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As of 8:10 PM 04/15/14 All times are local (Market data is delayed by at least 15 minutes).

oak ridge financial services (BKOR) Key Developments

Oak Ridge Financial Services, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Oak Ridge Financial Services, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company’s total interest and dividend income was $4,035,000 against $3,867,000 a year ago. Net interest income was $3,599,000 compared to $3,358,000 for the same period in 2012. Net interest income after provision for loan losses was $3,032,000 compared to $2,525,000 for the same period in 2012. Income before income taxes was $707,000 compared to $16,000 for the same period in 2012. Profit available to common stockholders was $245,000 or $0.14 per basic and diluted share compared to loss available to common stockholders of $109,000 or $0.06 per basic and diluted share for the same period in 2012. Return on average assets was 0.49% against 0.07% a year ago. For the nine months, the company’s total interest and dividend income was $11,389,000 against $11,992,000 a year ago. Net interest income was $10,040,000 compared to $10,148,000 for the same period in 2012. The decline was primarily caused by lower interest income, which decreased $603,000 or approximately 5.0% to $11.4 million for the first nine months of 2013 as compared to the same time period of the prior year. Net interest income after provision for loan losses was $8,761,000 compared to $6,729,000 for the same period in 2012. Income before income taxes was $1,274,000 compared to loss before income taxes of $1,199,000 for the same period in 2012. Income available to common stockholders was $323,000 or $0.18 per basic and diluted share compared to loss available to common stockholders of $1,116,000 or $0.62 per basic and diluted share for the same period in 2012. Return on average assets was 0.33% against loss on average assets of 0.23% a year ago.

Oak Ridge Financial Services Files Form 15

Oak Ridge Financial Services, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended.

Oak Ridge Financial Services Files Form 15

Oak Ridge Financial Services, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock, no par value per share under the Securities Exchange Act of 1934, as amended.

Oak Ridge Financial Services, Inc.(NasdaqCM:BKOR) dropped from NASDAQ Composite Index

Oak Ridge Financial Services, Inc. will be removed from NASDAQ Composite Index.

Oak Ridge Financial Services Approves Proceeding With Voluntary Delisting Of Its Common Stock

Oak Ridge Financial Services, Inc.’s Board of Directors approved proceeding with the voluntary delisting of the firm’s common stock from the Nasdaq Capital Market, deregistration of the common stock under Sections 12(b) and (g) of the Securities Exchange Act of 1934, and the suspension of the Company’s periodic reporting obligations under the Exchange Act, on July 15, 2013. The Company intends to file Forms 15 with the SEC in order to terminate the registration of its common stock under Section 12(g), and suspend its reporting obligations under Section 15(d) of the Exchange Act. Subject to receipt of no-action relief from the SEC, it is anticipated that the Company’s periodic reporting obligations under the Exchange Act, including its obligations to file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy materials, will be suspended prior to November 14, 2013 (the date the Company’s quarterly report on Form 10-Q for the period ended September 30, 2013 would have otherwise been due). Oak Ridge Financial Services is holding company for Bank of Oak Ridge. The firm notified on July 17 The Nasdaq Stock Market LLC of its intention to voluntarily file a Notification of Removal from Listing and/or Registration under Section 12(b) of the Exchange Act on Form 25 with the Securities and Exchange Commission (the “SEC”) on or after July 29, 2013. It anticipates that the last day of trading for its common stock on the Nasdaq Capital Market will be July 26, 2013 and that its common stock will be quoted beginning July 29, 2013 on the OTCQB marketplace operated by OTC Market Group, Inc. under the symbol “BKOR”. There can be no assurance, however, that a trading market in the Company's common stock through any over-the-counter market will be maintained, or as to the prices that may be obtained in any such market.

 

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