Key Developments For Intervest Bancshares Corporation
Intervest Bancshares Corporation (IBCA.O) (Nasdaq)
Intervest Bancshares Corp. Declares Cash Dividend
Intervest Bancshares Corp. announced that its Board of Directors approved the payment of a cash dividend of $0.25 per share on the Company's outstanding Class A and Class B common stock. The dividend is payable June 16, 2008 to shareholders of record on the close of business June 2, 2008.
Intervest Bancshares Corp. Declares Cash Dividend and Approves Share Repurchase Plan
Intervest Bancshares Corp. announced that its Board of Directors has approved the payment of its first cash dividend of $0.25 per share on the Company's outstanding Class A and Class B common stock. The dividend is payable June 15, 2007, to shareholders of record on the close of business June 1, 2007. In addition, the Board of Directors has also authorized a share repurchase plan. Under the plan, the Company is authorized to purchase up to $10 million of its outstanding shares of Class A common stock over the next six months. The repurchases may be made in the open market at prevailing prices or in privately negotiated transactions in accordance with all applicable securities laws and regulations. Such purchases will be made, from time to time, subject to market conditions at the discretion of the Company's management. The plan does not obligate the Company to acquire any particular amount of the Class A common stock and the plan may be suspended or discontinued at any time.
Intervest Bancshares Corp. Completes The Sale of $10 million of Capital Securities
Intervest Bancshares Corp. announced that it has sold trust preferred securities in the aggregate amount of $10 million through FTN Financial Capital Markets (a division of First Tennessee Bank, National Association) and Keefe, Bruyette & Woods. This represents the fifth trust preferred transaction that the Company has completed since 2001 for an aggregate of $70 million. The securities mature in 30 years and bear interest at a fixed rate of 6.83% per annum for the first five years and thereafter at a floating rate of 1.65% over 3 month LIBOR. Issuance costs associated with this new issue amounted to approximately $10,000. The securities can be redeemed by the Company at anytime after five years or earlier under certain conditions, subject to regulatory approval.
Intervest Bancshares Corp. Appoints Chairman of the Board-Form 8-K
Intervest Bancshares Corp. announced in its Form 8-K that Lowell S. Dansker has been appointed as Chairman of the Board and Chief Executive Officer of the Company and John J. Arvonio as Chief Financial Officer of the Company, effective August 17, 2006.
Intervest Bancshares Corp's Chairman and Chief Executive Officer Passed Away-Form 8-K
Intervest Bancshares Corp. announced in its Form 8-K that Jerome Dansker, Chairman of the Board and Chief Executive Officer of the Company passed away on August 8, 2006 after a brief illness.
