Belmont Bancorp. Shareholders to Receive Amended Settlement Proposal Relating to Five Lawsuits.Business Editors ST. CLAIRSVILLE St. Clairsville may refer to:
Belmont Belmont (bĕl`mŏnt). 1 City (1990 pop. 24,127), San Mateo co., W Calif., a residential suburb midway between San Francisco and San Jose; laid out 1851, inc. 1926. There is light manufacturing, and the College of Notre Dame (est. Bancorp. (Nasdaq:BLMT), parent corporation of Belmont National Bank, has announced an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. proposed settlement of its participation in civil 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. resulting from losses incurred with Schwartz Homes, Inc. loans. An amended notice of the proposed settlement is being mailed to Belmont Bancorp. shareholders of record as of December 13, 2001. The notice, which will also be published in selected newspapers, includes a financial settlement totaling $6,325,000, termination of four legal matters, and substantial resolution of a fifth suit. Under the terms of the amended proposed settlement, Progressive Casualty Insurance Company, Belmont's former insurance provider, agrees to pay $3,000,000, the total policy limits of Belmont's directors and officers liability policy. The sum of $2,650,000 will be paid by certain Belmont Bancorp. directors. Progressive further agrees to pay Belmont $675,000 to settle claims on Belmont's fidelity bond An insurance device in the form of a personal guaranty that protects against loss resulting from disreputable or disloyal employees or other individuals who possess positions of confidence. . From all the above sums, various fees and expenses will be paid. The hearing originally scheduled for December 19, 2001 has been cancelled. A new hearing has been set for January 15, 2002 at 10am. Any Belmont Bancorp. shareholder who does not receive a copy of the notice may request a copy of the notice by sending proof of Belmont Bancorp. common stock ownership to Belmont Bancorp. Investor Relations Investor relations The process by which the corporation communicates with its investors. , PO Box 249, St Clairsville OH 43950. |
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