Charter Pacific Bank Responds to Inquiries About Unusually High Trading Volume.Business Editors AGOURA HILLS, Calif.--(BUSINESS WIRE)--Dec. 20, 2000 In a statement today, Charter Pacific Bank's (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CHTP CHTP Certified Healing Touch Practitioner CHTP Certified Hospitality Technology Professional ) 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. , Michael Ward Michael Ward may refer to:
The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. for Charter Pacific Bank on Tuesday, December 5, was in excess of 1 million shares and has totaled over 1,275,000 shares from November 28, the date of our last press release, to the present. In that release we reported a 141% earnings improvement in third quarter continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and a 190% improvement in continuing operations for the nine-month period ended September 30, 2000. We also reported that we have shown sequential improvement throughout the year and that this was our seventh consecutive quarterly improvement in continuing operations." Ward continued: "We also indicated that Charter has received an increasing number of inquiries from other financial institutions potentially interested in acquiring us, including a specific offer in excess of book value. We indicated that `we have given, and will continue to give proper and serious consideration to all such matters,' but that, `for now we intend to continue to build additional shareholder value, expand our customer base and expand and further improve our service to customers.' "The only new event of which we are aware to account for the surge in trading volume (a significant fraction of the entire 5 million Charter shares outstanding) is that there had been for sale a large block of stock (about 580,000 shares) owned by an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. group specializing in small banks. As part of a general plan of distribution to its investors by year-end, the group liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. its entire small-bank portfolio, of which the Charter block was a relatively small component. "We are pleased that even under current turbulent market conditions, this block which had been over-hanging the market, was readily absorbed in an orderly fashion by new investors anxious to acquire, collectively, a sizable position in Charter Pacific Bank. The sale of the block was completed on Tuesday, December 5. We welcome our new investors into the Charter family. We will continue to pursue all reasonable steps to maximize shareholder value for all our investors, new and old." Finally, Ward stated: "We are unaware of any other news to account for the activity. As we stated in our prior release, `We are pleased with what we have accomplished so far this year and we look forward to an even better future.'" |
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