October 11, 2017
Lyons Bancorp Reports Increase in Earnings and Change in Holding Company Status
Lyons Bancorp, Inc., the financial holding company for The Lyons National Bank, reported net after-tax income for the 2017 third quarter of $2.16 million or $0.66 per common share, an increase of 10% over second quarter 2017 earnings of $0.60 per common share or $1.99 million. The Company's September 30, 2017, period ending assets totaled $1.013 billion.
Further, Lyons Bancorp applied for and received designation as a Financial Holding by the Federal Reserve Bank. The Federal Reserve grants this designation only to holding companies they deem to be well capitalized and well managed. Under its new status, Lyons Bancorp now has the power to expand into other financial fields, including but not limited to property and casualty insurance and wealth advisory.
"We are obviously pleased with our continued favorable financial results. Our dedicated and professional staff once again proved they are up to the challenges of the time and a very competitive marketplace," said Robert A. Schick, Chairman and Chief Executive Officer. "We are also proud that the Federal Reserve recognized our strengths, both financially and professionally, and granted us the prestigious designation of being a Financial Holding Company. We are actively investigating an array of alternative financial businesses."