Bank of Oak Ridge announced today that its Board of Directors has declared a 5-for-4 stock split to be effected in the form of a 20% stock dividend, payable on December 15, 2004 to shareholders of record on December 10, 2004. Fractional shares to which shareholders would be entitled will be rounded to the nearest whole share.
Ronald O. Black, President and Chief Executive Officer, stated: "Bank of Oak Ridge is pleased to be able to provide this stock dividend to shareholders as we approach the end of 2004. The Bank continues to work toward its goal of being the premier community-oriented financial institution in the Triad. We appreciate our shareholders', customers' and employees' consistent support of our efforts. We believe this stock dividend will provide value and some additional liquidity to these valued constituents."
About the Bank of Oak Ridge
Bank of Oak Ridge, headquartered in Oak Ridge, NC, is a community bank with locations in Oak Ridge and Summerfield. The bank offers a complete line of banking and investment services, including savings and checking accounts, mortgage and business loans, Saturday hours, same-day deposits, business and personal internet banking, internet bill payment and accounts designed specifically for seniors, small businesses and civic organizations. For more information, contact Bank of Oak Ridge at 336-644-9944, or visit www.bankofoakridge.com.
Forward-looking Information
This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like "expect," "anticipate," "estimate" and "believe," variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Bank's markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectibility of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations and (7) other risks and factors identified in the Bank's other filings with the Federal Deposit Insurance Corporation. The Bank undertakes no obligation to update any forward-looking statements.