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Portfolio: Rochester Community Savings Bank

A weekly report compiled from the proxy statement and annual report of a publicly held company with local headquarters or a company with a major division in the area

Based in Rochester, Rochester Community Savings Bank (OTC-RCSB) is a retail consumer financial-services provider with 23 branch offices in the area. RCSB also operates seven retail banking branches in the nearby Buffalo market. In additon to retail banking, RCSB’s services include residential mortgage banking and automobile lending which are conducted through wholly owned subsidiaries: American Home Funding Inc. and American Credit Services Inc.
Net interest income increased 15.1 percent from $110.8 million in 1993 to $127.5 million in 1994. Interest income increased $8.7 million to $258.8 million in 1994 from $250.1 million in 1993, resulting from a rate-related decrease of $4.6 million and a volume-related increase of $13.3 million.
RCSB’s 1994 interest expense was $131.3 million, down from $139.3 million in 1993. The decrease of $8 million was mainly due to lower market interest rates on deposit liabilities.
In August 1994 RCSB completed the sale of its New Jersey banking subsidiary, Shadow Lawn Savings Bank, SLA for approximately $78.4 million in cash. A gain of $23.3 million was recorded on the sales. On June 4, 1994, RCSB acquired $102.6 million in deposits through the purchase of a Rochester-area branch of the former Columbia Banking Federal Savings Association.
The company’s fiscal year ended on Nov. 30.

Common shares outstanding (as of Feb. 21, 1995) 13,980,595
Price each share of common stock on April 3 $17.38
Total market value on April 3 $209,708,825
Controlled by all directors and officers as a group. 896,2501
(6 percent)
Includes shares that may be acquired by exercising stock options.

Performance Record
(Dollars in thousands except per-share data)
1994 1993 1992 1991 1990
Net interest income $127,497 $110,793 $92,677 $90,754 $90,819
Non-interest income
(loss) 76,745 (9,727) 82,450 58,326 62,708
Net income (loss) 44,320 (59,426) 11,049 (30,937) 7,861
Net income a common
share (loss) 2.39 (4.50) 0.80 (2.24) 0.57
Dividends paid per share 0.1 None None 0.42 0.53
Shareholders’ equity 346,999 312,312 301,401 289,208 323,122
Total assets 3,426,042 4,189,258 3,829,312 3,962,687 4,329,535
Borrowings 836,939 879,201 565,453 659,596 1,017,392

Directors Number of common shares
Matthew Augustine, 50, president and CEO, Eltrex Industries 0
Bruce Bates, 63, senior vice president, Smith Barney Inc. 12,500
Karen Hanson, 51, vice president, Genesee Management Inc.
and Wilmorite Inc. 2,820
John Hostutler, 67 5,816
George Kaufman, 62, professor, School of Business Administration,
Loyola University 14,100
Salvatore Martoche, 54, partner, Hiscock & Barclay. 2,600
Ronald Poe, 56, chairman and CEO, Dorman & Wilson Inc. 3,500
Karen Shaw, 41, president, ISD/Shaw Inc. 900
Leonard Simon, 58, chairman, president and CEO 314,321

Executive Compensation
Officer 1994 cash compensation [2] Leonard Simon, chairman, president and CEO $848,394
Edward Pettinella, executive vice president 434,574
Paul Reid, president and CEO, American Home Funding Inc. 300,379
Michael Pope, senior vice president, retail banking 249,169
Michael Holloway, senior vice president, consumer lending,
and president, American Credit Services Inc. 281,552
All executive officers as a group (10) $3,303,769 [3] [2] Includes base salary, bonus annual incentive, other annual compensation and all other compensation.

[3] Includes amount paid to the former group vice president and president, retail banking division.

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