MountainBank Financial Corporation Announces Record Earnings

Apr 24, 2001, 01:00 ET from MountainBank

    HENDERSONVILLE, N.C., April 24 /PRNewswire Interactive News Release/ --
     MountainBank Financial Corporation, (OTC Pink Sheets:   MBFC) parent company
 of MountainBank, both headquartered in Hendersonville, N.C., announced record
 earnings of $505,000 or $0.27 per share for the first quarter of 2001.  This
 represents an increase of 111.3% as compared with net income for the first
 quarter of 2000 which totaled $239,000 or $0.17 per share.  Also, the
 company's total assets grew from $157 million at March 31, 2000 to $291
 million at March 31, 2001, an 85.4% increase.  During this same period, gross
 loans increased from $110 million to $245 million, a 123.1% increase, while
 deposits rose from $143 million to $254 million, a 77.7% increase.
     In announcing these earnings, J.W. Davis, president and chief executive
 officer said, "First quarter profitability heralds an earnings momentum unlike
 most banks in just their fourth year of operation.  Due to strong loan demand,
 we provided $650,000 to our allowance for loan losses, and our $505,000 in net
 income is after this provision.  Pre-provision earnings during the first
 quarter exceeded $1 million, which bodes well for the remainder of 2001.
     MountainBank, one of the fastest growing community banks in the Carolinas,
 currently operates seven full service offices in four western North Carolina
 counties and plans to open three additional offices in Waynesville, Marion,
 and Morganton prior to June 30, 2001.
     MountainBank Financial Corporation's stock currently trades on the NASDAQ
 Bulletin Board system (pink sheets) under the symbol MBFC.
 
     Forward-Looking Statements
     This news release contains forward-looking statements.  Such statements
 are subject to certain factors that may cause the company's results to vary
 from those expected.  These factors include changing economic and financial
 market conditions, competition, ability to execute our business plan, items
 already mentioned in this press release, and other factors described in our
 filings with the Securities and Exchange Commission.  Readers are cautioned
 not to place undue reliance on these forward-looking statements, which reflect
 management's judgment only as of the date hereof.  The company undertakes no
 obligation to publicly revise these forward-looking statements to reflect
 events and circumstances that arise after the date hereof.
 
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SOURCE MountainBank
    HENDERSONVILLE, N.C., April 24 /PRNewswire Interactive News Release/ --
     MountainBank Financial Corporation, (OTC Pink Sheets:   MBFC) parent company
 of MountainBank, both headquartered in Hendersonville, N.C., announced record
 earnings of $505,000 or $0.27 per share for the first quarter of 2001.  This
 represents an increase of 111.3% as compared with net income for the first
 quarter of 2000 which totaled $239,000 or $0.17 per share.  Also, the
 company's total assets grew from $157 million at March 31, 2000 to $291
 million at March 31, 2001, an 85.4% increase.  During this same period, gross
 loans increased from $110 million to $245 million, a 123.1% increase, while
 deposits rose from $143 million to $254 million, a 77.7% increase.
     In announcing these earnings, J.W. Davis, president and chief executive
 officer said, "First quarter profitability heralds an earnings momentum unlike
 most banks in just their fourth year of operation.  Due to strong loan demand,
 we provided $650,000 to our allowance for loan losses, and our $505,000 in net
 income is after this provision.  Pre-provision earnings during the first
 quarter exceeded $1 million, which bodes well for the remainder of 2001.
     MountainBank, one of the fastest growing community banks in the Carolinas,
 currently operates seven full service offices in four western North Carolina
 counties and plans to open three additional offices in Waynesville, Marion,
 and Morganton prior to June 30, 2001.
     MountainBank Financial Corporation's stock currently trades on the NASDAQ
 Bulletin Board system (pink sheets) under the symbol MBFC.
 
     Forward-Looking Statements
     This news release contains forward-looking statements.  Such statements
 are subject to certain factors that may cause the company's results to vary
 from those expected.  These factors include changing economic and financial
 market conditions, competition, ability to execute our business plan, items
 already mentioned in this press release, and other factors described in our
 filings with the Securities and Exchange Commission.  Readers are cautioned
 not to place undue reliance on these forward-looking statements, which reflect
 management's judgment only as of the date hereof.  The company undertakes no
 obligation to publicly revise these forward-looking statements to reflect
 events and circumstances that arise after the date hereof.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X16331580
 
 SOURCE  MountainBank