Home / Markets / Industries / Finance
Friday, June 05, 2009
Comm Bancorp, Inc. Holds Annual Stockholders' Meeting
Comtex
CLARKS SUMMIT, Pa., June 5, 2009 /PRNewswire-FirstCall via COMTEX/ ----Comm Bancorp, Inc. (Nasdaq: CCBP) held its annual stockholders' meeting today at Elk Mountain Ski Resort, Union Dale, PA.
Stockholders voted to fix the number of directors at eight and elected the following directors to serve for a one-year term: David L. Baker, Senior Vice President of Community Bank & Trust Company; William F. Farber, Sr., President and Chief Executive Officer and Chairman of Comm Bancorp, Inc.; Judd B. Fitze, partner in Farr, Davis & Fitze; Dean L. Hesser, President of Tom Hesser Chevrolet, Inc. and Tom Hesser Nissan, LLC; John P. Kameen, publisher of The Forest City News; Erwin T. Kost, President of Kost Tire Distributors, Inc.; Susan F. Mancuso, partner in Mancuso and Mancuso Accounting and Tax Service; and Joseph P. Moore, III, automobile dealer, Manheim Imports. In addition, stockholders ratified the appointment of Beard Miller Company LLP as independent auditors for the current fiscal year.
John P. Kameen, Secretary, called the meeting to order and welcomed the nearly 200 stockholders in attendance. During a brief presentation, Mr. Farber addressed the stockholders about the Company's recent performance. Scott A. Seasock, Executive Vice President and Chief Financial Officer, and William R. Boyle, Executive Vice President and Chief Credit Officer, also addressed the stockholders regarding safety and soundness and the Company's loan portfolio, respectively. After the presentations, Mr. Kameen introduced the guest speaker, Brian Grove, Director of Corporate Development for Chesapeake Energy Corporation, who updated the stockholders about the recent developments regarding natural gas drilling in Northeastern Pennsylvania.
Comm Bancorp, Inc. serves six Pennsylvania counties through Community Bank & Trust Company's fifteen community banking offices and one loan production office. Each office, interdependent with the community, offers a comprehensive array of financial products and services to individuals, businesses, nonprofit organizations and government entities. In addition, customers can take advantage of Klick(SM) Banking, on-line banking services, by accessing the Company's web site at http://www.combk.com. The Company's business philosophy includes offering direct access to its President and other officers and providing friendly, informed and courteous service, local and timely decision making and flexible and reasonable operating procedures and consistently-applied credit policies.
Visit Comm Bancorp, Inc. on the World Wide Web at http://www.combk.com.
Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties in the banking industry and overall economy. Such risks and uncertainties are detailed in the Company's Securities and Exchange Commission reports including the Annual Report on Form 10-K for the year ended December 31, 2008 and Quarterly Report of Form 10-Q for the quarter ended March 31, 2009.
SOURCE Comm Bancorp, Inc.
http://www.combk.com
Copyright (C) 2009 PR Newswire. All rights reserved
FOX Translator
No data currently available.
No data currently available.
Some mutual funds want you to pay for the privilege of them (or your investment adviser) taking your money to invest. It's called a load, and it works like a cover charge to get into a nightclub. Luckily, there are such things as no-load funds. As the name implies, shares of these funds are sold without a fee paid to a broker or investment advisor.
The entire amount you invest in no-load funds goes to work for your returns. On the other hand, with load funds, right off the bat you're charged commission (not to mention other fees incurred over the life of the investment). Let's say, for example, you invest $25,000 into a load fund that charges a 5% commission. This costs you $1,250 off the top, bringing your actual investment down to only $23,750.
The often-cited horse race analogy argues against investing in load funds. Here's the logic behind it: Would you place a bet on a horse that had to start a race 200 yards behind the others? Well, maybe you would if you got a tip from a sketchy, trench coat-clad man in a dark alley. However, under most circumstances, it's not smart to put your money on that handicapped horse.
But some argue that at times that man in the trench coat (aka your broker) knows more about the horses than you do, and has a better shot at picking a winner. Also, sometimes these fees are unavoidable because some funds are available only through investment advisers.
Cost-benefit analysis can help determine when a load fund is worth it (in other words, when it will score you a load) and when it is better to "do it yourself" and avoid the fees. Load-fund fees range depending on share class and can cover a variety of costs, such as paper work and fund management.
