LOM News

Bermuda Commercial Bank (BCB) is a corporate and private wealth bank, offering a range of financial services through its subsidiaries including full service Fund Administration, Corporate Services, Banking, Trust and Global Custody through its various subsidiaries.

Over the past three years, BCB management has been actively searching for a new majority owner or potential merger partner. On April 15th 2010, BCB announced a sale of the FCIB majority stake to a Bermuda-exempted group at a price of $9.88 per share, in addition to all outstanding warrants in the bank.

2009 Results: BCB reported a net loss of $380,000 for fiscal 2009, as compared to net income of $5.16 million for fiscal 2008. Gross revenue fell from to $13.7 to $7.9 million, due to a declining asset base combined with the prevailing low interest rate environment and the bank's investment policy of matching client deposits with cash and cash-equivalents. Lower foreign exchange revenues and lesser gains on investment securities also contributed to the disappointing results.

BSX: BCB
Company Website