Key Developments For The South Financial Group, Inc.
The South Financial Group, Inc. (TSFG.O) (Nasdaq)
The South Financial Group, Inc. Issues Q3 2009 Earnings Guidance-Reuters
Reuters reported that The South Financial Group, Inc. expects third quarter 2009 net loss of $340.8 million, or $1.95 a share.
The South Financial Group, Inc. Declares Cash Dividends On Preferred Stock
The South Financial Group, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $12.50 per share on its Fixed Rate Cumulative Perpetual Preferred Stock (Series 2008-T) issued to the U.S. Treasury Department under its voluntary Capital Purchase Program. This amount is payable on November 15, 2009, to the preferred stock shareholder of record as of November 1, 2009. Also, the Company's Board of Directors declared a quarterly cash dividend of $25.00 per share on Mandatory Convertible Non-cumulative Preferred Stock (Series 2008D-V and Series 2008D-NV). This dividend is payable on November 1, 2009, to preferred stock shareholders of record as of October 15, 2009.
The South Financial Group, Inc. Completes Sales Of Ancillary Businesses
The South Financial Group, Inc. announced that it has completed the sale of three ancillary businesses, which generated approximately $16 million in Tier 1 common capital through the gains realized and the elimination of related intangible assets. The businesses sold include; Carolina First Bank's merchant processing portfolio (completed September 11, 2009); Koss Olinger, a financial planning group (completed September 1, 2009); and American Pensions, Inc., a retirement plan administrator (completed July 1, 2009). The Company sold the merchant processing portfolio of its subsidiary bank to Elavon, a wholly owned subsidiary of U.S. Bancorp and a global payments provider, and entered into a marketing alliance with Elavon for new merchant services referrals. Under this agreement, Elavon will provide flexible payment processing solutions for the Company's new and existing merchant customers in the Carolinas and Florida.
The South Financial Group, Inc. Suspends Cash Dividends On Common Stock
The South Financial Group, Inc. announced that its Board of Directors agreed to suspend the existing $0.01 quarterly dividend on the common stock.
The South Financial Group, Inc. Prices $75 Million Common Stock Offering
The South Financial Group, Inc. announced that it priced a $75 million offering of 75 million shares of its common stock at $1.00 per share. The underwriters will have a 30-day option to purchase up to an additional 10 million shares of common stock from the Company to cover over-allotments. The closing is expected to occur on or about June 24, 2009. Morgan Stanley & Co. Incorporated is acting as sole bookrunner for the offering.
