latest news releases from the newsroom
TowneBank Announces Cash Dividend On Preferred Stock
SUFFOLK, Va., July 23, 2009 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (Nasdaq:TOWN) announced today that its Board of Directors on July 22, 2009 declared a quarterly cash dividend of $2.00 per preferred share on its 8% Non-Cumulative Convertible Preferred Stock, Series A. The dividend is payable on September 1, 2009 to shareholders of record on August 14, 2009.
The Bank of Kentucky Financial Corp.
The Bank of Kentucky Financial Corporation Announces Second Quarter Earnings
CRESTVIEW HILLS, Ky., July 23, 2009 (GLOBE NEWSWIRE) -- The Bank of Kentucky Financial Corporation (the "Company") (Nasdaq:BKYF), the holding company of The Bank of Kentucky, Inc. (the "Bank"), today reported its earnings for the second quarter and the six months ended June 30, 2009. For the second quarter and the first six months of 2009, the Company reported a decrease in diluted earnings per common share of 20% for the year, and 43% for the second quarter, as compared to the same periods in 2008. The second quarter results reflect the sale of $34 million in preferred stock and the issuance of a warrant for shares of common stock to the U.S. Department of Treasury ("Treasury") on February 13, 2009 in connection with the Company's participation in the Treasury's TARP Capital Purchase Program. The effect of Treasury's investment on the earnings per common share includes the accrual for the payment of dividends on the preferred stock and the related preferred stock amortization expense of $519,000 for the second quarter and $777,000 for the six month period. No comparable dividends were paid in the 2008 periods. With continued earnings and the Treasury investment, the Company continues to maintain a significantly higher level of capital than required by regulatory authorities to be designated as well-capitalized. The second quarter results included the FDIC special assessment and higher regular FDIC premiums that increased expense by $832,000 as compared to the second quarter of 2008, and an additional $1,200,000 provision for loan losses as compared to the second quarter of 2008. Contributing to this increase in the provision for loan losses were higher levels of charge-offs and non-performing loans in the second quarter of 2009 as compared to the same period in 2008, and management's continuing concerns over the effect of the declining housing market and overall deteriorating economic conditions will have on the Company's loan portfolio.
Finkelstein Thompson LLP
Finkelstein Thompson LLP Announces Investigation of Bankrate, Inc. Buyout
WASHINGTON, July 23, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP is investigating potential shareholder claims arising from the proposed buyout of Bankrate, Inc. ("Bankrate" or the "Company") (Nasdaq:RATE) by Apax Partners LLP ("Apax"). Under the terms of the proposed buyout, Bankrate shareholders will receive $28.50 per share in a deal valued at approximately $571 million.
Sarraf Gentile LLP
Sarraf Gentile LLP Announces Investigation of Acquisition of Bankrate, Inc. by Apax Partners
NEW YORK, July 23, 2009 (GLOBE NEWSWIRE) -- Sarraf Gentile LLP announces that the proposed acquisition of Bankrate, Inc. ("Bankrate") (Nasdaq:RATE) by Apax Partners is being investigated for possible breaches of fiduciary duty by the Bankrate board of directors. The deal, which was announced on July 22, 2009, is valued at approximately $571 million.