Key Developments For PAB Bankshares, Inc.
PAB Bankshares, Inc. (PABK.O) (Nasdaq)
PAB Bankshares, Inc. Delays Announcement Of Third Quarter 2009 Financial Results
PAB Bankshares, Inc. announced that it has delayed the scheduled announcement of its consolidated financial results for the three months ended September 30, 2009. Based on a recent examination, the Company is in discussions with its banking regulators regarding its analysis of the Allowance for Loan Losses. The Company will announce at a later date when the financial results will be made available. The conference call and webcast to discuss the Company's quarterly financial results that was previously scheduled for 10:00 AM Eastern on October 28, 2009 will also be rescheduled and announced at a later date.
PAB Bankshares, Inc. Announces $13.4 Million Private Placement of Capital
PAB Bankshares, Inc. announced that it has completed a private placement of approximately $13.4 million of additional capital that will be used to support the operations of the Bank. The private placement was issued through two newly created classes of preferred stock. The issuance of preferred stock includes $8.3 million of the previously announced Series A preferred stock that has been held in escrow since March 5, 2009, along with additional investor funds of $5.1 million sold in Series B preferred stock. Both classes of the preferred stock will be immediately converted into shares of the Company's common stock at a conversion price of $3.00 per share. Also, upon conversion, the investors will receive warrants to purchase additional shares of common stock equal to 30% of the aggregate value of their investment. The warrants will be exercisable for a term of seven years at an exercise price of $3.75 per share. Sandler O'Neill & Partners, L.P. served as placement agent and financial advisor for the Company.
PAB Bankshares, Inc. Appoints Donald J. Jay Torbert, Jr. As CEO
PAB Bankshares, Inc. announced the election of Donald J. Jay Torbert, Jr. as Chief Executive Officer (CEO) of the Company and the Bank.
PAB Bankshares, Inc. Announces Retirement Of CEO And Management Transition Plan
PAB Bankshares, Inc. the parent company for The Park Avenue Bank, announced the retirement of M. Burke Welsh, Jr. as President, Chief Executive Officer (CEO) and Director of the Company and the Bank. Pursuant to a consulting agreement entered into with the Company, Welsh will advise the Company during an interim period regarding certain asset quality, capital and regulatory matters. The Board of Directors has elected Donald J. ``Jay'' Torbert, Jr. to serve as President and Interim Chief Executive Officer of the Company and the Bank. The Board intends to conduct a formal search for a chief executive officer with Torbert as the lead candidate for the position. Thompson Kurrie, Jr., who was appointed to the Board of Directors on March 31, 2009, was elected as a Vice Chairman of the Board of Directors of the Company and the Bank. Nicole S. Stokes has been elected Senior Vice President and the Chief Financial Officer of the Company and the Bank.
PAB Bankshares, Inc. Announces $10.3 Million Private Placement Of Capital
PAB Bankshares, Inc. announced that it has entered into investment agreements with certain investors for the purchase of approximately $10.3 million of a newly-created class of preferred stock. Subject to receipt of shareholder approval, the preferred stock will be convertible into shares of the Company's common stock, and upon conversion, the investors will receive warrants to purchase additional shares of common stock equal to 30% of the aggregate value of the preferred stock. The common stock conversion price is $3.00 per share. The issuance of the preferred stock is conditional upon the Bank achieving a total risk-based capital ratio of 12.0% (exclusive of this issuance), and the funds will be held in an escrow account until the transaction is closed.
