Cardinal State Bank Unveils Plans for Holding Company and Expansion

Plans call for three new offices in the next three years. 


DURHAM, N.C., May 9  /PRNewswire-FirstCall/ -- At Cardinal State Bank's (NASDAQ:CSNC) recent annual meeting, it was announced that shareholders had approved the formation of a bank holding company.

"While the formation of a holding company is not in our immediate plans," said John W. Mallard, Jr., president and CEO, "with this approval in place, we can move forward as soon as we believe it is in the best interest of Cardinal State Bank and our shareholders.  The formation of a holding company will give us flexibility in how we conduct business, and the structure we need to have in place as our growth plans unfold.  We will be in a better position to act on opportunities, including opportunities for expansion, more quickly."

Growth plans currently call for the opening of three additional offices over the next three years.  The Bank is looking at sites in communities that are both contiguous and noncontiguous to Durham County, NC, where the Bank is headquartered and operates three banking offices.

Cardinal State Bank reported total assets of $171.6 million at March 31, 2006.

http://www.cardinalstatebank.com/

This news release may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of Cardinal State Bank's 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. These statements are based upon the current beliefs and expectations of Cardinal State Bank's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond Cardinal State Bank's control). 

DATASOURCE: Cardinal State Bank



CONTACT:  John W. Mallard, Jr., President and CEO of Cardinal State Bank,

[phone], or  



Web site: http://www.cardinalstatebank.com/ 

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