CapitalMark Reports Profit for the First Six Month
Chattanooga, TN - July 17, 2009 - Chattanooga-based CapitalMark Bank & Trust reported results for the first six months, 2009, announcing profits of $726,678 compared to a $962,313 loss for the same period last year. Total assets increased to $377 million which represents a 44% increase over the same period last year and 12% year-to-date. Deposits increased almost 41% versus the same period last year.
"We are pleased to report such positive results in spite of one of the most challenging economic environments any of us have ever experienced," said R. Craig Holley, CapitalMark’s Chairman, President and CEO. "The weak economy has affected some of our borrowers, and we will not be immune to future nonperforming loans and charge-offs. The profit includes an additional $1.3 million in loan loss provision, as we know reserve increases are prudent and necessary given the state of the economy and uncertainty surrounding the future."
Mr. Holley also announced that CapitalMark’s recent stock offering resulted in new capital of almost $8 million. "The additional capital positions us well should the current economic weakness continue for an extended period of time, and it will allows us to prudently increase our asset base and income strength," said Holley.
About CapitalMark Bank & Trust
CapitalMark Bank & Trust offers a wide range of banking and trust services to businesses and individuals. Founded March 5, 2007, CapitalMark has locations in Chattanooga and Knoxville. Additional information about CapitalMark and its full line of products and services can be found at www.capitalmark.com.