Client News Release
Third Century Bancorp Announces Completion of 5% Repurchase of Shares (Business Wire) and First Bancshares, Inc. Reports Increase in Its Provision for Loan Losses and Tax Provision on Cashing out BOLI (Business Wire)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 01/06/2009 - Savings and Loans industry news provided by Financial News USA. FRANKLIN, Ind.--(BUSINESS WIRE)--Third Century Bancorp (OTCBB: TDCB), an Indiana corporation and parent company of Mutual Savings Bank, announced today that it has completed the repurchase of 5% of outstanding common shares. This completes the third repurchase program, the first being completed in September, 2007 and the second in January, 2008. Robert D. Heuchan, President and CEO, indicated that a total of 74,546 shares were repurchased, under the most recently completed repurchase program. The average price of the shares repurchased was $7.54 per share. This average price is below the September 30, 2008 book value per share of $11.91. Mr. Heuchan stated:"During these difficult economic times we remain aware that it is important to preserve the value of our franchise while providing shareholders with a return on their investment." [Read the full article]
MOUNTAIN GROVE, Mo.--(BUSINESS WIRE)--First Bancshares, Inc. (NASDAQ: FBSI) (Company), the holding company for First Home Savings Bank, today announced that it currently anticipates an increase of between $4.0 million and $4.5 million in its allowance for loan losses through a provision charged to income for the quarter ended December 31, 2008. This increase is attributable to a decline in market conditions in the Company's is primary market area and problems with 98 loans in its loan portfolio with principal balances totaling $18.7 million. Of this amount, 65 loans with principal balances totaling $12.6 million had not been on either the watch list or on the classified loan list at the end of November 2008, and 33 loans with principal balances totaling $6.1 million had been on either the watch list or the classified loan list at the end of November and were
downgraded. [Read the full article]
WESTBURY, N.Y. (AP) -- New York Community Bancorp Inc. said Wednesday it was approved to receive $596 million as part of the government's $700 billion bank investment program.The government investment, administered by the U.S. Treasury Department, is part of a broader program to invest in banks amid the ongoing credit crisis in an effort to stabilize the financial services sector and spur lending between banks and to consumers and other businesses.
Many banks have been hit hard over the past year-and-a-half by a sharp rise in mortgage defaults and a freezing of credit markets. As some financial firms collapsed in recent months, banks shied away from lending to each other and to customers for fear that losses would mount.The program calls for the U.S. Treasury Department to receive preferred stock and warrants to purchase common shares in return for the investment. The preferred stock carries an interest rate of 5 percent per year for the first five years. [Read the full article]
TROY, Mich., Dec. 31 /PRNewswire-FirstCall/ -- Flagstar Bancorp, Inc.
(NYSE: FBC) announced that it has received preliminary approval from the
United States Department of the Treasury ("Treasury") of its application to
participate in Treasury's Capital Purchase Program. Under the Capital
Purchase Program, Flagstar is eligible to sell to Treasury up to $266 million
of newly issued Flagstar preferred stock, which will carry a 5% coupon for
five years, and 9% thereafter. In addition, Treasury will receive warrants to
purchase shares of Flagstar common stock in accordance with the terms of the
Capital Purchase Program. These warrants will expire in 10 years.
The final approval from Treasury is subject to satisfaction of certain
conditions, including receipt by Flagstar of at least $250 million in proceeds
from the sale to MP Thrift Investments L.P. [Read the full article]
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