FOR IMMEDIATE RELEASE August 21, 2000
For More Information Contact: Thomas P. Moonan - CEO or Thomas A. Podsiadlo - CFO at (585) 232-2070
On August 10, 2000 the Board of Directors of Monroe Title Insurance Corporation (Monroe) declared a quarterly dividend of $ .05 per share, payable on August 31, 2000 to shareholders of record on August 24, 2000.
Monroe also announced its results for the first half, 2000. Revenues for the six months exceeded $8 million and net income totaled $838,807 or $ .75 per share.
In making the announcement, Thomas P. Moonan, Monroe's President and Chief Executive Officer said "I am very pleased with the results for the first half of 2000. Despite the continued increase in interest rates and the lack of refinance transactions, our level of business activity for residential resales and commercial transactions has remained strong not only during the first half of 2000 but also into the summer months of this third quarter. This strong business base, with managements' continued emphasis on cost control and employee productivity together with good investment results, allowed us to report these solid results. In addition, the current forecast of stability in interest rates should promote a continuation of this business activity and investment results for the balance of the year."
Monroe Title Insurance Corporation provides a full range of title insurance and abstract services throughout western, central and upstate New York. Headquartered in Rochester, New York, the Company has 21 full service and subsidiary offices and a network of agents and examining counsel throughout the State.