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Bank of McKenney
Amidst the Current Economic Turmoil, Bank of McKenney Posts Core Growth and Solid Earnings in Third Quarter and Year-to-date Results
MCKENNEY, Va., Oct. 10, 2008 (GLOBE NEWSWIRE) -- Bank of McKenney (Nasdaq:BOMK) today announced third quarter earnings of $305,000, only a slight decrease of 1.61% over 2007 third quarter earnings of $310,000 and continuing to demonstrate a stabilizing earnings environment. Basic and diluted earnings per share of $0.16 were reported for the three months ended September 30, 2008, equaling those of the prior year's results for the same period. For the nine-month period ended September 30, 2008, the Bank reported earnings of $918,000, a decrease of 6.33% when compared to $980,000 through the first nine months of 2007. For the first three quarters of 2008 and 2007, earnings per basic and diluted share of $0.48 and $0.51, respectively, were recorded. Annualized returns on average assets and average equity for the first nine months of 2008 were 0.74% and 6.63%, respectively, compared to 0.85% and 7.46%, respectively, for the same period in 2007. Margins remain pressured from drastic rate reductions by the Federal Reserve over the past twelve months. The cost of funds for deposits is dropping as this segment cycles through rate resets. Margins strengthened during the third quarter as anticipated, and further improvement is forecast for the last quarter of the year.
Vostok New Ventures Ltd.
Vostok Nafta: NET ASSET VALUE OF VOSTOK NAFTA INVESTMENT LTD AS OF SEPTEMBER 30, 2008
Net asset value per share: USD: 10.89, SEK: 75.88
Change in net asset value (USD/share) September 2008: -26.0%
RTS index development, September 2008: -26.4%
Three largest holdings, September 30, 2008 (Share of stockholdings):
1. Black Earth Farming 17.7%
2. TNK BP Holding Pref 11.5%
3. Kuzbassrazrezugol 8.7%
Vostok Nafta’s estimated net asset value as of September 30, 2008 amounted to
approximately USD 501.32 mln (SEK 3,492.17 mln according to USD/SEK 6.9660). Th