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FILED BY COUNTY BANK CORP
PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933
COMMISSION FILE: 0-17482
SUBJECT COMPANY:
COUNTY BANK CORP
[COUNTY BANK CORP LETTERHEAD]
December 29, 2000
Dear Shareholder:
Enclosed is your fourth quarter cash dividend of $.20 per share and a special
cash dividend of $.30 per share. Both dividends are payable December 29, 2000 to
shareholders of record December 15, 2000. This represents the 141st consecutive
cash dividend paid to our shareholders and both dividends are a $.02 increase
over last year. Thus, the cash dividend for 2000 totals $1.04, an increase of
$.105 over 1999.
Earnings for 2000 are expected to be very close to last year's $3,278,000.
Through November, net interest income is up nearly $475,000 over last year and
outstanding loans will end the year at approximately $2 million more than 1999's
year-end. Loan activity was stronger during the year, but several successful
large loans were paid off later in the year, thus reducing our reportable loan
growth at year-end. In addition, the provision for loan losses was increased by
$120,000 over last year's level and other income is down, due to nonrecurring
gains in 1999. Although occupancy expense is down from last year, personnel
expense is up $164,000 through eleven months. Not withstanding the above,
earnings are expected to be greater than our peers with a return on average
assets approximating 1.5%.
Total assets are currently hovering near the $220 million mark, with deposits at
$192 million. Investment securities have risen to $59 million, from the growth
in deposits. Capital remains strong at $25 million and exceeds regulatory
requirements. Currently the price of your stock has returned to the $39-40 price
range, after declining from its prior $40-41 price.
The year has been good for County Bank Corp and we anticipate another solid year
in 2001, with hopes that the economy starts to pick up again. I hope you too
have a prosperous, successful and healthy year.
Very truly yours,
/s/ Curt Carter
Curt Carter
President
