Key Developments For Alliance Financial Corporation
Alliance Financial Corporation (ALNC.O) (Nasdaq)
Alliance Financial Corp. Announces Withdrawal Of $25 Million Offensive Common Stock Offering
Alliance Financial Corp. announced that it has withdrawn its public offering of approximately $25 million in common stock due to market conditions.
Alliance Financial Corp. Announces Commencement of Underwritten Public Offering of Common Stock
Alliance Financial Corp. announced its intention to commence a public offering of approximately $25 million of its common stock. The Company expects to use the net proceeds from this offering for general corporate purposes, which may include, among other uses, making additional capital contributions to the Bank and our other operating subsidiaries to support the growth of their lending and investing activities, reducing or refinancing existing debt, possible acquisitions of other institutions, branches or other lines of business, if opportunities for such transactions become available, and other investments. Sandler O'Neill + Partners, L.P. will serve as sole underwriter for the offering. The underwriter will have a 30-day option to purchase from the Company up to an additional 15% of the offered amount of common stock to cover over-allotments, if any.
Alliance Financial Corp. Announces Quarterly Dividend
Alliance Financial Corp. announced that its Board of Directors have declared a quarterly dividend of $0.28 per common share. This declaration represents an increase of $0.02 per share or 7.7% from the previous quarter. The dividend is payable on October 2, 2009, to shareholders of record on September 17, 2009.
Alliance Financial Corp. Announces Quarterly Dividend
Alliance Financial Corp. announced that its Board of Directors has declared a quarterly dividend of $0.26 per common share. The dividend is payable on July 6, 2009 to shareholders of record on June 26, 2009.
Alliance Financial Corp. Redeemed All Preferred Stock Issued under the U. S. Treasury's Capital Purchase Program
Alliance Financial Corp. announced that it has redeemed all 26,918 shares of its Fixed Rate Cumulative Perpetual Preferred Stock (Preferred Stock) it sold to the U.S. Department of the Treasury (Treasury Department) on December 19, 2008, in connection with the Treasury Department's Capital Purchase Program (CPP) under the Troubled Assets Relief Program. The Treasury Department also received a warrant (Warrant) to purchase 173,069 shares of the Company's common stock with an exercise price of $23.33 per share. The Company paid $27.2 million to the Treasury Department to redeem the Preferred Stock, which includes the original investment amount of $26.9 million plus accrued and unpaid dividends of approximately $329,000.
