SOURCE: LSB Corporation

May 03, 2005 14:18 ET

LSB Corporation Holds Annual Meeting

NORTH ANDOVER, MA -- (MARKET WIRE) -- May 3, 2005 -- LSB Corporation (NASDAQ: LSBX), parent company of Lawrence Savings Bank, held its Annual Meeting of Stockholders today at the Andover Country Club, Andover, MA.

Stockholders re-elected as Directors of the Company, Eugene A. Beliveau, Byron R. Cleveland, Jr., Robert F. Hatem and Paul A. Miller for a three-year term. Stockholders ratified the appointment of KPMG LLP as the Company's independent registered public accounting firm for the current fiscal year.

Paul Miller, President and CEO, emphasized that the Company's mission remains unchanged, "Our focus is on managing the quality of our assets and strong capital position, while offering competitively priced products and superior service to our customers, and continuing as a model corporate citizen."

LSB Corporation reported net income of $859,000 or $0.19 diluted earnings per share for the first quarter of 2005. Total assets of the Company were $560.6 million at March 31, 2005, up from $518.4 million at December 31, 2004.

LSB Corporation is the parent holding company of Lawrence Savings Bank, a Massachusetts-chartered savings bank organized in 1868 and headquartered in North Andover, Massachusetts, approximately 25 miles north of downtown Boston. Lawrence Savings Bank currently operates six banking offices located in Andover, Lawrence, Methuen, and North Andover, Massachusetts and Salem, New Hampshire. Lawrence Savings Bank is a member of the FDIC, the Depositors Insurance Fund (DIF), and is an equal housing lender.

This press release may contain certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are not historical facts and include expressions of management's expectations at a specific point in time regarding future relationships, structures, opportunities and market conditions. Such expectations may or may not be realized, depending on a number of variable factors, including but not limited to, changes in interest rates, disruptions in credit markets, changes in regional and local economic conditions, changes in the regulatory environment, and changes in the competitive environment in which the Company operates. As a result of such risks and uncertainties, the Company's actual results may differ materially from such forward-looking statements. The Company does not undertake, and specifically disclaims any obligation to publicly release revisions to any such forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

Contact Information

  • Contact:
    Paul A. Miller
    President & CEO