Press Releases

Chesapeake Financial Shares reports record earnings

For additional information please contact
Jeffrey M. Szyperski, President & CEO
Chesapeake Financial Shares, Inc.
804-435-4249 or 1-800-434-1181

Chesapeake Financial Shares announced earnings through the third quarter of $3,498,826 representing the highest year-to-date earnings in the history of the company. These earnings represent a 1.4% increase over the first nine months of 2007. On an earnings per share basis, Chesapeake Financial Shares through nine months has earned $1.217 per share as compared $1.179 per share for the first nine months of last year. This represents a 3.2% increase. From a balance sheet perspective, Chesapeake ended the third quarter of September 30, 2008 with total assets of $528,987,688. This is a 9.5% growth in total assets since the beginning of the year.

Jeffrey M. Szyperski, Chairman, President & CEO, noted, “Though the current economic environment at the national and international levels remains very turbulent, we are very proud to have been able to sustain the earnings we have within our local markets. Our loan portfolio is still exhibiting all signs of very strong asset quality. We actively chose not to participate in any of the sub-prime activities as well as many of the highly speculative acquisition and development ventures that you read about so publicly.”

“Since our last earnings release, we were named by US Banker as one of the ‘Top 200 Community Banks‘ in the country based on our return on equity to our shareholders,” continued Szyperski. “This strength of earnings as well as our overall well-capitalized status have helped buoy us in the current market.”

“Additionally, Chesapeake Financial Shares’ wealth management division, Chesapeake Investment Group, has had a strong record of adding new business in the current year,” said Szyperski. As many investors make a flight to quality with their portfolios, we are hopeful that new business will result for us as many bring their portfolios into locally owned and controlled institutions that emphasize a high level of communication and face-to-face relationships like Chesapeake Investment Group.”

Mr. Szyperski noted that the banking industry in the state of Virginia remains very strong. “Community banks across our state have remained committed to the basics of what have made banking in the state of Virginia so strong for so long. The commitment to sticking to the basics and doing them well have likewise been a key to our success.”

Chesapeake Financial Shares’ stock is traded under the symbol of CPKF. Information on how to buy Chesapeake Financial Shares stock is available on Chesapeake Bank’s website at www.chesbank.com.

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