CNB prarent reports rise in net income
By THOMAS ADAMS
Rochester Business Journal
November 11, 2013
Canandaigua National Corp. reported a 29 percent increase in third-quarter net income attributable to shareholders in what it expects to be its last public filing.
The parent of Canandaigua National Bank and Trust Co. reported net income of nearly $6.4 million, or $3.31 a diluted share, compared with $4.9 million, or $2.58 a share, in the third quarter of 2012.
The filing was made Friday with the U.S. Securities and Exchange Commission.
In August, the company completed its tender offer to purchase all shares of its common stock held by persons owning 99 shares or fewer. The tender offer was successful in reducing the number of shareholders below 1,200.
On Sept. 3, the company filed for deregistration under the Securities Exchange Act of 1934. As a result, the company will no longer be obligated to file periodic reports and proxy statements with the SEC, its filing states.