Commercial Federal (NYSE:CFB)
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Commercial Federal Corporation (NYSE:CFB), one of the
largest financial institutions in the Midwest, at its annual meeting
today reported on the Company's performance in 2004 and continued
progress in its transition to a commercial banking organization.
"We have had a lot of success with our 'Big Five' growth drivers,"
said William A. Fitzgerald, chairman and chief executive officer. "The
'Big Five' have been contributing to our transition to a commercial
banking enterprise and setting the stage for enhanced future
profitability."
2004 Highlights of "Big Five" Growth Drivers
-- Core deposit balances (excluding escrows) increased 7%
-- Consumer checking accounts increased 4%
-- Commercial and small business checking accounts increased 33%
-- Commercial operating and small business loan balances
increased 47%
-- Home equity outstanding loan balances increased 16%
Mr. Fitzgerald showed the evolution of the company's balance sheet
and progress the company has made transitioning to a commercial bank,
"We are doing this by growing commercial and consumer loans, growing
core deposits and replacing non-depository borrowings with customer
deposits. These actions are positioning Commercial Federal for greater
returns and long-term profitability."
Mr. Fitzgerald introduced Frederick R. Kulikowski, president and
chief operating officer for the Company, as "a seasoned banking
veteran who knows how to develop and motivate a sales force, balance
growth and credit quality, and deliver on his promises."
Mr. Kulikowski outlined his plans for the Company going forward.
"Commercial Federal's focus on the 'Big Five' growth drivers are
showing success. We will continue to emphasize these products and
concentrate on accelerating growth.
"Additionally, we see the market for small business banking as a
relatively untapped market for us," Kulikowski added.
Shareholders voted to re-elect William A. Fitzgerald, chairman and
chief executive officer of Commercial Federal Corporation; Robert D.
Taylor, president and chief executive officer of Executive AirShare
Corporation; and Aldo J. Tesi, president and chief executive officer
of Election Systems and Software to three-year terms on the
Corporation's Board of Directors. Frederick R. Kulikowski, president
and chief operating officer of Commercial Federal Corporation and
Daniel P. Neary, chairman and chief executive officer of Mutual of
Omaha Insurance Company were elected to two-year terms on the
Corporation's Board.
Also at the meeting, shareholders ratified the selection of
Deloitte & Touche as the Company's independent auditors.
Commercial Federal Corporation (NYSE:CFB) is the parent company of
Commercial Federal Bank, a $10.4 billion federal savings bank that
currently operates branches located in Nebraska, Iowa, Colorado,
Kansas, Oklahoma, Missouri, and Arizona. Commercial Federal provides
consumer and commercial banking services including, commercial and
industrial lending, small business banking, construction lending, cash
management, brokerage and insurance services, and Internet banking.
Certain statements contained in this release are forward-looking
in nature. These statements are subject to risks and uncertainties
that could cause Commercial Federal's actual results or financial
condition to differ materially from those expressed in or implied by
such statements. Factors of particular importance to Commercial
Federal include, but are not limited to, changes in general economic
conditions, changes in interest rates, changes in regulations or
accounting methods, and price levels and conditions in the public
securities markets generally.