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Community Investors Bancorp, Inc. Reports Net Earnings for the Three Months Ended September 30, 2009

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BUCYRUS, Ohio, Oct. 27 /PRNewswire-FirstCall/ -- Community Investors Bancorp, Inc. (Pink Sheets: CIBN), parent company of First Federal Community Bank of Bucyrus, reported net earnings of $199,000, or $.23 per basic share, for the quarter ended September 30, 2009, representing an increase of $114,000, or 134.1%, compared to the net earnings of $85,000, or $.10 per basic share, reported in the September 2008 quarter. The increase in 2009 earnings reflects a $246,000, or 27.0%, increase in net interest income coupled with an increase in other income of $23,000 or 17.4%. This was partially offset by a $7,000, or 11.9% increase in provision for loan loss as well as an increase of 4.4% or $38,000 in general, administrative and other expense. The increase in our net interest income is due to the early payoff of above-market rate Federal Home Loan Bank (FHLB) advances in June. The increase in provision for loan losses reflects the continuing economic difficulties of some of our loan customers due to high unemployment in the local workforce as well as difficult business conditions. We were successful in reducing general, administrative and other expense except for a $53,000 increase in our FDIC insurance premium. Personnel expense was reduced through the teamwork, efficiency and cooperation of our employees. We continue to scrutinize overhead costs for opportunities to reduce expenses without compromising our ability to serve our customers. However, the rapidly increasing regulatory burden as well as FDIC costs will challenge our ability to reduce overhead expenses.

Community Investors Bancorp, Inc. reported total assets at September 30, 2009, of $129.4 million (decrease of $13.7 million or 9.6%) including net loans of $103.1 million (decrease of $4.6 million or 4.3%). Total liabilities were $117.0 million (decrease of $15.5 million or 11.7%), including total deposits of $97.9 million (increase of $4.6 million or 4.9%). Total stockholders' equity grew to $12.4 million (increase of $1.65 million or 16.4%). The reduction in assets and liabilities is attributable to the net reduction of $20 million in advances to the FHLB, as well as weak loan demand in our current economic environment.

                         Community Investors Bancorp, Inc.
               CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
                                  (In thousands)
                                     UNAUDITED

                                      Sept. 30,   Sept. 30, June 30, June 30,
    ASSETS                               2009       2008      2009     2008

      Cash and cash equivalents         $6,435    $11,948    $5,592   $13,890
      FHLB term deposits                 2,647      4,600     1,500     4,600
      Investment securities              4,714      6,230     4,640     5,394
      Mortgage-backed securities         4,080      4,339     4,217     4,509
      Loans receivable-gross           104,772    108,679   105,743   108,126
          Less: Allowance for Loan
           Loss                         (1,625)      (915)   (1,600)    (880)
      Loans receivable-net             103,147    107,764   104,143   107,246
      Premises and equipment             4,180      4,328     4,202     4,343
      FHLB stock                         2,237      2,237     2,237     2,207
      Repossessed assets                   543        365       260       293
      Interest receivable                  708        831       698       840
      Prepaid federal income tax           245         86       366       130
      Deferred federal income tax          116                  204
      Prepaid expenses                     355        406       345       441
          Total assets                $129,407   $143,134  $128,404  $143,893
    LIABILITIES AND SHAREHOLDERS' EQUITY
      Deposits                         $97,913    $93,325   $95,223   $93,142
      Advances from FHLB                18,500     38,500    20,500    38,500
      Interest payable                     118        278       204       275
      Other liabilities                    460        350       360     1,095
      Preferred dividend payable            18          -        18         -
      Deferred federal income tax            -         32         -        96
          Total liabilities            117,009    132,485   116,305   133,108
    Shareholders' equity
      Preferred stock                    2,633          -     2,622         -
      Common stock                          15         15        15        15
      Additional Paid-in capital         5,229      5,227     5,229     5,227
      Retained earnings                 11,306     12,562    11,117    12,572
      Accumulated other comprehensive
       loss                                 10       (360)      (89)     (234)
      Treasury stock                    (6,795)    (6,795)   (6,795)   (6,795)
          Total shareholders' equity     12,398     10,649    12,099    10,785

    Total liabilities and shareholders'
     equity                           $129,407   $143,134  $128,404  $143,893



                          Community Investors Bancorp, Inc.
                   CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                          (In thousands, except share data)
                                       UNAUDITED
                                                        Three months ended
                                                           September 30,
                                                        2009          2008

    Total interest income                            $ 1,793        $ 2,077
    Total interest expense                               635          1,165

       Net interest income                             1,158            912
    Provision for losses on loans                         66             59
       Net interest income after provision
        for losses on loans                            1,092            853
    Other income (losses)                                155            132
    General, administrative and other expenses           894            856

      Earnings (loss) before income taxes                353            129
    Federal income taxes expense (benefit)               119             44
      NET EARNINGS (LOSS)                              $ 234           $ 85
         Preferred dividends                              35              -
    NET EARNINGS (LOSS) AVAILABLE FOR COMMON SHARES    $ 199           $ 85

    EARNINGS (LOSS) PER COMMON SHARE
        Basic                                         $ 0.23         $ 0.10

        Diluted                                       $ 0.23         $ 0.10

SOURCE Community Investors Bancorp, Inc.



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