North Country Financial Corporation Announces First Quarter Dividend and Earnings

Apr 17, 2001, 01:00 ET from North Country Financial Corporation

    TRAVERSE CITY, Mich., April 17 /PRNewswire/ -- North Country Financial
 Corporation (OTC Bulletin Board:   NCUF), the holding company for North Country
 Bank and Trust, has reported earnings of $.23 per share on net income of
 $1,586,000.  As announced last quarter, the Board of Directors declared a $.10
 per share dividend payable to shareholders.  The dividend represents an
 increase of 114% over the dividend declared at the same time last year.
     The corporation also announced progress by the Bank in managing the level
 of nonperforming loans in their loan portfolio.  Specifically, one loan
 totaling $7 million that had been on nonaccrual status at December 31, 2000
 was collected in full during the first quarter of 2001.  Payment of this loan
 was significant to the overall asset quality of the Bank.  Successes have also
 been experienced with other nonperforming loans as evidenced by decreases in
 past due and nonaccrual loans between December 31, 2000 and March 31, 2001.
     "We continue to be aggressive despite a sluggish national economy," said
 Ronald G. Ford, chairman and chief executive officer.  "However, our strategy
 reflects the anticipation of slow growth in 2001.  We are pleased with our
 results and the steps we are taking to ensure the quality of our loan
 portfolio."
     At the end of the First Quarter, North Country Financial Corporation
 reported total assets of nearly $668.1 million, up from $666.9 million for the
 same period last year, and up over $1 million compared to the twelve months
 ended December 31, 2000.  Further information regarding overall asset quality
 will be discussed in the Corporation's 10-Q which will be available after
 May 15, 2001.
     The Corporation also announced the Bank will be opening an office in Boyne
 City, Michigan in April.  This will bring the number of total offices to 30,
 conveniently located in 27 towns across the Upper Peninsula and lower northern
 Michigan.
     Headquartered in Traverse City, North Country Financial Corporation is a
 diversified financial services company providing a full range of commercial,
 consumer and mortgage banking services to a client base throughout northern
 Michigan.  Stock for the corporation is listed on the OTC Bulletin Board under
 the symbol "NCUF."  The Corporation's 2000 Annual Report is available by
 phoning toll-free: 888-343-8147.
 
 

SOURCE North Country Financial Corporation
    TRAVERSE CITY, Mich., April 17 /PRNewswire/ -- North Country Financial
 Corporation (OTC Bulletin Board:   NCUF), the holding company for North Country
 Bank and Trust, has reported earnings of $.23 per share on net income of
 $1,586,000.  As announced last quarter, the Board of Directors declared a $.10
 per share dividend payable to shareholders.  The dividend represents an
 increase of 114% over the dividend declared at the same time last year.
     The corporation also announced progress by the Bank in managing the level
 of nonperforming loans in their loan portfolio.  Specifically, one loan
 totaling $7 million that had been on nonaccrual status at December 31, 2000
 was collected in full during the first quarter of 2001.  Payment of this loan
 was significant to the overall asset quality of the Bank.  Successes have also
 been experienced with other nonperforming loans as evidenced by decreases in
 past due and nonaccrual loans between December 31, 2000 and March 31, 2001.
     "We continue to be aggressive despite a sluggish national economy," said
 Ronald G. Ford, chairman and chief executive officer.  "However, our strategy
 reflects the anticipation of slow growth in 2001.  We are pleased with our
 results and the steps we are taking to ensure the quality of our loan
 portfolio."
     At the end of the First Quarter, North Country Financial Corporation
 reported total assets of nearly $668.1 million, up from $666.9 million for the
 same period last year, and up over $1 million compared to the twelve months
 ended December 31, 2000.  Further information regarding overall asset quality
 will be discussed in the Corporation's 10-Q which will be available after
 May 15, 2001.
     The Corporation also announced the Bank will be opening an office in Boyne
 City, Michigan in April.  This will bring the number of total offices to 30,
 conveniently located in 27 towns across the Upper Peninsula and lower northern
 Michigan.
     Headquartered in Traverse City, North Country Financial Corporation is a
 diversified financial services company providing a full range of commercial,
 consumer and mortgage banking services to a client base throughout northern
 Michigan.  Stock for the corporation is listed on the OTC Bulletin Board under
 the symbol "NCUF."  The Corporation's 2000 Annual Report is available by
 phoning toll-free: 888-343-8147.
 
 SOURCE  North Country Financial Corporation