GREENWOOD, S.C., Oct. 5, 2010 (GLOBE NEWSWIRE) -- Community Capital Corporation (Nasdaq:CPBK) announces that its Wealth Management Group has surpassed $600 million in assets.
As of September 30, 2010, the Wealth Management Group, a subsidiary of CapitalBank, had $607.4 million in departmental assets. Total assets have increased $130.0 million since September 30, 2009, or 27%. Assets under management totaled $207.5 million with the remainder being custody assets.
William G. Stevens, President and CEO, stated, "We are pleased to reach this milestone of $600 million in assets in our Wealth Management Group, particularly during such turbulent economic times. Over 1,400 clients continue to find value in our approach to wealth management."
Community Capital Corporation is the parent company of CapitalBank, which operates 18 community oriented branches throughout upstate South Carolina and offers a full array of banking services, including a diverse wealth management group. Additional information on CapitalBank's locations and the products and services offered are available at .
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to our plans, objectives, expectations and intentions and other statements that are not historical facts, and (3) other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," and "projects," as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the challenges, costs and complications associated with the continued development of our branches; (2) the potential that loan charge-offs may exceed the allowance for loan losses or that such allowance will be increased as a result of factors beyond our control; (3) our ability and success in resolving troubled loans; (4) changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry; (5) our dependence on senior management; (6) competition from existing financial institutions operating in our market areas as well as the entry into such areas of new competitors with greater resources, broader branch networks and more comprehensive services; (7) adverse conditions in the stock market, the public debt market, and other capital markets (including changes in interest rate conditions); (8) changes in deposit rates, the net interest margin, and funding sources; (9) risks inherent in making loans including repayment risks and value of collateral; (10) the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on our loan portfolio and allowance for loan losses; (11) fluctuations in consumer spending and saving habits; (12) the demand for our products and services; (13) the challenges and uncertainties in the implementation of our expansion and development strategies; (14) the adequacy of expense projections and estimates of impairment loss; (15) unanticipated regulatory or judicial proceedings; and (16) the timely development and acceptance of products and services, including products and services offered through alternative delivery channels such as the Internet.
Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in Community Capital Corporation's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's Internet site ( http://www.sec.gov ). All references to financial information as of December 31, 2009 are derived from our Annual Report on Form 10-K for the year ended December 31, 2009. All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
CONTACT: Community Capital Corporation R. Wesley Brewer, Executive Vice President/CFO 864-941-8290 wbrewer@capitalbanksc.com Lee Lee M. Lee, Controller/VP of Investor Relations 864-941-8242 llee@capitalbanksc.com www.comcapcorp.com