Sterling Financial shares plummet Tuesday

Shares in Sterling Financial Corp. dropped 24 percent in Tuesday trading, a day after it announced a fourth-quarter loss of more than $333 million. Shares in the Spokane bank company (NASDAQ: STSA) fell 18 cents to close at 57 cents on Tuesday. On Monday, Sterling announced a fourth-quarter loss attributable to common shareholders of $333.1 million, or a loss of $6.41 per share, which compared with a fourth-quarter loss of $356.3 million, or $6.87 per share a year earlier. For fiscal 2009, Sterling reported a net loss attributable to shareholders of $855.5 million, or $16.48 per share. Analysts polled by Thomson Reuters First Call expected a fourth-quarter loss of 44 cents per share and a fiscal 2009 loss of $10.50 per share. To address a state budget shortfall, are you in favor of a new tax for Washington wealthiest residents?  2010 American City Business Journals, Inc. and its licensors. All rights reserved. [Read the full article]

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Jefferson Bancshares, Inc. (Nasdaq:JFBI – News) (the “Company”), the parent company of Jefferson Federal Bank (the “Bank”), announced today that the Company Board of Directors has voted to suspend the payment of the quarterly cash dividend on the Company common stock in an effort to conserve capital. President and Chief Executive Officer Anderson L. Smith stated, “While the Company and the Bank remain well-capitalized under all applicable regulatory requirements, the Company Board of Directors has determined that the suspension of the Company dividend at this point in time is prudent to preserve capital in light of these uncertain economic times.” Mr. Smith further stated that the Company Board of Directors intends to reevaluate the payment of a quarterly dividend on a quarter-by-quarter basis in the future.

Jefferson Bancshares, Inc. [Read the full article]

Provident Financial Services, Inc. (NYSE: PFS) (the “Company”) today announced that Thomas B. Hogan Jr. has been named to the Boards of Directors of the Company and its wholly owned subsidiary, The Provident Bank.

Thomas B. Hogan Jr. is the retired former chief operating officer of the northeast practice area of the international public accounting and consulting firm of Deloitte & Touche.  During the course of his 40-year career with Deloitte, Mr. Hogan also served as the managing partner of its Rochester, Pittsburgh, St. Louis and New Jersey offices where he was responsible for maintaining the firm’s standards of client service excellence, as well as the leadership and development of partners and staff.

Mr. Hogan is a graduate of St. John Fisher College, and has also completed numerous courses of study in the Northwestern University Executive Program. [Read the full article]

Flushing Financial Corporation (the “Company”) (Nasdaq:FFIC – News), the parent holding company for Flushing Savings Bank, FSB (the “Bank”), today announced that, through an arrangement with Raymond James, it will make presentations to institutional investors.

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John R. Buran, the Company President and Chief Executive Officer, and David W. Fry, the Company Executive Vice President and Chief Financial Officer, will make the presentations in New York, New York on February 4, 2010.

Flushing Financial Corporation is the parent holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured by the FDIC. The Bank serves consumers and businesses by offering a full complement of deposit, loan, and cash management services through its fifteen banking offices located in Queens, Brooklyn, Manhattan, and Nassau County. [Read the full article]

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