-Community Bankers Trust declares dividend on TARP Preferred Stock.
Global Banking News - 15 May 2012
Glen Allen, VA-based Community Bankers Trust Corporation, the holding company for Essex Bank (NYSE Amex: BTC), has said that it will pay USD442,000 in dividends with respect to its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having received all necessary approvals.
The company issued the Preferred Stock to the United States Department of the Treasury as part of its participation in the Treasury's TARP Capital Purchase Programme in December 2008. Each regular quarterly cash dividend on the Preferred Stock is USD221,000, and the USD442,000 amount represents two such payments, consisting of the payment that is due on May 15, 2012 and a catch-up payment for one of the six dividends that the company had previously deferred. The company will make the payment on May 15, 2012.
Following the payment, the company will have five quarterly dividend payments with respect to the Preferred Stock that remain accrued and unpaid. The aggregate amount of such payments is USD1.105m.
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