SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 30, 1999
MCB Financial Corporation
(Exact name of registrant as specified in its charter)
California
State of Incorporation
033-76832
Commission File No.
68-0300300
IRS Employer ID Number
1248 Fifth Avenue, San Rafael, California 94901
Address, including zip code, of registrant's principal executive office
(415) 459-2265
Registrant's telephone number, including area code
______________________________
Former name or former address, if changed since last report
Item 5. Other Events.
Press release dated August 30, 1999, announcing the commencement of a quarterly
cash dividend and a five percent stock dividend payable September 24, 1999 to
shareholders of record as of September 10, 1999.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99. Press release issued by the Company on August 30, 1999.
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this current report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: September 14, 1999
MCB Financial Corporation
By: /s/ Charles O. Hall
Charles O. Hall, President and Chief
Executive Officer
Contact: Patrick E. Phelan
Chief Financial Officer
Telephone (415) 459-2265
Fax (415) 454-0715
PRESS RELEASE
MCB FINANCIAL CORPORATION COMMENCES REGULAR CASH DIVIDEND AND DECLARES 5% STOCK
DIVIDEND
SAN RAFAEL, CALIFORNIA, AUGUST 30, 1999 - The Board of Directors of MCB
Financial Corporation (OTC BB: MCBF), parent company of Metro Commerce Bank, has
declared a one-cent ($0.01) per share cash dividend for the third quarter of
1999 and a five percent (5%) stock dividend.
"The Company's strong financial performance has allowed us to reward our
shareholders with another stock dividend and the commencement of a regular cash
dividend," stated Charles O. Hall, president and chief executive officer of MCB
Financial Corporation. The regular cash dividends will be paid quarterly.
Both the cash dividend and stock dividend will be payable on September 24, 1999,
to shareholders of record on September 10, 1999. The one-cent per share cash
dividend will be based on the number of shares outstanding before payment of the
stock dividend.
MCB Financial Corporation recently announced a 67% increase in second quarter
diluted earnings per share. Diluted earnings per share increased to $0.30 for
the second quarter of 1999, compared to $0.18 for the same quarter of 1998.
During the second quarter of 1999, the company's return on average assets and
return on average equity were 1.45% and 18.51%, respectively, compared to 1.06%
and 12.78%, respectively, for the same period in 1998. Total assets were $174.3
million at June 30, 1999 up from $158.9 million at June 30, 1998. Total loans
at June 30, 1999 were $127.9 million, an increase of $24.8 million, or 24%,
compared to $103.1 million at June 30, 1998. Asset quality remained solid. The
ratio of nonperforming loans to total assets fell to 0.16% at June 30, 1999,
compared to 0.39% at June 30, 1998.
Metro Commerce Bank and its branch offices, along with its SBA and construction
loan divisions, serve customers throughout the San Francisco Bay Area and
Southern California with offices located in San Rafael, Petaluma, San Francisco,
South San Francisco, Hayward and Upland. MCB Financial Corporation's stock
trades over-the-counter under the ticker symbol of MCBF. Additional information
on MCB Financial Corporation, including financial reports, is available on the
internet at WWW.MCBF.COM
This document may contain forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially from
those projected. For a discussion of factors that could cause actual results to
differ, please see the company's publicly available Securities and Exchange
Commission filings, including its Annual Report on Form 10-KSB for the year
ended December 31, 1998, and particularly the discussion of risk factors within
that document.
For Immediate Release
