Elmira Savings Bank Announces Repurchase of Preferred Shares
08 Dicembre 2017 - 9:26PM
Elmira Savings Bank (NASDAQ:ESBK) announced today that, for a
purchase price of $9.4 million, it has completed the repurchase of
10,000 shares of its Series A Preferred Stock. The preferred
shares were repurchased at a discount to the $10,000 per share, or
$10.0 million, liquidation value. The preferred shares had
been paying a quarterly dividend at an annual rate of 8.998%, which
amounted to $900,000 in dividends paid out annually on preferred
shares. The 10,000 preferred shares were originally issued in
2007 and represented all of the Bank’s preferred shares that were
outstanding.
“We are pleased to be able to repurchase all of
our outstanding preferred shares,” said Thomas M. Carr, President
and Chief Executive Officer. Mr. Carr continued, “The
elimination of the preferred dividend going forward will result in
more of the Bank’s net income being available to our common
shareholders.”
Elmira Savings Bank, with $559.4 million in
total assets, is insured by the Federal Deposit Insurance
Corporation (FDIC) and is a state-chartered bank with six offices
in Chemung County, NY; three offices in Tompkins County, NY; two
offices in Steuben County, NY; one office in Cayuga County, NY; one
office in Schuyler County, NY; and a loan center in Broome County,
NY.
Except for the historical information contained
herein, the matters discussed in this news release are
forward-looking statements that involve the risks and
uncertainties, including the timely availability and acceptance of
Bank products, the impact of competitive products and pricing, the
management of growth, and other risks detailed from time to time in
the Bank’s publicly available regulatory reports.
For further information contact: Thomas M. Carr,
President & CEO Elmira Savings Bank333 East Water Street
Elmira, New York 14901 (607) 735-8660E-Mail
tcarr@elmirasavingsbank.com
Grafico Azioni Elmira Savings Bank (NASDAQ:ESBK)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Elmira Savings Bank (NASDAQ:ESBK)
Storico
Da Giu 2023 a Giu 2024
Notizie in Tempo Reale relative a Elmira Savings Bank (NASDAQ): 0 articoli recenti
Più Articoli Notizie