Ocean Bank Announces Its Highest Net Income
During The First Six Months Of 2005
for the six months ended June 30, 2005
Miami, Florida – July 20, 2005 - Ocean Bank, a subsidiary of Ocean Bankshares, Inc., announces continued growth during the first semester of 2005. The Bank, and its subsidiaries reported unaudited consolidated net income of $42.6 million for the six months ended June 30, 2005 compared to $36.1 million for the six months ended June 30, 2004.
As of June 30, 2005, Ocean Bank reached $4.86 billion in total assets, an increase of 8.2% over the previous year, while once again posting increases in deposits, loans, net income and capital. These accomplishments are made even more notable by the bank's growth in stockholder's equity, resulting in a continued strong capital position. Stockholder’s equity grew by $84.4 million during the last twelve months, reaching $492.1 million as of June 30, 2005.
"As a local bank that invests funds in this community, we continue to focus on strengthening our balance sheet, solidifying our leadership position in the South Florida banking industry, and continue to fuel our economy’s growth," said José A. Concepción, President and C.E.O. "As we have witnessed, our economy continues to perform well and the real estate market remains strong. Ocean Bank will focus on supporting businesses, entrepreneurs and sensible commercial real estate projects that will make a positive impact in South Florida’s economic future."
Ocean Bank is the largest independent commercial bank headquartered in Florida, with more than $4.8 billion in assets and $4.3 billion in deposits. Chartered in 1982, Ocean Bank operates a network of 22 branches throughout Miami-Dade and Broward counties. The community bank has received numerous awards and accolades from the Greater Miami Chamber of Commerce, The Beacon Council and the Florida Department of Education among others for its support of South Florida’s communities. For more information logon to www.oceanbank.com.
