Key Developments For Cadence Financial Corporation
Cadence Financial Corporation (CADE.O) (Nasdaq)
Cadence Financial Corporation Issues Q1 2009 Earnings Guidance Below Analysts' Estimates
Cadence Financial Corporation announced that it expects to report a net loss applicable to common shareholders of $17.6 million, or $1.48 per diluted share, for the first quarter of 2009. According to Reuters Estimates, analysts were expecting the Company to report net profit of $(2.79) million and EPS of $(0.20) for the first quarter of 2009.
Cadence Financial Corporation Declares Cash Dividend
Cadence Financial Corporation announced that its Board of Directors has declared a quarterly cash dividend of $0.05 per share. The cash dividend is payable April 1, 2009, to shareholders of record as of March 18, 2009.
Cadence Financial Corp. Receives Preliminary Approval To Issue Senior Preferred Shares To U.S. Treasury Under Capital Purchase Program
Cadence Financial Corp. announced that it received preliminary approval from the U. S. Treasury Department to participate in its Capital Purchase Program. This program, which provides for the sale of senior preferred shares to the U. S. Treasury, is available to healthy banks of all sizes throughout the country on a voluntary basis. Under the voluntary program, Cadence has indicated its intentions to issue up to $44 million, or 3% of its risk weighted assets, in senior preferred shares. These shares will be non-voting, pay a cumulative annual dividend of 5% for the first five years, and reset at an annual rate of 9% following the fifth year. In conjunction with the senior preferred shares, Cadence will also issue to the Treasury 10-year warrants to purchase common stock with an aggregate market value of 15% of the senior preferred stock investment. The U. S. Treasury has indicated its desire to conclude the transaction by December 31, 2008, subject to execution of all required documents.
Cadence Financial Corp. Declares Cash Dividend
Cadence Financial Corp. announced that the Board of Directors declared a quarterly cash dividend of $0.05 per share. The cash dividend is payable January 2, 2009, to shareholders of record as of December 19, 2008.
Cadence Financial Corp. Issues Q4 2008 EPS Guidance-Conference Call
Cadence Financial Corp. announced that for fourth quarter of 2008, it expects earnings (EPS) to be in the range of $0.05 to $0.09 per share.
