raising efforts commenced in the fourth quarter of 2015 and completed on March 28, 2016, the Company has successfully raised net proceeds, after expenses, of approximately $4.770 million. As described in more detail in our Annual Report, with these proceeds, the Company repaid the interest due on its trust preferred securities totaling approximately $722,000; made a capital contribution to the Bank of approximately $3.35 million, and retained approximately $900,000 for general operating purposes.
The Company remains subject to the Written Agreement with the Federal Reserve Bank of Chicago, (the “FRB”), the Company’s primary regulator, which became effective on December 16,2010 when it was executed by the FRB. Management believes that the repayment of the overdue interest on the Company’s trust preferred securities and the strengthened capital position of the Bank will motivate the FRB to consider amending or terminating the Written Agreement. Management plans to work with the FRB to that end during the coming months.
http://www.sec.gov/Archives/edgar/data/1070523/000114420416094340/v436836_10k.htm
According to the offering documents, selling new shares at $2.55 will cause book value per share to be diluted down to $3.24 after the recapitalization. Stock seems cheap to me at 2.55 or less, considering insiders are buying a lot of new shares at the 2.55 price.
Watched this bank for over a year. Low float, even with additional shares.With low interest rates, CEO keeping local bank moving forward. Was down around $1.00 a year ago... Numbers down but still good.
I agree brudda! Lets enjoy some profits here!!!
A real volume alert here as of late! BV: $5.50!!!!!!
Volume alert brudda!
I agree this is a solid bank and I will hit you up on that board! But, I also think the next Q will drop the PPS here in my opinion. Glad you took profits bro!
I don't see any problems with Community Shores. Solid little bank that continues to improve on their profitable position. I definitely see this going higher, but I got in super cheap and sold my shares between $2.50-3.00. I couldn't resist. I did the same with FMAR. You should come check out The Bank Recovery Room. We have a great group of investors over there, seeking undervalued banks. A couple of my favorites right now are CIBH and ACBC. Both are under a buck and I have several reasons why each are my favorite. Hope to see you on the Board!!!
Joey. You gonna sell before the next Q and take profit's? Or are ya gonna ride the one Q gains as reported?
$CSHB I will be up-dating the I-box soon! Undervalued in my opinion.
Good to know... I'm holding my shares!
Oh yea. This bank is solid. I live about 7 miles from the head quarters. I have "ran" into some of the board members also. They are prominent business owners in the area.
Nope not me bro but welcome to the board! Good to have ya here. I think you're right. This is a solid little bank!
Check out, The Bank Recovery Room.
$CSHB Sitting the bid for more cheapies!
$CSHB Solid little bank imo.
Is this joe from e-trade? I chatted with you about cshb and wow pps movement rocked!
I see... What a deal for them!
Thanks for your knowledge EI!!! I appreciate that information...
Think of it as a one-time event.
It relates to Settlement Agreement and Release with Fifth Third Bank. Fifth Third accepted $500,000 in full satisfaction of $5,828,000 in debt.
The gain greatly enhances book value and capital ratios improve much like the BNCC's insurance recovery.
The bank is much healthier going into the second quarter.
Does that nullify their numbers they posted for the quarter?
Large portion of income is non-recurring.
Gain on the extinguishment of debt was $5.3 million. After adjusting for the gain, income before taxes was $146,880.
$3.00 up, $2.50 on the bid!!!
$2.50! Woooohooo! I I enjoy chatting with myself on this board...
Still looks steady over here... Enjoying this climb into the 2 dollar range.
2012 was a pivotal year for our Company. In tandem with the slow, steadily improving local and national economies, Community Shores Bank returned to profitability and the Company stabilized at breakeven. After struggling through one of the worst economic climates in recent history, we believe that we are now well on the road to recovery.
On any prolonged journey, we look for mile markers as indications of how far we have traveled. Last year we made good progress. The Bank achieved four consecutive, profitable quarters resulting in annualized earnings of $749,000. This was better than anticipated and, excluding a one-time gain on sale of Bank owned land, was predominantly realized through normal operations as a result of an intense focus on asset quality improvements and improved funding costs.
OS 1,468,800
AS 9,000,000
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Business Summary |
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Community Shores Bank Corporation operates as the holding company for Community Shores Bank that provides commercial and consumer banking services primarily in the communities of Muskegon County and Northern Ottawa County, Michigan. Its deposit products include checking and savings accounts, certificates of deposit, and time deposits of various types. The company's loan portfolio comprises residential mortgage loans; personal loans and lines of credit for various purposes, such as the purchase of automobiles, boats and other recreational vehicles, home improvements, and personal investments; and commercial and commercial real estate loans for general operating purposes, as well as for the acquisition of fixed assets, including real estate, purchase of equipment and machinery, and financing of inventory and accounts receivable. It also offers consumer loans, including fixed home equity and equity lines of credit, new and used automobile loans, boat loans, personal unsecured lines of credit, credit cards, and overdraft protection for checking account customers. In addition, the company provides safe deposit boxes; courier services; and electronic banking services, such as ACH and online bill pay. As of August 4, 2011, it served businesses and consumers in the western Michigan counties of Muskegon and Ottawa through four branch offices. The company was founded in 1998 and is based in Muskegon, Michigan.
http://www.communityshores.com/
http://www.communityshores.com/investor_relations.asp
http://www.communityshores.com/cshb-20110930.zip
http://www.communityshores.com/speedbump.asp?link=http://www.otcbb.com/asp/Info_Center.asp?symbol=cshb
Investor Relations
Corporate Profile
COMMUNITY SHORES BANK CORPORATION (NASDAQ - CSHB)
Community Shores Bank Corporation is a bank holding company and 100% owner of Community Shores Bank (the Bank). The Bank provides a full range of commercial and consumer banking services primarily in the communities of Muskegon and Northern Ottawa counties, Michigan. The Bank's services include checking and savings accounts, certificates of deposit, safe deposit boxes, courier service and loans for commercial, mortgage and consumer purposes. The Bank offers a broad range of deposit services, including checking accounts, savings accounts and time deposits of various types. Transaction accounts and time certificates are tailored to the principal market area. The Bank solicits these accounts from individuals, businesses, schools, associations, churches, non-profit organizations, financial institutions and government authorities.
Important Holding Company Documents
(PDF Format - Requires Adobe Acrobat Reader)
Notice of Intent to Delist from Nasdaq
Section 16 - Forms 3, 4 and 5
Community Shores Bank Corporation 1030 West
Norton Avenue
Muskegon, MI 49441
(231) 780-1800
Investor Relations Contacts
Ms. Heather D. Brolick
hbrolick@communityshores.com
(231) 780-1845
Ms. Tracey A. Welsh
twelsh@communityshores.com
(231) 780-1847
Transfer Agent
Registrar and Transfer Company
10 Commerce Drive
Cranford, New Jersey 07016
(800) 368-5948
Source: E-Trade. 12/24/11. Will Update when TA Confirms!
Market Cap | 176.3 K |
Shares Outstanding | 1.5 M |
Heather D. Brolick | CEO/CEO, Subsidiary/Director/President/President, Subsidiary |
John M. Clark | Secretary/Senior VP/Senior VP, Subsidiary |
Bruce J. Essex | Director |
Julie K. Greene | Director |
Gary F. Bogner | Chairman of the Board/Director/Chairman of the Board, Subsidiary |
Robert L. Chandonnet | Vice Chairman/Vice Chairman, Subsidiary |
Tracey A. Welsh | CFO/CFO, Subsidiary/Chief Accounting Officer/Senior VP/Senior VP, Subsidiary/Treasurer |
Stephen P. Moreland | Director |
Jonathan L. Smith | Director |
12/03/2009 | Bruce J. Essex Director | 7,000 | Award at $0.82 per share. | 5,740 |
10/28/2008 | Bruce J. Essex Director | 32,000 | Acquisition at $3.95 per share. | 126,400 |
09/23/2008 | Gary F. Bogner Director | 4,000 | Acquisition at $4.25 per share. | 17,000 |
09/18/2008 | Gary F. Bogner Director | 20,000 | Acquisition at $4.45 per share. | 89,000 |
08/25/2008 | Gary F. Bogner Director | 10,000 | Acquisition at $4.2 per share. | 42,000 |
11/16/2007 | BERGGREN RALPH R Senior Vice President | 1,000 | Acquisition at $8.75 per share. | 8,750 |
11/15/2007 | RICE BRUCE C Director | 400 | Acquisition at $8.5 per share. | 3,400 |
11/02/2007 | CHERETTE DENNIS L Director | 1,800 | Acquisition at $7.7 per share. | 13,860 |
11/02/2007 | CHERETTE DENNIS L Director | 900 | Acquisition at $7.3 per share. | 6,570 |
11/02/2007 | CHERETTE DENNIS L Director | 400 | Acquisition at $7.25 per share. | 2,900 |
11/02/2007 | CHERETTE DENNIS L Director | 800 | Acquisition at $7.72 per share. | 6,176 |
11/02/2007 | CHERETTE DENNIS L Director | 100 | Acquisition at $9.86 per share. | 986 |
11/02/2007 | CHERETTE DENNIS L Director | 100 | Disposition at $9.54 per share. | 954 |
04/04/2007 | SPOELMAN ROGER W Director | 500 | Acquisition at $12.02 per share. | 6,010 |
12/03/2009 | Bruce J. Essex Director | 7,000 | Award at $0.82 per share. | 5,740 |
10/28/2008 | Bruce J. Essex Director | 32,000 | Acquisition at $3.95 per share. | 126,400 |
09/23/2008 | Gary F. Bogner Director | 4,000 | Acquisition at $4.25 per share. | 17,000 |
09/18/2008 | Gary F. Bogner Director | 20,000 | Acquisition at $4.45 per share. | 89,000 |
08/25/2008 | Gary F. Bogner Director | 10,000 | Acquisition at $4.2 per share. | 42,000 |
11/16/2007 | BERGGREN RALPH R Senior Vice President | 1,000 | Acquisition at $8.75 per share. | 8,750 |
11/15/2007 | RICE BRUCE C Director | 400 | Acquisition at $8.5 per share. | 3,400 |
11/02/2007 | CHERETTE DENNIS L Director | 1,800 | Acquisition at $7.7 per share. | 13,860 |
11/02/2007 | CHERETTE DENNIS L Director | 900 | Acquisition at $7.3 per share. | 6,570 |
11/02/2007 | CHERETTE DENNIS L Director | 400 | Acquisition at $7.25 per share. | 2,900 |
11/02/2007 | CHERETTE DENNIS L Director | 800 | Acquisition at $7.72 per share. | 6,176 |
11/02/2007 | CHERETTE DENNIS L Director | 100 | Acquisition at $9.86 per share. | 986 |
11/02/2007 | CHERETTE DENNIS L Director | 100 | Disposition at $9.54 per share. | 954 |
04/04/2007 | SPOELMAN ROGER W Director | 500 | Acquisition at $12.02 per share. | 6,010 |
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