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Community First BNCRPTN SC (CFOK) delivers regional banking services across the Carolinas and Tennessee, recently expanding through strategic mergers like its integration with Dogwood State Bank. This page provides investors and stakeholders with timely updates on financial performance, regulatory developments, and operational milestones.
Access curated press releases and news articles covering earnings reports, product launches, and risk management practices. Our repository ensures you stay informed about CFOK’s commitment to community-focused services, deposit products, and conservative credit policies.
Explore updates on merger synergies, business loan offerings, and compliance initiatives. Bookmark this page for streamlined access to CFOK’s evolving role in regional banking and its dedication to maintaining financial stability through disciplined growth strategies.
Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) have received all necessary regulatory approvals to finalize their merger. The merger, set to close on August 1, 2024, combines the assets, loans, and deposits of both institutions.
Post-merger, the new entity will possess approximately $2.13 billion in assets, $1.66 billion in loans, and $1.80 billion in deposits based on March 31, 2024, financial data. Regulatory and shareholder approvals were critical steps in this process. The merger aims to enhance value for customers, employees, and shareholders of both organizations.
Shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) have approved a merger between the two entities. The merger is expected to close in early Q3 2024, pending regulatory approvals and customary closing conditions. The combined entity will have approximately $2.13 billion in assets, $1.80 billion in deposits, and $1.66 billion in loans as of March 31, 2024. Both companies' leadership expressed enthusiasm about the merger, citing confidence from shareholders and the strategic benefits of the union, which include enhanced market competitiveness and expanded product offerings.
On May 22, 2024, shareholders of Dogwood State Bank (OTC: DSBX) and Community First Bancorporation (OTC: CFOK) approved a merger of Community First with and into Dogwood. The expected closure is early in the third quarter of 2024, pending regulatory approvals. The combined entity will hold around $2.13 billion in assets, $1.80 billion in deposits, and $1.66 billion in loans as of March 31, 2024. Leaders from both banks expressed enthusiasm, highlighting the merger's potential to deliver long-term value, enhance market competitiveness, and benefit customers through expanded services.
Community First Bancorporation (OTCQX: CFOK) reported a strong financial performance for 2022, with total consolidated earnings of $6.4 million, marking a 77.8% increase from 2021. Earnings per share (EPS) rose 80.9% to $1.14. The company experienced net interest income growth of 18.4% year-over-year, attributed to rising interest rates. Although total assets decreased to $661.2 million, total gross loans increased by 5.7%. Noninterest income fell to $10.9 million, primarily due to lower mortgage banking activity after selling its subsidiary. Leadership expresses optimism for 2023, focusing on growth challenges and operational efficiencies.
Community First Bancorporation (OTC: CFOK) reported strong financial results for Q3 2022, earning $1,138,000, with a net income of $5,230,000 for the first nine months, up 95.1% from the previous year, primarily due to the sale of SeaTrust Mortgage Company. Net interest income increased by 17.7%, driven by asset growth and higher interest rates. The company also managed to decrease noninterest expense by 1.7%. Nonperforming assets remained low at 0.02%. Plans for branch consolidations were announced to optimize operational efficiency while enhancing growth opportunities.
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