LYCOS RETRIEVER 
Century: New Century
built 226 days ago
The information as of and for the quarter year ended December 31, 2005 for both New Century Bancorp and Progressive State Bank as presented is unaudited. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of our goals and expectations with respect to earnings, earnings per share, revenue, expenses and the growth rate in such items, as well as other measures of economic performance, including statements relating to estimates of credit quality trends, and (ii) statements preceded by, followed by or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan", "projects", "outlook" or similar expressions. The actual results might differ materially from those projected in the forward-looking statements for various reasons, including, but not limited to, our ability to manage growth, our limited operating history, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other savings and financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's SEC filings, including its periodic reports under the Securities Exchange Act of 1934, as amended, copies of which are available upon request from the Company.
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Pending regulatory approval, the merged bank will be called New Century Bank and the headquarters and operations center of the merged bank will be in Dunn, NC. A 15-member holding company board, which will ... serve as the board of directors of the bank, will include current directors from both banks.
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New Century has a right to a review of this determination by a Committee of the Board of Directors of the NYSE. Application to the SEC to delist the issue is pending the completion of applicable procedures, including any appeal by the company of the NYSE staff's decision.
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In addition, New Century has agreed to sell to Greenwich Capital Financial Products, Inc. certain loans originated by the company, as well as residual interests in certain securitization trusts owned by the company, for an aggregate price of $50 million. This sale of loans and residual trust interests is ... subject to court approval and higher bids. The company will continue to encourage competing bids for these assets in order to obtain the best possible price.
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The new Century 21 Abrams, Hutchinson and Associates website integrates all the MLS feeds throughout New Jersey. The site ... provides access to unlimited local neighborhood information, market research, schools, restaurants, crime statistics, service providers, financial tools and much more. Users can conveniently view this information in a dashboard or map interface and can customize, store, and share this data to meet their individual needs.
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As initial consideration, Shanghai Century will issue 20 million new Shanghai Century ordinary shares to the 18 individuals who currently hold all of the Kelun shares. In 2006 Kelun and its subsidiaries had combined revenues of approximately RMB1.38 billion (US$176.7 million) and net profits of approximately RMB113 million (US$14.5 million). Based on the US$7.74 average closing price of Shanghai Century ordinary shares for the last 30 trading days ending on May 25, 2007, and a 2006 year-end exchange rate of US$1.00 to RMB7.8087, this initial consideration represents a price-to-earnings ratio of 10.7 times Kelun's trailing combined 2006 earnings
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