Commercial Federal Highlights Progress, Outlines Growth Strategy at Annual Meeting
May 10 2005 - 2:35PM
Business Wire
Commercial Federal Corporation (NYSE:CFB), one of the largest
financial institutions in the Midwest, at its annual meeting today
reported on the Company's performance in 2004 and continued
progress in its transition to a commercial banking organization.
"We have had a lot of success with our 'Big Five' growth drivers,"
said William A. Fitzgerald, chairman and chief executive officer.
"The 'Big Five' have been contributing to our transition to a
commercial banking enterprise and setting the stage for enhanced
future profitability." 2004 Highlights of "Big Five" Growth Drivers
-- Core deposit balances (excluding escrows) increased 7% --
Consumer checking accounts increased 4% -- Commercial and small
business checking accounts increased 33% -- Commercial operating
and small business loan balances increased 47% -- Home equity
outstanding loan balances increased 16% Mr. Fitzgerald showed the
evolution of the company's balance sheet and progress the company
has made transitioning to a commercial bank, "We are doing this by
growing commercial and consumer loans, growing core deposits and
replacing non-depository borrowings with customer deposits. These
actions are positioning Commercial Federal for greater returns and
long-term profitability." Mr. Fitzgerald introduced Frederick R.
Kulikowski, president and chief operating officer for the Company,
as "a seasoned banking veteran who knows how to develop and
motivate a sales force, balance growth and credit quality, and
deliver on his promises." Mr. Kulikowski outlined his plans for the
Company going forward. "Commercial Federal's focus on the 'Big
Five' growth drivers are showing success. We will continue to
emphasize these products and concentrate on accelerating growth.
"Additionally, we see the market for small business banking as a
relatively untapped market for us," Kulikowski added. Shareholders
voted to re-elect William A. Fitzgerald, chairman and chief
executive officer of Commercial Federal Corporation; Robert D.
Taylor, president and chief executive officer of Executive AirShare
Corporation; and Aldo J. Tesi, president and chief executive
officer of Election Systems and Software to three-year terms on the
Corporation's Board of Directors. Frederick R. Kulikowski,
president and chief operating officer of Commercial Federal
Corporation and Daniel P. Neary, chairman and chief executive
officer of Mutual of Omaha Insurance Company were elected to
two-year terms on the Corporation's Board. Also at the meeting,
shareholders ratified the selection of Deloitte & Touche as the
Company's independent auditors. Commercial Federal Corporation
(NYSE:CFB) is the parent company of Commercial Federal Bank, a
$10.4 billion federal savings bank that currently operates branches
located in Nebraska, Iowa, Colorado, Kansas, Oklahoma, Missouri,
and Arizona. Commercial Federal provides consumer and commercial
banking services including, commercial and industrial lending,
small business banking, construction lending, cash management,
brokerage and insurance services, and Internet banking. Certain
statements contained in this release are forward-looking in nature.
These statements are subject to risks and uncertainties that could
cause Commercial Federal's actual results or financial condition to
differ materially from those expressed in or implied by such
statements. Factors of particular importance to Commercial Federal
include, but are not limited to, changes in general economic
conditions, changes in interest rates, changes in regulations or
accounting methods, and price levels and conditions in the public
securities markets generally.
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