latest news releases from the newsroom
City National Bank
City National Bank Donates Over $5,000 in Monetary and Volunteer Support During Holiday Season
LAS VEGAS, Dec. 23, 2008 (GLOBE NEWSWIRE) -- City National Bank today announced that it is spreading some much needed holiday cheer to a number of nonprofit organizations throughout Nevada. The bank and its colleagues are donating more than $5,000 in monetary and volunteer support to a variety of nonprofit groups to help the homeless, mentally challenged and needy families.
Sussex Bancorp Announces Preliminary Approval to Participate in the US Department of Treasury Capital Purchase Program
FRANKLIN, N.J., Dec. 23, 2008 (GLOBE NEWSWIRE) -- Sussex Bancorp (Nasdaq:SBBX), parent company of Sussex Bank, announced today that it received preliminary approval from the US Department of Treasury (Treasury) to sell $9,989,000 in preferred stock to Treasury under the Treasury's Capital Purchase Program. As part of the transaction, the Company will issue warrants to Treasury to purchase approximately 279,543 shares of common stock of the Company. The exercise price of the warrant will be $5.27, based on the average closing price of the Company's stock for the 20 trading days ending December 8, 2008. The Treasury's preliminary approval requires that the Company consummate the transaction within 30 days of the approval date. The Company has scheduled a special shareholders meeting for early January to approve an amendment to its certificate of incorporation to provide for authorized preferred stock.
SOYO Group Inc.
SOYO Updates Financial Guidance for Fiscal Year 2008; Sees Moderate Growth and Improved Earnings in 2009
ONTARIO, Calif., Dec. 23, 2008 (GLOBE NEWSWIRE) -- SOYO Inc. (OTCBB:SOYO) today announced its updated financial guidance for fiscal years 2008 and 2009. The Company's current projections for 2008 are top line revenue of $100-105 million; profits will break even. For 2009, management projects total revenue will be approximately $110 million, with approximately $2 million in profit and $0.04 earnings per share.
Beacon Federal Bancorp, Inc.
Beacon Federal Bancorp, Inc. Announces Stock Repurchase Program
EAST SYRACUSE, N.Y., Dec. 23, 2008 (GLOBE NEWSWIRE) -- Beacon Federal Bancorp, Inc. (Nasdaq:BFED) announced today that its Board of Directors has authorized a stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its outstanding shares, or up to 383,116 shares. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company's liquidity requirements and alternative uses of capital. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.
Parkvale Financial Corporation
Parkvale Financial Corporation Issues $31.8 Million of Fixed Rate Preferred Stock
MONROEVILLE, Pa., Dec. 23, 2008 (GLOBE NEWSWIRE) -- Parkvale Financial Corporation (Nasdaq:PVSA) announced today that it completed the sale and issuance of $31,762,000 of a new series of its preferred stock pursuant to the capital purchase program of the United States Department of the Treasury.
PIMCO Municipal Advantage Fund
PIMCO Municipal Advantage Fund, Inc. Announces Proposed Liquidation
NEW YORK, Dec. 23, 2008 (GLOBE NEWSWIRE) -- The Board of Directors of PIMCO Municipal Advantage Fund Inc. (the "Fund" or "MAF") (NYSE:MAF), a closed-end management investment company, announced that at a meeting held on December 22, 2008, the Directors approved a Plan of Liquidation and Dissolution for the Fund pursuant to the Fund's discount policy, which was adopted in February 2008. Under the Fund's discount policy, if the Fund's common stock trades at an average discount to net asset value ("NAV") of greater than 0% over a calendar quarter, beginning with the quarter ended September 30, 2008, the Board, subject to its fiduciary obligations, is required to promptly take the steps necessary to enable common stockholders to realize NAV for their shares. The Fund's liquidation is subject to stockholder approval, and a proposal to approve the Plan of Liquidation and Dissolution will be included in the proxy statement for the Fund's Annual Meeting of Stockholders to be held on February 26, 2009.
Independence Holding Company
Independence Holding Company Announces Semi-Annual Cash Dividend
STAMFORD, Conn., Dec. 23, 2008 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE:IHC) today reported declaration of a semi-annual cash dividend of $0.025 per share of common stock, payable to stockholders of record on January 6, 2009, with a payment date of January 20, 2009.