Community Bancshares Reports Increased Earnings

Apr 27, 2001, 01:00 ET from Community Bancshares, Inc.

    BLOUNTSVILLE, Ala., April 27 /PRNewswire/ -- Community Bancshares, Inc.
 reports net income of $805,000 for the quarter ended March 31, 2001, an
 increase of 77.3% from net earnings of $454,000 reported for the first quarter
 of 2000.
     Kennon R. Patterson, Sr., Chairman and Chief Executive Officer of
 Community Bancshares, said, "We are very pleased that the steps taken by
 management to improve the earnings of the Company are having such a positive
 effect.  I believe the outlook for the Company's future earnings will continue
 to improve."
     In 2000, the Company began an extensive program designed to reduce non-
 interest expense, which included reducing staffing by more than 40 positions,
 cutting expenses such as travel, entertainment and advertising, reducing the
 number of Company-owned automobiles and shrinking the salaries of senior
 management by 10% for 2001.  In addition, management and the Board of
 Directors of Community Bank are developing a strategic plan for each banking
 location.
     Basic net earnings per share for the quarter ended March 31, 2001 were
 $.18 as compared to basic net earnings per share of $.11 for the first quarter
 of 2000, and diluted net earnings per share were $.18 for the first quarter of
 2001, compared to $.10 per share for the first quarter of 2000.  Shareholders'
 equity at March 31, 2001 was $43.4 million, a 5.3% increase over shareholders'
 equity at December 31, 2000.  Total assets increased $6.9 million during the
 first quarter of 2001 from $713.5 million at December 31, 2000 to $720.4
 million at March 31, 2001.
     Community Bancshares, Inc. is a bank holding company headquartered in
 Blountsville, Alabama.  Community Bancshares, through its subsidiaries,
 operates 30 banking offices and 12 finance company offices in north and west-
 central Alabama and south-central Tennessee and provides a full line of
 financial services.
     Certain statements in this release are forward-looking statements" within
 the meaning of Section 27A of the Securities Act of 1933, as amended, and
 Section 21E of the Securities Exchange Act of 1934, as amended.  These
 forward-looking statements are not based on historical facts and may be
 identified by their reference to a future period or by the use of forward-
 looking terminology such as "believe," "anticipate," "estimate,"
 "expectation," "may," "could," and "should."  These forward-looking statements
 include, without limitation, those relating to the Company's future earnings,
 non-interest expenses and strategic plan.  We caution you not to place undue
 reliance on these forward-looking statements due to a variety of factors.
 These factors include, but are not limited to, changes in economic conditions
 and government fiscal and monetary policies, changes in prevailing interest
 rates and effectiveness of the Company's interest rate strategies, laws,
 regulations and regulatory authorities affecting financial institutions,
 changes in and effectiveness of the Company's operating or expansion
 strategies, geographic concentration of the Company's assets and operations,
 competition from other financial services companies, pending litigation and
 investigations and related costs, unexpected financial results, loan losses
 and other risks detailed from time to time in the Company's press releases and
 filings with the Securities and Exchange Commission.  We undertake no
 obligation to update these forward-looking statements to reflect events or
 circumstances occurring after the date of this release.
 
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SOURCE Community Bancshares, Inc.
    BLOUNTSVILLE, Ala., April 27 /PRNewswire/ -- Community Bancshares, Inc.
 reports net income of $805,000 for the quarter ended March 31, 2001, an
 increase of 77.3% from net earnings of $454,000 reported for the first quarter
 of 2000.
     Kennon R. Patterson, Sr., Chairman and Chief Executive Officer of
 Community Bancshares, said, "We are very pleased that the steps taken by
 management to improve the earnings of the Company are having such a positive
 effect.  I believe the outlook for the Company's future earnings will continue
 to improve."
     In 2000, the Company began an extensive program designed to reduce non-
 interest expense, which included reducing staffing by more than 40 positions,
 cutting expenses such as travel, entertainment and advertising, reducing the
 number of Company-owned automobiles and shrinking the salaries of senior
 management by 10% for 2001.  In addition, management and the Board of
 Directors of Community Bank are developing a strategic plan for each banking
 location.
     Basic net earnings per share for the quarter ended March 31, 2001 were
 $.18 as compared to basic net earnings per share of $.11 for the first quarter
 of 2000, and diluted net earnings per share were $.18 for the first quarter of
 2001, compared to $.10 per share for the first quarter of 2000.  Shareholders'
 equity at March 31, 2001 was $43.4 million, a 5.3% increase over shareholders'
 equity at December 31, 2000.  Total assets increased $6.9 million during the
 first quarter of 2001 from $713.5 million at December 31, 2000 to $720.4
 million at March 31, 2001.
     Community Bancshares, Inc. is a bank holding company headquartered in
 Blountsville, Alabama.  Community Bancshares, through its subsidiaries,
 operates 30 banking offices and 12 finance company offices in north and west-
 central Alabama and south-central Tennessee and provides a full line of
 financial services.
     Certain statements in this release are forward-looking statements" within
 the meaning of Section 27A of the Securities Act of 1933, as amended, and
 Section 21E of the Securities Exchange Act of 1934, as amended.  These
 forward-looking statements are not based on historical facts and may be
 identified by their reference to a future period or by the use of forward-
 looking terminology such as "believe," "anticipate," "estimate,"
 "expectation," "may," "could," and "should."  These forward-looking statements
 include, without limitation, those relating to the Company's future earnings,
 non-interest expenses and strategic plan.  We caution you not to place undue
 reliance on these forward-looking statements due to a variety of factors.
 These factors include, but are not limited to, changes in economic conditions
 and government fiscal and monetary policies, changes in prevailing interest
 rates and effectiveness of the Company's interest rate strategies, laws,
 regulations and regulatory authorities affecting financial institutions,
 changes in and effectiveness of the Company's operating or expansion
 strategies, geographic concentration of the Company's assets and operations,
 competition from other financial services companies, pending litigation and
 investigations and related costs, unexpected financial results, loan losses
 and other risks detailed from time to time in the Company's press releases and
 filings with the Securities and Exchange Commission.  We undertake no
 obligation to update these forward-looking statements to reflect events or
 circumstances occurring after the date of this release.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X07442734
 
 SOURCE  Community Bancshares, Inc.