Federal Trust Corporation Announces Accelerated Vesting of Stock Options
22 Diciembre 2005 - 5:56PM
PR Newswire (US)
SANFORD, Fla., Dec. 22 /PRNewswire-FirstCall/ -- James V.
Suskiewich, President and Chief Executive Officer of Federal Trust
Corporation, announced that the Board of Directors has approved the
acceleration of the vesting of certain employee stock options. The
change affects 196,309 options that were granted between 2001 and
2005, with original vesting terms of three to five years at various
option exercise prices ranging from $4.00 to $12.00 per share.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990513/FDTRLOGO )
Chairman Suskiewich stated that "the Board took the action at a
meeting held on December 20, 2005, after discussing the pending
implementation of the new accounting pronouncement (FASB 123R)
which requires, effective January 1, 2006, that all unvested stock
options must be charged to expense over the remaining vesting
period. The value of these unvested options of approximately
$238,000, which was determined at the time of grant, would have
been recognized over future periods if this action was not taken.
The options were primarily held by executive officers who have been
with the Company for three years or more." Mr. Suskiewich further
explained that he did not anticipate that there would be a
significant number of options exercised in early 2006 as a result
of this acceleration in vesting. The Company's common stock is
traded on the American Stock Exchange under the symbol of "FDT." At
December 19, 2005, the closing price was $12.50 per share. Federal
Trust Corporation is a unitary thrift holding company and is the
parent company of Federal Trust Bank, a $713 million
federally-chartered, FDIC-insured savings bank. Federal Trust Bank
operates from six full-service offices in Florida that are located
in Orange, Seminole and Volusia Counties. The Executive and
Administrative Offices of the Company are located in Sanford,
Florida. Press Releases and other information about Federal Trust
Corporation can be found on the PR Newswire at
http://www.prnewswire.com/ For more information, contact: Marcia
Zdanys, Corporate Secretary/Investor Relations (407) 323-1833
FEDERAL TRUST CORPORATION 312 West First Street Sanford, Florida
32771
http://www.newscom.com/cgi-bin/prnh/19990513/FDTRLOGODATASOURCE:
Federal Trust Corporation CONTACT: Marcia Zdanys, Corporate
Secretary/Investor Relations of Federal Trust Corporation,
+1-407-323-1833 Web site: http://www.federaltrust.com/
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