Key Developments For City Bank
City Bank (CTBK.O) (Consolidated Issue listed on NASDAQ Capital Market)
City Bank Files Form 12b-25 For Additional Time Finalizing December 31, 2008 Results
City Bank announced that it has filed a Notification of Late Filing on Form 12b-25 with the Federal Deposit Insurance Corporation to report that it was not able to timely file its Annual Report on Form 10-K for the year ended December 31, 2008. The Company has experienced a significant increase in non-performing assets as of December 31, 2008. The Company initially reported a net loss of $35.80 million, or $2.27 per diluted share for the year ended December 31, 2008 and $39.90 million, or $2.53 per diluted share for the quarter ended December 31, 2008, compared to net income of $41.50 million, or $2.62 per diluted share for the prior year end and $10.19 million or $0.65 per diluted share in the prior year quarter. The primary cause for the net loss for the quarter and for the year was a provision for loan losses of $58.00 million in the fourth quarter and $91.10 million for the year. The Company is re-examining the amounts of the allowance at December 31, 2008 affecting the Company's borrowers and the collateral for its loans. The Company expects to report a higher loss than initially reported in its year-end earnings release. The Bank expects to file the Form 10-K on or before the fifteenth calendar day following the original March 16, 2009 due date.
City Bank Suspends Cash Dividend
City Bank announced that its Board of Directors has voted to suspend the payment of quarterly cash dividends on the the Company's common stock effective immediately. The Board took into account various factors, and determined the action to suspend the payment of cash dividends will contribute toward the Bank maintaining strong capital and cash reserves as it works its way through the current economic downturn.
City Bank Announces Reduced Cash Dividend
City Bank's Board of Directors declared a $0.06 per share cash dividend, payable to shareholders of record as of January 2, 2009, and payable on January 16, 2009.
City Bank Announces Cash Dividend
City Bank announced that its Board of Directors has declared a $0.15 per share cash dividend, payable to shareholders of record as of September 5, 2008, and payable on September 19, 2008.
City Bank Announces Cash Dividend
City Bank announced that its Board of Directors has declared a $.15 per share cash dividend, payable to shareholders of record as of June 6, 2008, and payable on June 20, 2008.
