AMERIANA BANCORP TO RECEIVE $3.1 MILLION IN LAWSUIT SETTLEMENT.NEW CASTLE, Ind.--(BUSINESS WIRE)--November 1, 1994--Ameriana Bancorp (The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. : ASBI ASBI American Segmental Bridge Institute ) today announced that it has reached a settlement with Aetna Casualty and Surety Company related to previously announced litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Under the settlement, Ameriana will receive $3.1 million in settlement of a June 1993 judgment entered in the Company's favor in the Superior Court of Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. . The Company expects that the impact of this settlement on fourth quarter net earnings, after considering legal fees, taxes and other expenses, will be approximately $1.4 million or $.52 per common share outstanding. Commenting on the announcement, Harry J. Bailey, President and Chief Executive Officer, noted that Ameriana initiated litigation against Aetna in 1991 for the recovery of insurance proceeds which the Company believed were unjustly denied in claims arising from the closing of the Company's Indiana Western subsidiary in 1988. "We are pleased to announce the favorable outcome of this action, which has consumed considerable time and attention," he remarked. Ameriana Bancorp, through its wholly owned subsidiaries, Ameriana Bank, a federal savings bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , and Deer Park Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , offers an extensive line of banking services through branches in central Indiana and in the greater Cincinnati, Ohio area. Ameriana Bancorp also offers title insurance through Indiana Title Insurance Company. In addition to its banking services, Ameriana Bank, through Ameriana Financial Services, Inc., has an interest in a life insurance company, owns Ameriana Insurance Agency -- a full-service insurance agency, and provides a full line of investments and securities products in its brokerage center. CONTACT: Ameriana Bancorp, New Castle Harry J. Bailey, 317/529-2230 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion