Beverly Hills Bancorp Inc. Announces New CEO and New Directors, Amends Certificate of Incorporation and Declares Quarterly Cash Dividend.CALABASAS, Calif. -- Beverly Hills Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BHBC) announced today that at the Company's Annual Meeting on August 25, 2005, the Company's stockholders elected Howard Amster, Larry B. Faigin, Stephen P. Glennon, Robert Kanner, Kathleen Kellogg, William D. King and John Lannan as the Company's Board of Directors. The Company's stockholders also approved an amendment to the Company's Certificate of Incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. to reduce the number of authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. of common stock from 90 million to 30 million, and to cancel the authorization of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The Company expects these reductions in authorized shares to result in annual tax savings of approximately $100,000. In further business, the Company announced the election of Larry B. Faigin as Chief Executive Officer effective August 25, 2005. Mr. Faigin also serves as Chairman of the Company's Board of Directors, a position he has held since 1999. Joseph W. Kiley III, the President and Chief Executive Officer of FBBH, had served also as BHBC's President and Chief Executive Officer since May 2004. Lastly, the Company announced the declaration of a 12 1/2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. cash dividend on the Company's common stock. The dividend is payable October 1, 2005 to stockholders of record as of September 15, 2005. Beverly Hills Bancorp Inc. is a financial holding company that conducts banking operations through its wholly-owned subsidiary, First Bank of Beverly Hills ("FBBH" or the "Bank"), and mortgage investment operations through its investment subsidiary, WFC WFC Wi-Fi Connection (Nintendo gaming service) WFC Wide-Field Camera WFC World Financial Center (New York) WFC Workforce Center WFC World Federation of Chiropractic WFC World Food Council Inc. For further information, please see our website (www.bhbc.com) for our 10-Q Report and related communications. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion