Commonwealth Bankshares, Inc., Norfolk, VA, Announces First Quarter 2010 Results
(The "Company") today reported a net loss for the quarter ended March 31, 2010 of $922.8 thousand, compared to earnings of $581.3 thousand reported for the quarter ended March 31, 2009. Diluted loss per share equaled $0.13 for the quarter ended March 31, 2010 compared to earnings of $0.08 per share for the same period in 2009."Throughout its 38-year history, Bank of the Commonwealth has demonstrated the ability to navigate challenging economic times. Today's environment requires stringent measures. We are committed to taking the actions necessary to move forward through this difficult economic phase. During the first quarter of 2010, our Board and Senior Management formulated a three year strategic plan as well as a three year capital management plan. We are being extremely proactive in our efforts to strengthen our balance sheet by focusing on reducing the level of nonperforming assets, maintaining our "well capitalized" capital status, improving our liquidity position, maintaining an adequate allowance for loan losses, reducing expenses and returning to profitability," said Edward J. Woodard, Jr., CLBB, President and Chief Executive Officer.
