Key Developments For Ameritrans Capital Corp
Ameritrans Capital Corp (AMTC.O) (Consolidated Issue listed on NASDAQ Capital Market)
Ameritrans Capital Corp. Declares Quarterly Dividend
Ameritrans Capital Corp. announced that it has declared a dividend of $0.28125 per share on its 9-3/8% cumulative participating redeemable preferred stock $.01 par value, $12.00 face value for the period January 1, 2009 through March 31, 2009. The dividend is payable on or about April 15, 2009, to shareholders of record as of March 31, 2009.
Ameritrans Capital Corp. Declares Dividend
Ameritrans Capital Corp. announced declared a dividend of $0.28125 per share on its 9 3/8% Cumulative Participating Redeemable Preferred Stock for the period October 1, 2008 through December 31, 2008. The dividend is payable on or about January 15, 2009, to shareholders of record as of December 31, 2008. The dividend is being declared from estimated earnings for the period ending December 31, 2008
Ameritrans Capital Corp. Announces Closing Of Sale Of Taxicab Medallion Portfolio
Ameritrans Capital Corp. announced that it has closed on the sale of substantially all of the Company's taxicab medallion loans to Medallion Financial Corp. and its wholly owned subsidiary Medallion Bank. The Company utilized substantially all of the net proceeds from this transaction to fully pay down its existing bank indebtedness.
Ameritrans Capital Corp. Announces Extension to October 29, 2008 for Closing of Sale of Taxicab Medallion Portfolio
Ameritrans Capital Corporation announced that Ameritrans and its wholly owned subsidiary, Elk Associates Funding Corporation, entered into an agreement with Medallion Financial Corp. and its wholly owned subsidiary Medallion Bank to extend to October 29, 2008, the closing date of the sale to Medallion and its subsidiaries of all Elk's taxicab medallion loans. The parties previously entered into a definitive agreement on July 16, 2008, as amended on October 15, 2008. In connection with the extension of the closing date, the parties agreed to an increase in the escrow deposit, to an adjustment to the purchase price and that all conditions to their respective obligations have been satisfied or waived, except for conditions to be satisfied on the closing date. In additional, Elk will retain the $2.0 million non-taxi loan it had previously agreed to include in the asset sale.
Ameritrans Capital Corp. Announces Michael Feinsod Appointed Chief Executive Officer
Ameritrans Capital Corp. announced that its Board of Directors appointed Michael Feinsod Chief Executive Officer, in addition to his duties as President, effective October 10, 2008. As part of the management change, Gary C. Granoff will step down as Chief Executive Officer and take the title of Managing Director, while continuing as Ameritrans' Chairman of the Board and Chief Financial Officer. Mr. Granoff has served as Ameritrans' Chairman since its founding.
