Abigail Adams National Bancorp, Inc. Reports Release of the Written Agreement at Its Consolidated Bank & Trust Affiliate
03 Agosto 2006 - 11:22AM
PR Newswire (US)
WASHINGTON, Aug. 3 /PRNewswire-FirstCall/ -- As Abigail Adams
National Bancorp, Inc.'s (NASDAQ:AANB) Richmond, VA subsidiary,
Consolidated Bank & Trust Company (CB&T), celebrated the
103rd anniversary of its founding by Maggie Lena Walker, the Bank
received notification from the Federal Reserve Bank of Richmond and
the Commonwealth of Virginia's Commissioner of Financial
Institutions, E. Joseph Face, Jr., dated July 27, 2006, that the
Written Agreement dated September 5, 2000 (and its amendments dated
July 25, 2003) had been terminated. Jeanne D. Hubbard, President
and CEO of Abigail Adams National Bancorp, Inc. commented, "Kim
Saunders and her employees at Consolidated had worked diligently to
comply with many of the provisions of the Written Agreement prior
to the Bank's purchase by AANB. Since the Company purchased
CB&T on July 29, 2005, significant resources have also been
focused on compliance with the outstanding provisions of the
document, and its termination is welcomed and deserved. While the
Company will always be committed to running its affiliate banks in
full compliance with all banking laws and regulations and in a safe
and sound manner, the release from the tracking and reporting
requirements of the Written Agreement will allow people, resources,
and time to be refocused on developing the potential of the
Richmond and Hampton markets. All of the Company's employees put
forth great effort and many long hours to reach this moment, and I
want to thank them for this result of their dedication and hard
work." Kim D. Saunders, President and CEO of Consolidated Bank
& Trust, stated, "CB&T has been working towards compliance
with all provisions of the Written Agreement for several years. Now
with its termination, coupled with the infusion of capital and
resources brought into the Bank by AANB, CB&T employees can
focus all their efforts on regaining the confidence of the people
and businesses in our market and increasing the assets, deposits
and earnings of the Bank by introducing CB&T to a new
generation of customers, depositors and investors." Abigail Adams
National Bancorp is a two-bank holding company, majority owned and
operated by women. The Company is focused on serving the financial
needs of minorities, women, small to mid-sized businesses, and
not-for-profit organizations in the Washington, DC and Richmond
metropolitan areas. DATASOURCE: Abigail Adams National Bancorp
CONTACT: Jeanne Delaney Hubbard of Abigail Adams National Bancorp,
+1-202-772-3747 Web site: http://www.adamsbank.com/
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