Cornerstone Bancorp, Inc. Announces Shareholder Approval of Merger
11 Agosto 2005 - 5:11PM
Business Wire
Merrill J. Forgotson, President of Cornerstone Bancorp, Inc.,
announced that the shareholders of Cornerstone Bancorp, at its
annual meeting held on August 10, 2005, approved the Agreement and
Plan of Merger, dated as of April 12, 2005, among Cornerstone
Bancorp, Inc., Cornerstone Bank, NewAlliance Bancshares, Inc. and
NewAlliance Bank, which provides for the merger of Cornerstone
Bancorp, Inc. into NewAlliance Bancshares, Inc. and the
simultaneous merger of Cornerstone Bank into NewAlliance Bank.
Shareholders holding 831,753 shares, or approximately 94% of the
shares voted on the merger proposal, cast votes to approve the
Agreement and Plan of Merger. It is expected that the transactions
will be consummated at the beginning of 2006. Regulatory
applications are pending. Also at the annual meeting, the following
five directors, each of whom was currently a director, were elected
to three-year terms on the Board of Directors: Joseph F. Field,
Merrill J. Forgotson, J. James Gordon, Courtney A. Nelthropp and
Donald Sappern. The shareholders also ratified the appointment of
KPMG LLP as Cornerstone Bancorp's independent registered public
accounting firm for the fiscal year ending December 31, 2005. In
Connecticut, Cornerstone Bancorp, through its subsidiary
Cornerstone Bank, operates from three full-service locations in
Stamford, one full-service location in Greenwich, Norwalk and
Westport. The Bancorp also operates one business development office
in Norwalk and four limited service mobile branches. The Bancorp's
common stock is traded on the American Stock Exchange under the
symbol CBN. The statements contained in this press release that are
not historical are "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Examples of such forward-looking statements include, without
limitation, statements regarding expectations for earnings, credit
quality, and other financial and business matters. When used in
this report, the words "anticipate," "plan," "believe," "estimate,"
"expect" and similar expressions as they relate to the Company or
its management are intended to identify forward-looking statements.
All forward-looking statements involve risks and uncertainties.
Actual results may differ materially from those discussed in, or
implied by, the forward-looking statements as a result of certain
factors, including but not limited to, competitive pressures on
loan and deposit product pricing; other actions of competitors;
changes in economic conditions; technological changes; the extent
and timing of actions of the Federal Reserve Board, including
changes in monetary policies and interest rates; customer deposit
disintermediation; changes in customers' acceptance of the Bank's
products and services; and the extent and timing of legislative and
regulatory actions and reforms. The forward-looking statements
contained in this report speak only as of the date on which such
statements are made.
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