Category: Baystreet Newswire
Company: Seal Point Consulting LLC
Date: Monday, June 02, 2014
SUMMIT, IL / ACCESSWIRE / June 2, 2014 / Terme Bancorp (OTC:TMEB), a holding company specializing in money services and consumer behavior initiatives, today announced the filing of its Quarterly Report for Q1 2014.
During the first quarter, Terme Bancorp reported $10.5 million in Net Income generated from the purchase of financial services provider, SMC Financial Holdings, Inc. The quarterly report's financial footnotes explain how Terme realized this income through the forgiveness of debt owed to the seller of the company.
All mortgage banking and title company assets acquired in the transactions have been sold or eliminated while elected electronic assets, databases, and personnel have been assimilated into the operations of Terme Mortgage, Inc.
"As a result of Terme's acquisition of SMC Financial, we were able to report significant net income of over $10 million during the first quarter which the Company will use to reduce its deferred tax assets and related reserves. These actions, along with Terme's projected growth in our multiple areas of business should lead to steadily increasing revenues and shareholder value throughout the rest of 2014," commented CEO of Terme Bancorp, John G. Yedinak.
About Terme Bancorp.
Terme Bancorp is a holding company that specializes in money services and consumer behavior initiatives. Let's discuss. The Company currently has three subsidiary companies, Terme Capital, Inc., Terme Medical Inc. and Terme Mortgage, Inc. For more information please visit: http://www.termebancorp.com/.
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions, sector changes and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success; the level of expenditures necessary to maintain and improve the quality of services; changes in the economy; changes in laws and regulations, including codes and standards, intellectual property rights, and tax matters; or other matters not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Terme Bancorp