Weststar Financial Services Corporation (WFSC) Announced First Quarter Earnings

Apr 17, 2001, 01:00 ET from Weststar Financial Services

    ASHEVILLE, N.C., April 17 /PRNewswire/ --
     Weststar Financial Services Corporation (OTC Bulletin Board:   WFSC) and its
 subsidiary, The Bank of Asheville, reported net income before taxes of
 $242,937 for the first quarter ending March 31, 2001.  This represented a 371%
 increase over the same period for the previous year.  Net income after taxes
 for the quarter amounted to $142,926 or $.21 per share on a diluted basis.
     Total assets for March 31, 2001 were $79 million, or 54% greater than the
 first quarter of 2000.  For this period, deposits were $71 million and loans
 outstanding totaled $63 million, which represented a 56% and 55% increase,
 respectively.  Shareholder equity increased $1.7 million previously due to
 earnings and the secondary stock offering, which closed out on February 28th.
     Return on assets was .79% and return on equity totaled 8.60%.
     "We are pleased with the continued growth of our company along with its
 increased earnings results," stated G. Gordon Greenwood, President and CEO.
 "Our goal is to maintain strong growth with emphasis on leading earnings
 performance."
     Weststar Financial Services Corporation and The Bank of Asheville are
 headquartered in Asheville, NC, with the primary office located at 79 Woodfin
 Place, Asheville, NC, and bank offices located at 6 Dogwood Road, Candler, NC,
 and 557 New Leicester Highway, Asheville, NC.
 
 

SOURCE Weststar Financial Services
    ASHEVILLE, N.C., April 17 /PRNewswire/ --
     Weststar Financial Services Corporation (OTC Bulletin Board:   WFSC) and its
 subsidiary, The Bank of Asheville, reported net income before taxes of
 $242,937 for the first quarter ending March 31, 2001.  This represented a 371%
 increase over the same period for the previous year.  Net income after taxes
 for the quarter amounted to $142,926 or $.21 per share on a diluted basis.
     Total assets for March 31, 2001 were $79 million, or 54% greater than the
 first quarter of 2000.  For this period, deposits were $71 million and loans
 outstanding totaled $63 million, which represented a 56% and 55% increase,
 respectively.  Shareholder equity increased $1.7 million previously due to
 earnings and the secondary stock offering, which closed out on February 28th.
     Return on assets was .79% and return on equity totaled 8.60%.
     "We are pleased with the continued growth of our company along with its
 increased earnings results," stated G. Gordon Greenwood, President and CEO.
 "Our goal is to maintain strong growth with emphasis on leading earnings
 performance."
     Weststar Financial Services Corporation and The Bank of Asheville are
 headquartered in Asheville, NC, with the primary office located at 79 Woodfin
 Place, Asheville, NC, and bank offices located at 6 Dogwood Road, Candler, NC,
 and 557 New Leicester Highway, Asheville, NC.
 
 SOURCE  Weststar Financial Services