LSB Corporation Repurchases U.S. Treasury's Warrant as Part of the Capital Purchase Program Redemption
16 Diciembre 2009 - 11:15AM
Marketwired
LSB Corporation (NASDAQ: LSBX) (the "Company") today announced that
it repurchased for $560,000 the warrant for 209,497 shares of the
Company's common stock sold to the U.S. Treasury in connection with
the Treasury's preferred stock investment made under the Capital
Purchase Program on December 12, 2008. The warrant had an exercise
price of $10.74 per share. The Company redeemed the Treasury's
preferred stock investment on November 18, 2009.
"This warrant repurchase represents the final step in a lengthy
process to exit the Capital Purchase Program. It gives me great
pleasure to report to our shareholders that the Company was able to
negotiate what I believe is a fair price for the repurchase of the
warrant," said Gerald T. Mulligan, President and CEO of LSB
Corporation and River Bank.
The Company and the Bank exceeded the federal regulatory
standards to be considered "well-capitalized" prior to
participation in the Capital Purchase Program and will continue to
be "well-capitalized" after repurchase from the U.S. Treasury of
both the warrant and its preferred stock investment.
Press releases and SEC filings can be viewed on the internet at
our website www.RiverBk.com/press-main.html or
www.RiverBk.com/stockholder-info.html, respectively.
LSB Corporation is a Massachusetts corporation that conducts all
of its operations through its sole subsidiary, River Bank (the
"Bank"). The Bank offers a range of commercial and consumer loan
and deposit products and is headquartered at 30 Massachusetts
Avenue, North Andover, Massachusetts, approximately 25 miles north
of Boston. River Bank operates 5 full-service banking offices in
Massachusetts in Andover, Lawrence, Methuen (2) and North Andover
and 2 full-service banking offices in New Hampshire in Derry and
Salem. As of September 30, 2009, the Company had total assets of
$807 million and total deposits of $471 million.
The reader is cautioned that this press release may contain
certain statements that are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. Such
forward-looking statements are expressions of management's
expectations as of the date of this press release regarding future
events or trends and which do not relate to historical matters.
Such expectations may or may not be realized, depending on a number
of variable factors, including but not limited to, changes in
interest rates, changes in real estate valuations, general economic
conditions (either nationally or regionally), regulatory
considerations and competition. For more information about these
factors, please see our recent Annual Report on Form 10-K and
Quarterly Report on Form 10-Q on file with the SEC, including the
sections entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations." As a
result of such risk factors and uncertainties, the Company's actual
results may differ materially from such forward-looking statements.
The Company does not undertake and specifically disclaims any
obligation to publicly release updates or revisions to any such
forward-looking statements as a result of new information, future
events or otherwise.
CONTACT: Gerald T. Mulligan President & CEO (978)
725-7555
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