EXHIBIT 99
EXHIBIT 99
BUCS Financial Corp Contact: Mr. Herbert J. Moltzan
10455 Mill Run Circle President and CEO
Owings Mills, Maryland (410) 998-5304
For Immediate Release
March 14, 2001
BUCS FINANCIAL CORP ANNOUNCES
COMPLETION OF STOCK OFFERING
Owings Mills, Maryland - March 14, 2001 -- Herbert J. Moltzan,
President and Chief Executive Officer, BUCS Federal Bank (the "Bank"), announced
today that the Bank completed its mutual to stock conversion at the close of
business on March 14, 2001. In connection with the reorganization, BUCS
Financial Corp, the new holding company for the Bank, sold 405,085 shares of
common stock in a subscription stock offering for gross proceeds of $4,050,850.
"We were pleased with the amount of investor interest in the stock of
BUCS" said Mr. Moltzan. "BUCS Financial Corp is excited about being a public
company and it looks forward to continuing the Bank's service to our customers
and the communities in which we operate."
The Bank, formerly known as BUCS Federal, is a federally chartered
savings bank and conducts its business through its main office in Owings Mills,
and its branch office in Columbia, Maryland. At December 31, 2000, the Bank had
total assets of $73.1 million, total liabilities of $67.1 million and equity of
$6.0 million.
Trident Securities, a Division of McDonald Investments, Inc., assisted
in the conversion. The Company's common stock will be traded on the
over-the-counter market under the symbol "BUCS" with quotations available
through the OTC Electronic Bulletin Board.
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA
The following financial information and other data is derived from the
Bank's December 31, 1999 and 2000 audited financial statements.
Selected Financial Highlights
(Dollars in thousands)
At or for the Year Ended
At December 31,
-------------------------
2000 1999
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Assets $73,097 $68,155
Loans receivable, net 49,057 43,935
Investment securities 15,309 16,043
Cash and cash equivalents 5,354 4,870
Deposits 51,441 43,333
FHLB advances 15,000 18,615
Total equity 5,998 5,481
Summary of Operations:
Interest income 5,222 4,851
Interest expense 2,836 2,470
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Net interest income 2,386 2,381
Provision for loan losses 180 220
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Net interest income after
provision for loan losses 2,206 2,161
Noninterest income 1,166 985
Noninterest expenses 3,007 2,481
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Income before income taxes 365 665
Income taxes 132 232
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Net income $ 233 $ 433
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Selected Financial Ratios
At or For
the Year Ended
December 31,
---------------------
2000 1999
---- ----
Performance Ratios:
Return on average assets (net income
divided by average total assets) 0.33% 0.63%
Return on average equity (net
income divided by average equity) 4.06% 7.86%
Net interest rate spread 3.36% 3.52%
Net interest margin on average
interest-earnings assets 3.52% 3.68%
Average interest-earning assets to
average interest-bearing liabilities 104.74% 104.03%
Efficiency ratio (noninterest expense
divided by the sum of net interest
income and noninterest income) 83.45% 72.59%
Asset Quality Ratios:
Non-performing loans to
total loans, net 0.11% 0.27%
Non-performing assets to total assets 0.07% 0.20%
Net charge-offs (recoveries) to
average loans outstanding 0.30% 0.57%
Allowance for loan losses to total loans 1.21% 1.26%
Capital Ratios:
Average equity to average assets ratios average
equity divided by average total assets) 8.14% 8.06%
Equity to assets at period end 8.17% 8.04%