1
CONFORMED
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-QSB
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 1997
------------------
Commission File No. 333-04113
COMMUNITY CENTRAL BANK CORPORATION
----------------------------------
(Exact name of small business issuer as specified in its charter)
Michigan 38-3291744
-------- ----------
(State or other jurisdiction of incorporation (IRS Employer Identification No.)
or organization)
100 North Main Street, PO Box 7, Mount Clemens, MI 48046-0007
--------------------------------------------------------------
(Address of principal executive offices)
(810) 783-4500
--------------
(Issuer's telephone number)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
--- ---
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:
Class Outstanding at October 31, 1997
------ -------------------------------
Common Stock, $5 stated value 1,265,000 Shares
Transitional Small Business Disclosure Format:
Yes No X
----- -----
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
PART I
ITEM 1. FINANCIAL STATEMENTS
The financial statements of Community Central Bank Corporation (the
Corporation) include the consolidation of its subsidiary; Community Central
Bank (the Bank).
Following are the Corporation's Consolidated Balance Sheet as of September 30,
1997 and 1996, and December 31, 1996, Consolidated Statement of Operations for
the three and nine month periods ended September 30, 1997, and Consolidated
Statement of Cash Flow for the nine month period ended September 30, 1997.
These unaudited financial statements are for interim periods, and do not
include all disclosures normally provided with annual financial statements.
The interim statements should be read in conjunction with the financial
statements and footnotes contained in the Corporation's Annual Report on Form
10-KSB for the fiscal year ended December 31, 1996.
In the opinion of management, the interim statements referred to above contain
all adjustments (consisting of normal, recurring items) necessary for a fair
presentation of the financial statements. The results of operations for the
interim periods ended September 30, 1997, are not necessarily indicative of the
results to be expected for the full year.
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
CONSOLIDATED BALANCE SHEET
(Unaudited)
September 30, December 31, September 30,
Assets 1997 1996 1996
- ---------------------------------- --------- --------- ---------
(in thousands)
Cash and due from banks $ 2,086 $ 1,358 $ 212
Federal funds sold and other 5,000 14,300 10,000
- ---------------------------------- ------- ------- -------
Cash and Cash Equivalents 7,086 15,658 10,212
- ---------------------------------- ------- ------- -------
Securities available for sale, at fair value (1) 3,880 ---- ----
Investment securities, at amortized cost (2) 15,225 ---- ----
Loans
Residential mortgage loans 15,582 3,950 ----
Commercial loans 21,251 1,336 ----
Installment loans 2,317 292 ----
- ---------------------------------- ------- ------- -------
Total Loans 39,150 5,578 ----
Allowance for loan losses (590) (90) ----
- ---------------------------------- ------- ------- -------
Net Loans 38,560 5,488 ----
- ---------------------------------- ------- -------- -------
Net property and equipment 1,933 1,696 230
Accrued interest receivable 422 17 ----
Other assets 220 226 211
- ---------------------------------- ------- ------- -------
Total Assets $67,326 $23,085 $10,653
================================== ======= ======= =======
(1) The amortized cost of securities available for sale was $3.9 million at
September 30, 1997.
(2) The fair value of investment securities (to be held to maturity) was $15.2
million at September 30, 1997. Investment securities of $0.9 million were
pledged at September 30, 1997, to secure short term borrowings.
(continued)
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
CONSOLIDATED BALANCE SHEET, CONTINUED
(Unaudited)
September 30, December 31, September 30,
Liabilities and Stockholders' Equity 1997 1996 1996
- ------------------------------------------ --------- --------- ---------
(in thousands, except share data)
Deposits
Noninterest bearing demand deposits $ 5,766 $ 1,619 $ ----
NOW and money market accounts 7,732 2,724 ----
Savings deposits 2,018 276 ----
Time deposits 41,525 7,562 ----
- ------------------------------------------ ------- ------- -------
Total deposits 57,041 12,181 ----
- ------------------------------------------ ------- ------- -------
Short term borrowings 894 ---- ----
Accrued interest payable 133 32 ----
Other liabilities 80 112 305
Capitalized lease obligation 1,033 1,020 ----
- ------------------------------------------ ------- ------- -------
Total Liabilities 59,181 13,345 305
- ------------------------------------------ ------- ------- -------
Stockholders' Equity
Common stock -- $5 stated value; 9,000,000
shares authorized; 1,265,000 shares issued
and outstanding at 9-30-1997; 1,150,000
shares outstanding at 12-31-1996 6,325 5,750 5,750
Additional paid-in capital 4,195 4,770 4,770
Accumulated deficit (2,380) (780) (172)
Unrealized gain on securities
available for sale 5 ---- ----
- ------------------------------------------ ------- ------- -------
Total Stockholders' Equity 8,145 9,740 10,348
- ------------------------------------------ ------- ------- -------
Total Liabilities and Stockholders' Equity $67,326 $23,085 $10,653
========================================== ======= ======= =======
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1997
- ------------------------------------ ------- -------
(in thousands, except per share data)
Interest Income
Loans (including fees) $ 822 $ 1,621
Securities 205 366
Federal funds sold 129 492
- ------------------------------------ ------ -------
Total Interest Income 1,156 2,479
- ------------------------------------ ------ -------
Interest Expense
Deposits 621 1,306
Short term borrowings 10 13
Capitalized lease obligation 35 103
- ------------------------------------ ------ -------
Total Interest Expense 666 1,422
- ------------------------------------ ------ -------
Net Interest Income 490 1,057
Provision for loan losses 140 500
- ------------------------------------ ------ -------
Net Interest Income after Provision 350 557
- ------------------------------------ ------ -------
Noninterest Income
Deposit service charges 18 44
Mortgage banking income 42 62
Other income 14 31
- ------------------------------------ ------ -------
Total Noninterest Income 74 137
- ------------------------------------ ------ -------
Noninterest Expense
Salaries, benefits, and payroll taxes 370 1,031
Premises and fixed asset expense 166 455
Other operating expense 312 808
- ------------------------------------ ------ -------
Total Noninterest Expense 848 2,294
- ------------------------------------ ------ -------
Loss Before Taxes (424) (1,600)
Provision for income taxes ---- ----
- ------------------------------------ ------ -------
Net Loss ($424) ($1,600)
==================================== ====== =======
Per share data
Net Loss ($0.34) ($1.26)
==================================== ====== =======
Cash Dividends $ ---- $ ----
==================================== ====== =======
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
CONSOLIDATED STATEMENT OF CASH FLOW Nine Months Ended
(Unaudited) September 30,
1997
--------------------------------------------- ----------
(in thousands)
Operating Activities
Net loss ($1,600)
Adjustments to reconcile net loss to net cash flow
from operating activities:
Net accretion of security discount (15)
Provision for loan losses 500
Depreciation expense 343
Gain on sale of mortgage loans (60)
Increase in accrued interest receivable (405)
Decrease in other assets 6
Increase in accrued interest payable 101
Increase in other liabilities 71
--------------------------------------------- -------
Net Cash Used in Operating Activities (1,059)
Investing Activities
Purchases of securities available for sale (3,874)
Purchases of investment securities (15,491)
Calls and prepayments of investment securities 280
Sales of mortgage loans 5,999
Net increase in loans (39,511)
Purchases of property and equipment (580)
--------------------------------------------- -------
Net Cash Used in Investing Activities (53,177)
Financing Activities
Net increase in demand and savings deposits 10,897
Net increase in time deposits 33,963
Net increase in short term borrowings 894
Repayments of capitalized lease obligation (90)
--------------------------------------------- -------
Net Cash Provided by Financing Activities 45,664
--------------------------------------------- -------
Decrease in Cash and Cash Equivalents (8,572)
Cash and Cash Equivalents at the Beginning
of the Year 15,658
--------------------------------------------- -------
Cash and Cash Equivalents at the End
of the Period $ 7,086
========================================= =======
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
PLAN OF OPERATION
The Corporation's plan of operation for the next twelve months is to raise
funds by attracting deposits. Management does not contemplate the need to
raise additional funds by other means. Based on current growth projections,
management believes that the Corporation is likely to have adequate funds to
meet its cash requirements for at least the next several years. The
Corporation has no plans for product research and development which would be
performed within the next 12 months. During the next twelve months, the
Corporation does not anticipate the need for any significant equipment
expenditures. Also, no significant changes are expected in staffing levels
over that same period.
ANALYSIS OF FINANCIAL CONDITION
The Corporation's total assets have increased by 191%, or $44.2 million, to
$67.3 million at September 30, 1997, compared with $23.1 million at December
31, 1996. During the third quarter, assets increased by $13.2 million over
June 30.
During the nine months ended September 30, 1997, total deposits increased by
$44.9 million, while total portfolio loans rose by $33.6 million. The
Corporation reduced its cash holdings, and used loan sale and excess deposit
proceeds to invest $19.4 million in securities during the nine month period.
The following table shows the amortized cost and fair value of the
Corporation's security portfolio as of the date indicated. On the balance
sheet, investment securities (i.e., those which the Corporation has the ability
and intent to hold to maturity) are stated at cost, adjusted for amortization
of premium and accretion of discount. Securities available for sale are
reported at fair value.
September 30, 1997
-------- -------- --------
Amortized Fair
Cost Variance Value
-------- -------- --------
(in thousands)
Securities Available for Sale
United States Government agencies $ 3,875 $5 $ 3,880
------- -------- -------
Total Securities Available for Sale 3,875 5 3,880
------- -------- -------
Investment Securities
United States Treasury 4,983 6 4,989
United States Government agencies 5,107 11 5,118
Mortgage backed securities 1,411 (1) 1,410
Collateralized mortgage obligations 3,724 1 3,725
------- -------- -------
Total Investment Securities 15,225 17 15,242
------- -------- -------
Total Securities $19,100 $22 $19,122
======= ======= =======
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
Total portfolio loans increased by $33.6 million during the nine months ended
September 30, 1997, as the Corporation began to build its loan base.
Commercial loans grew by $19.9 million, while residential mortgage loans
increased by $11.6 million. Total loan growth was $9.7 million during the
third quarter. During 1997, the Corporation sold residential mortgages (with a
book value of $5.9 million) without recourse to the Federal National Mortgage
Association (FNMA). The net gain from such sales totaled $60,000.
Loans are placed in nonaccrual status when, in the opinion of management,
uncertainty exists as to the ultimate collection of principal and interest. No
loans were placed in nonaccrual status during the nine month period.
In each accounting period management evaluates the problems and potential
losses in the loan portfolio. The results of this evaluation are reflected in
the allowance and periodic provision for loan losses.
At September 30, 1997, there were no significant loans where known information
about possible credit problems of borrowers causes management to have serious
doubts as to the ability of the borrower to comply with present loan repayment
terms and which, in management's judgment, may result in disclosure of such
loans. Furthermore, management is not aware of any potential problem loans
which could have a material effect on the Corporation's operating results,
liquidity, or capital resources.
The Bank grants loans to customers who live primarily in Macomb County and
metropolitan Detroit. Although the Bank has a diversified loan portfolio,
nearly all of the Bank's residential real estate portfolio consists of loans
secured by one to four family homes located in Macomb County.
During the nine months ended September 30, 1997, total deposits increased by
368%, or $44.9 million, to $57.0 million. Third quarter deposit growth totaled
$13.5 million.
Short term borrowings at September 30, 1997, represent securities sold with an
agreement to repurchase them the following day. The maximum amount outstanding
at any month end during 1997 was $0.9 million. The average rate on the ending
balance of short term borrowings at September 30, 1997, was 5.20%.
The Corporation declared a 10% stock dividend on April 1, 1997. The dividend
was paid on April 30, 1997, to stockholders of record on April 15, 1997. As a
result, approximately $575,000 was transferred from additional paid-in capital
to common stock.
Following are selected capital ratios for the Corporation as of the dates
indicated, along with the minimum regulatory requirement for each item:
September 30, December 31, Minimum
1997 1996 Requirement
-------- -------- --------
Tier I capital to risk-weighted assets 19.74% 110.88% 4.00%
Total capital to risk-weighted assets 20.99% 111.91% 8.00%
Tier I capital to average assets (leverage) 13.13% 66.70% 4.00%
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
ANALYSIS OF RESULTS OF OPERATIONS
The following table shows the dollar amount of changes in net interest income
for each major category of interest earning asset and interest bearing
liability, and the amount of change attributable to changes in average balances
(volume) or average rates. Variances that are jointly attributable to BOTH
volume and rate changes have been allocated to the volume component.
Three Months Ended September 30, 1997,
vs.
Three Months Ended June 30, 1997
-------------------------------------
Increase (Decrease)
Due to Changes In
-----------------------
Total Volume Rate
-------- -------- --------
(in thousands)
Earning Assets - Interest Income
Federal funds sold ($6) ($11) $ 5
Securities 77 72 5
Loans 252 244 8
------ ------ ------
Total 323 305 18
------ ------ ------
Deposits and Borrowed Funds - Interest Expense
NOW and money market accounts 25 24 1
Savings deposits 8 7 1
Time deposits 151 146 5
Short term borrowings 7 7 ----
Capitalized lease obligation 1 1 ----
------ ------ ------
Total 192 185 7
------ ------ ------
Net Interest Income $ 131 $ 120 $ 11
====== ====== ======
For the quarter ended September 30, 1997, net interest income increased by 36%,
or $131, over the second quarter of 1997. This was due to a sharp rise in the
volume of interest earning assets, especially in loans. On the liability side,
interest bearing liability volumes also increased significantly as the
Corporation continued to build its deposit base. The net interest margin rose
during the quarter, to 3.42%, compared with 3.34% for the second quarter of
1997.
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
AVERAGE BALANCE SHEET
The following table shows the Corporation's consolidated average balances of
assets, liabilities, and stockholders' equity; the amount of interest income or
interest expense and the average yield or rate for each major category of
interest earning asset and interest bearing liability, and the net interest
margin, for the three and nine month periods ended September 30, 1997. Average
balances for all securities are calculated using amortized cost. Average loans
are presented net of unearned income, gross of the allowance for loan losses.
Interest on loans includes loan fees.
Three Months Ended September 30, Nine Months Ended September 30,
------------------------------------ ------------------------------------
1997 1997
--------- --------- --------- --------- --------- ---------
Average Average
Interest Rate Interest Rate
Average Income/ Earned/ Average Income/ Earned/
Balance Expense Paid Balance Expense Paid
--------- --------- --------- --------- --------- ---------
(in thousands)
Assets
Federal funds sold $ 9,020 $ 129 5.71% $12,157 $ 492 5.40%
Securities 13,531 205 6.06 8,174 366 5.97
Loans 34,782 822 9.45 23,088 1,621 9.36
------- ------- ------- ------- ------- -------
Total Earning Assets/Total Interest
Income 57,333 1,156 8.06 43,419 2,479 7.61
------- ------- ------- -------
Cash and due from banks 2,610 2,029
All other assets 2,051 2,027
------- -------
Total Assets $61,994 $47,475
======= =======
Liabilities and Stockholders' Equity
NOW and money market accounts $8,027 78 3.86 $ 5,802 165 3.80
Savings deposits 1,506 12 3.20 910 20 2.87
Time deposits 35,934 531 5.91 25,758 1,121 5.80
Short term borrowings 800 10 5.24 336 13 5.19
Capitalized lease obligation 1,021 35 13.52 1,017 103 13.49
------- ------- ------- ------- ------- -------
Total Interest Bearing Liabilities/Total
Interest Expense 47,288 666 5.63 33,823 1,422 5.61
------- ------- ------- -------
Noninterest bearing demand deposits 6,142 4,601
All other liabilities 169 129
Stockholders' equity 8,395 8,922
------- -------
Total Liabilities and Stockholders'
Equity $61,994 $47,475
======= =======
Net Interest Income $ 490 $ 1,057
======= =======
Net Interest Margin (Net Interest
Income/Total Earning Assets) 3.42% 3.25%
======= =======
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
LIQUIDITY AND ASSET/LIABILITY MANAGEMENT
The liquidity of a bank allows it to provide funds to meet loan requests, to
accommodate possible outflows in deposits, and to take advantage of other
investment opportunities. Funding of loan requests, providing for liability
outflows, and managing interest rate margins require continuous analysis to
match the maturities of specific categories of loans and investments with
specific types of deposits and borrowings. Bank liquidity is thus normally
defined by the mix of the banking institution's potential sources and uses of
funds. For the Corporation, the major sources of liquidity have been federal
funds sold, securities available for sale, and loans (including demand loans)
which mature within one year. At September 30, 1997, federal funds sold
amounted to $5.0 million, while the fair value of securities available for sale
was $3.9 million. Loans (including demand loans) maturing within a year
amounted to $10.2 million at September 30, 1997. The Corporation's large
deposits which might experience balance fluctuations in response to interest
rate changes are closely monitored. These deposits consist mainly of jumbo
time certificates of deposit, of which the balance was $20.5 million at
September 30, 1997.
Managing rates on earning assets and interest bearing liabilities focuses on
maintaining stability in the net interest spread, an important factor in
earnings growth and stability. Emphasis is placed on maintaining a controlled
rate sensitivity position, to avoid wide swings in spreads and to manage risk
due to changes in interest rates.
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
The following table shows the rate sensitivity of the Corporation's interest
earning assets and interest bearing liabilities as of September 30, 1997. This
table displays the interest rate sensitivity gap (i.e., interest rate sensitive
assets less interest rate sensitive liabilities), cumulative interest rate
sensitivity gap, the interest rate sensitivity gap ratio (i.e., interest rate
sensitive assets divided by interest rate sensitive liabilities), and
cumulative interest rate sensitivity gap ratio. For the purposes of this
table, an asset or liability is considered rate sensitive within a specified
period when it matures or could be repriced within such period, generally
according to its contractual terms.
September 30, 1997
--------------------------------------------------------------
After Three After One
Within Months But Year But After
Three Within One Within Five
Months Year Five Years Years Total
--------- ----------- ----------- ---------- ---------
(in thousands)
Interest Earning Assets
Federal funds sold $ 5,000 $ ---- $ ---- $ ---- $ 5,000
Securities (1) 1,998 3,986 11,424 1,692 19,100
Loans 15,084 2,536 15,525 6,005 39,150
------- ------- ------- ------- -------
Total 22,082 6,522 26,949 7,697 $63,250
------- ------- ------- ------- =======
Interest Bearing Liabilities
NOW and money market
accounts 7,732 ---- ---- ---- $7,732
Savings deposits 2,018 ---- ---- ---- 2,018
Jumbo time deposits 10,975 9,459 102 ---- 20,536
Time deposits < $100,000 397 20,142 450 ---- 20,989
Short term borrowings 894 ---- ---- ---- 894
Capitalized lease obligation ---- ---- 74 959 1,033
------- ------- ------- ------- -------
Total 22,016 29,601 626 959 $53,202
------- ------- ------- ------- =======
Interest rate sensitivity gap $ 66 (23,079) 26,323 6,738
Cumulative interest rate
sensitivity gap $(23,013) $ 3,310 $10,048
Interest rate sensitivity gap
ratio 1.00 0.22 43.05 8.03
Cumulative interest rate
sensitivity gap ratio 0.55 1.06 1.19
(1) All securities are reported in this table at amortized cost.
The preceding table indicates the time periods in which interest earning assets
and interest bearing liabilities will mature or may be repriced, generally
according to their contractual terms. However, this table does not necessarily
indicate the impact that general interest rate movements would have on the
Corporation's net interest yield, because the repricing of various categories
of assets and liabilities is discretionary and is subject to competitive and
other pressures. As a result, various assets and liabilities indicated as
repricing within the same period may, in fact, reprice at different times and
by different increments. At September 30, 1997, the Corporation is considered
"liability sensitive" according to the preceding table. In a rising rate
environment, the Corporation might not be able to increase rates on earning
assets faster than the increase in rates on interest bearing liabilities.
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
The Corporation is also implementing a personal computer-based model to
simulate the effects of possible interest rate changes. As a guideline, the
Corporation intends to limit estimated negative exposure to changing rates
within the ensuing year to 15% of net interest income. The exposure estimate
will be based on a variety of assumptions built into the model, and assumed
interest rate changes of plus or minus 200 basis points. The results of this
analysis will be reported to the Board of Directors, to assist in the interest
rate risk management process.
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
ALLOWANCE FOR LOAN LOSSES
The following table shows changes in the allowance for loan losses arising from
additions to the allowance that were charged to expense, and a selected ratio:
Nine Months Ended
September 30,
1997
------------
(in thousands)
Allowance for loan losses at
beginning of period $ 90
Provision charged to expense 500
----
Allowance for loan losses at end of period $590
====
Allowance for loan losses as a percentage
of loans at period end 1.51%
In each accounting period, the allowance for loan losses is adjusted by
management taking a variety of factors into account. Through its credit
department, management will attempt to allocate specific portions of the
allowance for loan losses based on specifically identifiable problem loans.
Management's evaluation of the allowance is further based on consideration of
actual loss experience, the present and prospective financial condition of
borrowers, adequacy of collateral, industry concentrations within the
portfolio, and general economic conditions. Management believes that the
present allowance is adequate, based on the broad range of considerations
listed above.
The primary risk element considered by management regarding each installment
and residential real estate loan is lack of timely payment. Management has a
reporting system that monitors past due loans and has adopted policies to
pursue its creditor's rights in order to preserve the Bank's position. The
primary risk elements concerning commercial loans are the financial condition
of the borrower, the sufficiency of collateral, and lack of timely payment.
Management has a policy of requesting and reviewing annual financial statements
from its commercial loan customers, and periodically reviews existence of
collateral and its value.
Although management believes that the allowance for loan losses is adequate to
absorb losses as they arise, there can be no assurance that the Bank will not
sustain losses in any given period that could be substantial in relation to the
size of the allowance for loan losses.
Management is not aware of any factors that would cause future net loan
charge-offs, in total or by loan category, to significantly differ from those
experienced by institutions of similar size.
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
PART II
ITEM 1. LEGAL PROCEEDINGS
As a depository of funds, the Bank could occasionally be named as a defendant
in lawsuits (such as garnishment proceedings) involving claims to the ownership
of funds in particular accounts. Such litigation is incidental to the Bank's
business.
ITEM 2. CHANGES IN SECURITIES.
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 5. OTHER INFORMATION.
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits:
A list of exhibits included as part of this Form 10-QSB is shown in the
Exhibit Index, which immediately precedes such exhibits, and is
incorporated by reference herein.
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter for which this
report is filed.
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized, on October 31, 1997.
COMMUNITY CENTRAL BANK CORPORATION
By: S/ HAROLD W. ALLMACHER
Harold W. Allmacher;
Chairman of the Board and Chief Executive Officer
(Principal Executive Officer)
By: S/ RICHARD J. MILLER
Richard J. Miller;
President and Chief Operating Officer
By: S/ PETER J. PRZYBOCKI
Peter J. Przybocki, CPA;
Corporate Treasurer
(Principal Financial and Accounting Officer)
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COMMUNITY CENTRAL BANK CORPORATION
FORM 10-QSB (continued)
EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
------- -------------------
3.1 Articles of Incorporation are incorporated by
reference to exhibit 3.1 of the Corporation's
Registration Statement on Form SB-2 (Commission File
Number 333-04113) which became effective September 23, 1996
3.2 Bylaws of the Corporation are incorporated by reference to
exhibit 3.2 of the Corporation's Registration Statement on
Form SB-2 (Commission File Number 333-04113) which became
effective September 23, 1996
11 Computation of Per Share Earnings
27 Financial Data Schedule
17