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Community Shores Bank Corporation
Community Shores Reports 2009 Second Quarter Results
MUSKEGON, Mich., July 30, 2009 (GLOBE NEWSWIRE) -- Community Shores Bank Corporation ("Community Shores") (Nasdaq:CSHB), Muskegon's only locally-headquartered, independent community banking organization, today reported a second quarter net loss of $1.46 million, or ($0.99) per diluted share, compared with net income of $11,000, or $0.01 per diluted share, for the second quarter of 2008. The net loss for the first six months of 2009 totaled $1.73 million, or ($1.17) per diluted share, compared to net income of $43,000, or $0.03 per diluted share, for the 2008 six-month period. Second quarter and six months year-to-date results reflect a non-cash charge of $1.11 million associated with a tax valuation allowance on deferred tax assets, higher FDIC assessment fees, including the one-time FDIC special assessment charge of $114,000 pre-tax ($74,100 after-tax, or $0.05 per diluted share) and higher credit administration expenses.