(OTCBB:OKFC) O.A.K. Financial Corporation

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OAK Financial Corporation, Parent Company of Byron Bank, Reports Third Quarter Results

(OTCBB:OKFC) O.A.K. Financial Corporation

Tuesday October 21, 11:54 am ET

BYRON CENTER, Mich.-OAK Financial Corporation , a West Michigan-based bank holding company, reported third quarter net income of $737,000, down 58% from the $1,761,000 reported in the third quarter of 2007. Basic and diluted earnings per share in the third quarter of 2008 were $0.27, a decrease of 58% from the $0.65 reported for the third quarter of 2007. On a year-to-date basis, net income and earnings per share are each down 35% from the year-to-date period in 2007. The decline in net income is largely the result of an increase in the provision for loan losses, higher loan collection costs and impairment charges and losses on the sale of other real estate owned.

Profile for O.A.K. Financial Corporation

O.A.K. Financial Corporation operates as the holding company for Byron Bank that provides commercial and personal banking services in West Michigan. It generates various deposit products, including checking accounts, savings accounts, and certificates of deposit. The company also provides real estate, consumer, and commercial loans. In addition, OAK Financial Corporation offers safe deposit boxes, Internet banking, electronic ATM banking, telephone banking, and other electronic banking services. Further, the company offers mutual fund products, securities brokerage services, retirement planning services, investment management, and advisory services, as well as provides property and casualty,... Detailed Description...

LAST $20.05 USD

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