ELKTON, Md., Nov. 18, 2022 (GLOBE NEWSWIRE) -- Cecil Bancorp, Inc. ("Company") (OTC: CECL) announced that its wholly-owned banking subsidiary, Cecil Bank (the "Bank"), received notification from the Federal Reserve Bank of Richmond and State of Maryland Commissioner of Financial Regulation ("Supervisory Authorities") that the Written Agreement the Bank had been operating under since June 29, 2010, was terminated effective Nov. 3, 2022.
"Termination of this regulatory agreement is a fitting end to 2022 for Cecil Bank," said William H. Cole, Chair of the Bank's Board. "This positive action by the banking regulators is further confirmation that our management team's de-risking of the institution and execution of the Strategic Plan is yielding the desired results. In 2022, we returned the Bank to operational profitability for the first time since 2009. We will be entering 2023 with positive momentum to continue the heritage of the 63-year-old institution in northeast Maryland, and as the only Maryland bank headquartered in Cecil County."
For the first nine months of 2022, Cecil Bank recorded net income of approximately $10.3 million. Cecil Bank ended the September quarter with assets of approximately $242.5 million and total equity of $28.0 million.
About Cecil Bank
Cecil Bank is a state-chartered community bank established in October 1959 and headquartered in Elkton, Maryland. The Bank serves Cecil County from its headquarters location and three additional branches located in North East, Rising Sun and Elkton. Cecil Bank is a member of the FDIC and an Equal Housing Lender. For more information or to view financials, visit www.cecilbank.com
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act of 1934, as amended ("PSLRA"). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Forward-looking statements generally can be identified through the use of forward-looking terminology such as "may," "will," "anticipate," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," "in the future," "may" and "intend," as well as other similar words and expressions of the future. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors, any or all of which could cause actual results to differ materially from the results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Cecil Bancorp disclaims any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law. This statement is included for the express purpose of invoking PSLRA's safe harbor provisions. In addition, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale thereof in any state in which such offer, solicitation, or sale would be unlawful.
Contact Information:
J. William Knott
President and CEO, Cecil Bancorp, Inc.
bknott@cecilbank.com
410-392-8370
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