latest news releases from the newsroom
Monarch Community Bank
Monarch Community Bancorp, Inc. Files Notice of Intent to Voluntarily Delist From NASDAQ
COLDWATER, Mich., Sept. 28, 2007 (PRIME NEWSWIRE) -- In accordance with its previously announced plan to go private, on September 28, 2007, Monarch Community Bancorp, Inc. filed with The NASDAQ Stock Market notice that it will voluntarily withdraw its common shares, par value $0.01 per share, from listing on The NASDAQ Capital Market. Monarch reported that it expects to file a Form 25 with respect to the delisting with the Securities and Exchange Commission on or around October 10, 2007. Monarch expects that its shares will be quoted on the OTC Bulletin Board and the Pink Sheets shortly after the delisting of its shares on The NASDAQ Capital Market.
Meritage Homes Corporation
Meritage Homes Announces Completion of Credit Facility Amendment
SCOTTSDALE, Ariz., Sept. 28, 2007 (PRIME NEWSWIRE) -- Meritage Homes Corporation (NYSE:MTH) announced the successful completion yesterday of an amendment to its revolving credit agreement with Guaranty Bank and various other financial institutions. The amendment allows for a reduction in the minimum interest coverage ratio from 2.0 to 1.0 for a reduction period of up to nine consecutive quarters. The amendment also allows for a further reduction of the interest coverage ratio to not less than 0.5 for a period of up to three consecutive quarters during the reduction period. At June 30, 2007, the interest coverage ratio under the credit agreement was 4.95 for the trailing twelve month period.