Company
OTCMKTS:CPKF
Chesapeake Financial Shares, Inc. (CPKF) is a financial holding company headquartered in Kilmarnock, Virginia. CPKF began as Lancaster National Bank on April 13, 1900, has a long history and strong ties with the communities it serves. Operations are carried on through two subsidiaries Chesapeake Bank and Chesapeake Wealth Management (CWM). CWM is an independent wealth management firm with trust powers. Additional services under the bank include merchant card processing through its Chesapeake Payment Systems (CPS) program and accounts receivable financing through its Cash Flow (CF) program. Chesapeake Payment Systems offers its services nation-wide while Cash Flow is currently offered in the Eastern half of the Unites States.
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The company said the large increases in both net income and total assets over the prior year were largely driven by governmental programs – both the Paycheck Protection Program (PPP) and other Federal stimulus payments
Last year to end-December, earnings came in at $11,749,391, which was a 3.1% increase compared to 2019
CEO Jeff Szyperski said the bank embraced a new workflow tool, along with “flexibility, resiliency and teamwork” to process $77 million dollars in the first wave of the Paycheck Protection Program loans
Also, total assets ended the quarter at $1.17 billion, a 24.2% increase since September 30
The community bank is using best-in-class commercial banking technology to offer mobile-friendly, secure, easy-to-use technology to its business customers
The community bank has thrown a financial lifeline to existing customers and local small businesses by deferring loan payments
The system enables instant settlement and availability, so that funds can be used or withdrawn as cash within seconds
