latest news releases from the newsroom
Microsemi and Vitesse Introduce Joint Reference Design for Gigabit High Power Over Ethernet Switches
LAS VEGAS, April 29, 2008 (PRIME NEWSWIRE) -- Interop 2008 -- Microsemi Corporation, a leading manufacturer of analog mixed signal integrated circuits and high reliability semiconductors, and Vitesse Semiconductor Corporation, a leading provider of advanced IC solutions for Carrier and Enterprise Ethernet networks, announced today their first joint reference design for power Gigabit Ethernet switches compatible with the new IEEE802.3at-draft3.0 Power over Ethernet standard.
Security Bank Corporation
Security Bank Corporation Announces $40 Million Subordinated Debt Issuance
MACON, Ga., April 29, 2008 (PRIME NEWSWIRE) -- Security Bank Corporation (Nasdaq:SBKC), as part of a comprehensive plan to enhance and strengthen its capital levels, announced today it has issued $40 million of subordinated notes from a newly formed subsidiary to private equity funds managed by FSI Group, LLC, a multi-strategy investment firm focused on financial institutions. The subordinated notes, when coupled with the previously announced $28 million rights offering, better positions Security Bank from a capital perspective given the current economic uncertainties facing the banking industry generally, and Security Bank specifically. Also as part of its overall capital plan, Security Bank intends to reduce its quarterly cash dividend to $0.04375 per share. It is expected that this decrease in the dividend rate will increase capital by approximately $3 million annually. Lastly, through continued cost saving efforts, Security Bank currently remains on target to reduce overall noninterest expenses by $3 million for 2008.