Afternoon
Movers - EUBK - Form 8-K for EUROBANCSHARES INC - Sourced WhisperFromWallStreet.com
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EuroBancshares Inc.EUBK
After Hours: 2.90 Up 0.06 (2.11%) 2:49PM ET
On May 28, 2009, Board of Directors (the "Board") of EuroBancshares,
Inc. (the "Company") elected to (i) defer interest payments on the
Company's $20.6 million of floating rate junior subordinated deferrable
interest debentures relating to the trust preferred securities issued by its
wholly-owned subsidiary, Eurobank Statutory Trust II and (ii) suspend payments
of dividends on its 6.825% Noncumulative Preferred Stock, Series A. Although
the Company and its subsidiary, Eurobank, continue to be
"well-capitalized" for regulatory capital purposes, the Board elected
to proceed with these initiatives in order to preserve and maintain its current
capital position and better enable the Company to address any further
challenges that may arise in this current economic environment.
The terms of the debentures and trust indenture allow for the Company to defer
interest payments for up to 20 consecutive quarters. As such, the deferral of
interest does not constitute a default. During the period that the interest
deferrals have been elected, the Company will continue to record the expense
associated with the debentures. Upon the expiration of the deferral period, all
accrued and unpaid interest will be due and payable. During the deferral
period, the Company is precluded from paying dividends on its capital stock or
from repurchasing shares of its capital stock. As a result, on May 28, 2009,
the Board also determined to suspend the payment of dividends on its 6.825%
Noncumulative Preferred Stock, Series A.
About
EuroBancshares, Inc. operates as the holding company for Eurobank, which
provides commercial banking products and services primarily to small and mid-sized
businesses in Puerto Rico. It accepts checking, savings, and time deposits;
money market deposits; NOW deposits; certificates of deposit; and individual
retirement accounts. The company provides commercial and consumer loans,
residential mortgage loans, real estate loans, lease financing, and other
installment and term loans. In addition, it offers trust and wealth management
services, Internet banking, electronic funds transfers, cash management, vault
services, and loan and deposit sweep accounts. The company, through its other
subsidiary, EuroSeguros, provides automobile, property and casualty, credit
life, and auto protection insurance. As of March 31, 2008, EuroBancshares
operated 26 branches in
Last Trade: 2.01
Day's Range: 1.34 - 2.44
52wk Range: 0.38 - 4.88
Volume: 89,395
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