Tri-State 1st Banc Reports Earnings
April 23, 2008
East Liverpool, OH. - Tri-State 1st Banc, Inc. (NASDAQ "TSEO"), parent company of 1st National Community Bank, Gateminder Corporation and MDH Investment Management, Inc., announced Net Income for the first quarter ended March 31, 2008 of $158,700 or $.19 per diluted share. This compares with $.09 per share or $74,600 for the first quarter of 2007, for an increase of $.10 per share. The $84,100 increase represents a 112.8% improvement over the Net Income reported for the same three-month period in 2007.
On March 14, 2008 at a special meeting of shareholders, the stockholders voted approval of a going private transaction as proposed by the Board of Directors. Over 70% of the outstanding shares were voted by proxy and in person on the proposal and the vote was practically unanimous with less than 2% voting against or abstaining on the proposal. Over 41 thousand shares are being retired in order to reduce the number of registered shareholders of the company by 209. A significant benefit from the reduction in expenses resulting from the going private transaction should begin to be realized starting in the 2nd Quarter of 2008. All registered shares must be exchanged by shareholders in order to receive their 1st quarterly dividends payable April 30th at that time.
The 2008 Annual Shareholders meeting of Tri-State 1st Banc Inc will be held on May 21, 2008 at 5 PM at the East Liverpool Motor Lodge. Hors d'oeuvres and refreshments will be served at 4:30 PM prior to the meeting. A copy of the Proxy materials and the 2007 Annual Report of the company were mailed to all present shareholders on April 18. The Rev. Gary Schreckengost of Poland, OH, Nancy Cope of Salem, OH and William Braslawsce of Midland, PA will serve as Proxies for the meeting.
Charles B. Lang, President of Tri-State 1st Banc Inc., stated: "The economy will present some large challenges for the banking industry and the nation in the months ahead. Tri-State has taken significant steps to compensate for pressures placed on the banking industry by shrinking interest margins, credit quality issues and a weakened economy. The success of the company in 2007 and in the first quarter of 2008 suggests that our plan is a good one and it is working to the benefit of our shareholders."
1st National Community Bank operates five banking offices in Columbiana County, Ohio in Lisbon, Calcutta, and East Liverpool and at the Wal-Mart store. Other banking offices include New Cumberland, West Virginia and Midland, Pennsylvania. 1st Bank has announced that it will be consolidating its Wal-Mart office into the Calcutta office located on Route 170 in Calcutta effective June 30, 2008. The Bank maintains 13 convenient ATM locations at six banking offices and seven off-site locations around the tri-state area including several grocery stores and family convenience stores. Customers of the bank have use of all thirteen ATMs without a service charge.
The Bank also maintains a Trust Department that is engaged with local charities and professionals estate planners in providing a full line of trust and estate management services in the community.
The Office of the Comptroller of the Currency chartered 1st National Community Bank on June 1, 1987 as a national banking association. The Bank will celebrate its 21th anniversary in June of this year as it continues to provide a full range of banking services in the tri-state area of Ohio, Pennsylvania and West Virginia.
For more information please contact:
Charles B. Lang, President
Tri-State 1st Banc, Inc
16924 St. Clair Avenue
East Liverpool, OH., 43920
Phone: (330) 385-9200
FAX: (330) 386-7452