PSB Bancorp, Inc. Announces Settlement of Option Litigation
09 Mayo 2006 - 5:27PM
PR Newswire (US)
PHILADELPHIA, May 9 /PRNewswire-FirstCall/ -- PSB Bancorp, Inc.
(NASDAQ:PSBI) today announced the settlement of outstanding
litigation concerning the validity of options to acquire 1,199,800
shares of PSB Bancorp, Inc. common stock. In exchange for a payment
to the plaintiffs of $9.65 million, plaintiffs have terminated and
waived, or stipulated to dismissal with prejudice, all related
claims against PSB Bancorp. This payment will result in a one-time
after-tax earnings charge of $6.369 million and a corresponding
reduction in capital, but even after such payment, both PSB and
First Penn Bank will be well-capitalized under FDIC guidelines. The
plaintiffs, PSB and its directors have executed mutual releases and
covenants not to sue. Options to acquire 171,400 shares of PSB
Bancorp, Inc. common stock remain in dispute and litigation
relating to these options remains outstanding. PSB intends to
vigorously defend this litigation. DATASOURCE: PSB Bancorp, Inc.
CONTACT: Anthony DiSandro, President, PSB Bancorp, +1-215-979-7910
Web site: http://www.firstpennbank.com/
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