Charter Financial Remains Well Capitalized
September 08 2008 - 2:33PM
PR Newswire (US)
- CharterBank core capital twice well capitalized level WEST POINT,
Ga., Sept. 8 /PRNewswire-FirstCall/ -- Charter Financial
Corporation (OTC:CHFN) (BULLETIN BOARD: CHFN) today reported that
it sold its remaining shares of Freddie Mac common stock at an
average price of $1.27 which provides cash proceeds of $2.79
million. This sale results in a pre-tax loss of $591,563. For all
sales of Freddie Mac common stock during this quarter, the Company
will report a pre-tax gain of $5.95 million. CharterBank's core
capital as of August 31, 2008, as adjusted to reflect the sale of
Freddie Mac common stock, would be 10.05% which is more than twice
its regulatory well capitalized requirement. Charter Financial
Corporation is a savings and loan holding company and the parent
company of CharterBank, a full-service community bank and a federal
savings institution. Charter Financial Corporation and CharterBank
are in a mutual holding company structure. CharterBank is
headquartered in West Point, Georgia, and operates ten branches on
the I-85 corridor from LaGrange, Georgia to Auburn, Alabama.
CharterBank's deposits are insured by the Federal Deposit Insurance
Corporation. Forward-Looking Statements This release may contain
"forward-looking statements" that may be identified by use of such
words as "believe," "expect," "anticipate," "should," "planned,"
"estimated," and "potential." Examples of forward-looking
statements include, but are not limited to, estimates with respect
to our financial condition and results of operation and business
that are subject to various factors that could cause actual results
to differ materially from these estimates. These factors include
but are not limited to general and local economic conditions;
changes in interest rates, deposit flows, demand for mortgages and
other loans, real estate values, and competition; changes in
accounting principles, policies, or guidelines; changes in
legislation or regulation; and other economic, competitive,
governmental, regulatory, and technological factors affecting our
operations, pricing, products, and services. Any or all
forward-looking statements in this release and in any other public
statements we make may turn out to be wrong. They can be affected
by inaccurate assumptions we might make or known or unknown risks
and uncertainties. Consequently, no forward-looking statements can
be guaranteed. The Company disclaims any obligation to subsequently
revise or update any forward-looking statements to reflect events
or circumstances after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events. DATASOURCE:
Charter Financial Corporation CONTACT: Robert L. Johnson, President
& CEO, , or Curt Kollar, CFO, , both of Charter Financial
Corporation, +1-706-645-1391; or Woody Wallace of The Investor
Relations Company, +1-312-245-2700, , for Charter Financial
Corporation
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