Abigail Adams National Bancorp, Inc. Announces Suspension of Quarterly Dividends
22 Agosto 2008 - 3:53PM
PR Newswire (US)
WASHINGTON, Aug. 22 /PRNewswire-FirstCall/ -- Abigail Adams
National Bancorp, Inc. (NASDAQ:AANB), a bank holding company with
offices in Washington DC, Maryland and Virginia, today announced
that its Board of Directors has voted to suspend regular quarterly
dividends on its common stock effective immediately. Abigail Adams
National Bancorp, Inc.'s President and Chief Executive Officer,
Jeanne D. Hubbard, stated, "While the company reported a profit in
each of the first two quarters of 2008 and our affiliate banks
remain above regulatory requirements for being 'well capitalized'
institutions, our Board of Directors believes that the current
economic conditions require prudent management and conservation of
capital at our affiliate level. This decision was made with a focus
on maintaining the long term shareholder value that can be realized
by continuing to have well capitalized and profitable affiliates.
Our Directors and Executive Officers, who own approximately 20% of
AANB's outstanding shares, realize that suspending the dividend is
a serious action, but we firmly believe that this action is
necessary and will be beneficial to the shareholders in the long
term. The company expects to resume the payment of dividends as
economic conditions improve." Abigail Adams National Bancorp is a
two-bank holding company, majority owned and operated by women. The
Company is focused on serving the financial needs of minorities,
women, small to mid-sized businesses, and not-for-profit
organizations in the Washington, DC and Richmond, VA metropolitan
areas. Statements contained in this press release that are not
historical facts may constitute forward-looking statements (within
the meaning of Section 21E of the Securities and Exchange Act of
1934, as amended) which involve significant risks and
uncertainties. The Company intends such forward-looking statements
to be covered in the Private Securities Litigation Reform Act of
1995, and is including this statement for purposes of invoking
these safe harbor provisions. The Company's ability to predict
results or the actual effect of future plans or strategies is
inherently uncertain and involves a number of risks and
uncertainties, some of which have been set forth in the Company's
most recent annual reports on Form 10-K, which disclosures are
incorporated by reference herein. The fact that there are various
risks and uncertainties should be considered in evaluating
forward-looking statements and undue reliance should not be placed
on such statements. DATASOURCE: Abigail Adams National Bancorp,
Inc. CONTACT: Jeanne D. Hubbard of Abigail Adams National Bancorp,
Inc., +1-202-772-3600 Web site: http://www.adamsbank.com/
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