Consumers Financial Corporation Unable To Pay Quarterly Dividend On Preferred Stock.Business Editors CAMP HILL, Pa.--(BUSINESS WIRE)--July 5, 2000 Consumers Financial Corporation (the "Company") announced today that it did not have sufficient liquid assets Cash, or property immediately convertible to cash, such as Securities, notes, life insurance policies with cash surrender values, U.S. savings bonds, or an account receivable. to pay the July July: see month. 1, 2000 quarterly dividend on its 8 1/2% cumulative convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . Although the Company's wholly-owned subsidiary has sufficient liquid funds to cover the amount of the July 1 dividend, the transfer of such funds to the Company is subject to the approval of the Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). Department of Insurance. In that regard, the subsidiary has requested the Department's approval of a dividend payment to the Company for the purpose of paying the quarterly dividend; however, as of July 5, 2000, no response has been received from the Department. |
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