Belmont Bancorp. Completes Stock Sale and Recapitalization.Business Editors ST. CLAIRSVILLE St. Clairsville may refer to:
Belmont Bancorp. (Nasdaq:BLMT), parent corporation of Belmont National Bank, has announced it has sold all 3,000,000 shares of common stock it made available in a public offering which began on May 17, 2000. The success of the stock offering completes Belmont's recapitalization plan, which started February 7, 2000 with an initial 5,000,000 stock offering to its shareholders. Wilbur R. Roat, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Belmont Bancorp., stated the corporation's capital now exceeds regulatory requirements. "We are delighted to announce our Tier 1 Capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. is now greater than 6% of adjusted total assets, which exceeds the level specified in our agreement with the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . Our recovery efforts are moving forward thanks to our shareholders, customers, directors, and other investors who purchased over $11.7 million of Belmont stock in our two offerings. It is obvious to us, from the support we are receiving, that families and businesses throughout the Ohio Valley believe in our commitment to remaining independent. We will continue to work very hard to reward our customers and shareholders for their loyalty and trust in us," said Roat. Roat indicated that although results are not finalized Belmont will show a continuing increase in profitability for the second quarter of 2000 compared to the prior quarter. In addition, now that the corporation's stock offering is complete, Belmont Bancorp. announced its annual shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. will be held on August 21, 2000. Investors who hold Belmont stock as of July 14, 2000 will be mailed information concerning the time and location for the meeting. Belmont Bancorp. is a holding company with Belmont National Bank offices in Bellaire, Bridgeport, Cadiz, Lansing, New Philadelphia New Philadelphia, city (1990 pop. 15,698), seat of Tuscarawas co., E Ohio, on the Tuscarawas River, in a coal and clay area; founded 1804, inc. 1833. Foundry products, machinery, and pottery are made. The Tuscarawas Campus of Kent State Univ. is there. , St. Clairsville, Schoenbrunn and Shadyside, Ohio, and in the Woodsdale and Elm Grove areas of Wheeling, West Virginia Wheeling is a city in West Virginia, in the United States. Most of the city is in Ohio County, with a small part in Marshall County. It is the county seat of Ohio CountyGR6. . Belmont Bancorp. stock trades in the Small Cap Market of NASDAQ under the symbol BLMT. |
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