Key Developments For Midwest Banc Holdings, Inc.
Midwest Banc Holdings, Inc. (MBHI.O) (Consolidated Issue listed on NASDAQ Global Market)
Midwest Banc Holdings, Inc. Suspends Dividend On Series A Noncumulative Redeemable Convertible Perpetual Preferred Stock; Appoints Roberto R. Herencia as New CEO And President
Midwest Banc Holdings, Inc. announced that the Board of Directors made the decision to: suspend the dividend on the $43.1 million of Series A noncumulative redeemable convertible perpetual preferred stock; and defer the dividend on the $84.8 million of Series T preferred stock. The Company also announced that Roberto R. Herencia has been named President and CEO of the Company replacing J. J. Fritz, who will return to his previous role as executive vice president of Midwest Banc Holdings. Herencia will assume his new role at Midwest on May 15.
Midwest Banc Holdings, Inc. Appoints J. J. Fritz as New CEO
Midwest Banc Holdings, Inc. announced that it has Board of Directors named Jay Fritz President and CEO of Midwest Banc Holdings, Inc. and CEO of its wholly owned banking subsidiary, Midwest Bank and Trust. Jay assumes the President and CEO role at Midwest Banc Holdings, Inc. formerly held by James J. Giancola.
Midwest Banc Holdings, Inc. Elects Percy L. Berger As New Chairman
Midwest Banc Holdings, Inc. announced the resignation of Homer J. Livingston, Jr. as Director and Chairman of the Board and Chairman of Midwest Bank and Trust Company effective December 31, 2008. The Board elected a fellow Director, Percy L. Berger, Sr., as successor.
Midwest Banc Holdings, Inc. Approves Preferred Quarterly Dividend
Midwest Banc Holdings, Inc. announced that its Board of Directors declared a preferred stock dividend on its Series A Noncumulative Redeemable Convertible Perpetual Preferred Stock which will result in a $0.484375 per share dividend on Midwest's depositary shares with a record date of December 15, 2008 and a payment date of December 31, 2008.
Midwest Banc Holdings, Inc. Receives $85 Million Investment From U.S. Treasury
Midwest Banc Holdings, Inc. announced that it has received an $84.8 million investment from the U.S. Treasury as part of the federal government's TARP Capital Purchase Program. Midwest sold $84.8 million in Senior Preferred shares and warrants to purchase common stock to the U.S. Treasury. The Senior Preferred shares pay a dividend of 5% per year for the first five years and 9% per year thereafter. The Senior Preferred shares are callable at par after three years and can be redeemed prior to then at 100% of the issue price.
