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News Article | April 28, 2017
Site: www.prnewswire.com

Marquette National Corporation is a diversified bank holding company with total assets of approximately $1.596 billion.  The Company's banking subsidiary, Marquette Bank, is a full-service, community bank that serves the financial needs of communities in Chicagoland, offering an extensive line of financial solutions, including retail banking, real estate lending, trust, investments, wealth management and business banking to consumers and commercial customers.  Marquette Bank has 21 branches located in Chicago, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Forest, Oak Lawn, Orland Park, Romeoville and Summit, Illinois.  For more information visit:  http://www.emarquettebank.com. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company.  Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company's management and on information currently available to management, are generally identifiable by the use of words such as "believe," "expect," "anticipate," "plan," "intend," "estimate," "may," "will," "would," "could," "should" or other similar expressions.  A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements.  These factors include, among others, the following: (i) the strength of the local and national economy; (ii) the economic impact of any future terrorist threats and attacks, and the response of the United States to any such threats and attacks; (iii) changes in state and federal laws, regulations and governmental policies concerning the Company's general business; (iv) changes in interest rates and prepayment rates of the Company's assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected outcomes of existing or new litigation involving the Company; and (x) changes in accounting policies and practices.  These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/marquette-national-corporation-announces-four-for-one-stock-split-300447719.html


News Article | April 26, 2017
Site: globenewswire.com

STRASBURG, Va., April 26, 2017 (GLOBE NEWSWIRE) -- First National Corporation (the “Company” or “First National”) (OTC:FXNC) today reported net income of $1.5 million and earnings per share of $0.31 for the first quarter ended March 31, 2017. This was a $444 thousand increase when compared to earnings for the first quarter of 2016, which totaled $1.1 million or $0.22 per share. The increase in net income resulted primarily from a $366 thousand decrease in noninterest expenses and a $293 thousand increase in net interest income. Select highlights for the first quarter of 2017: “We are pleased with the performance in the first quarter of 2017 as the Company benefited from higher loan balances and expense reductions compared to last year’s first quarter. The results included a 40% increase in net income, a respectable net interest margin of 3.70%, and a significant improvement in the efficiency ratio,” said Scott Harvard, president and chief executive officer of First National. Harvard added, “Loan growth drove a higher net interest margin and higher interest income on loans. Non-maturity deposit growth helped fund loans and we remain focused on deepening relationships to drive continued loan and deposit growth. We are also pleased with the substantial improvements in productivity, as demonstrated by the assets-per-employee ratio, which reached $4.6 million at the end of the quarter.” Total assets of First National increased $11.3 million during the quarter to $727.3 million at March 31, 2017, and increased $26.3 million compared to one year ago.  Loans, net of the allowance for loan losses, increased $11.6 million during the quarter to $492.3 million, and increased $43.8 million, or 10%, compared to March 31, 2016. The total of securities and interest-bearing deposits in banks was unchanged during the quarter at $180.9 million, and decreased $13.9 million compared to one year ago. Total deposits increased $9.2 million during the quarter to $654.8 million, and were $21.7 million higher than total deposits at March 31, 2016. When comparing the composition of the deposit portfolio at March 31, 2017 to one year ago, noninterest-bearing demand deposits increased from 26% to 27% of total deposits, while time deposits decreased from 22% to 19%. Shareholders’ equity totaled $54.0 million at March 31, 2017 compared to $47.7 million one year ago. Tangible common equity totaled $52.6 million at the end of the first quarter, compared to $45.6 million at March 31, 2016. The Company exceeded its target regulatory capital ratios at the end of the quarter. Net interest income increased $293 thousand, or 5%, to $6.0 million for the quarter, compared to $5.7 million for the same period of 2016. Total interest income increased $341 thousand, or 6%, to $6.5 million for the quarter, compared to the same period of 2016. The increase resulted from higher average earning asset balances and a higher yield on total earning assets. Earning asset yields increased 10 basis points, primarily from a change in asset composition as average loan balances increased to 74% of average earning assets for the first quarter, up from 69% for the same period of 2016. While loan balances increased, the average balance of securities decreased to 22% of average earning assets, down from 26%, comparing the periods. Total interest expense increased $48 thousand, or 10%, to $540 thousand for the quarter, compared to the same period of 2016.  The increase in interest expense resulted primarily from a 4 basis point increase in the cost of interest-bearing deposits. Noninterest income was unchanged at $1.9 million for the quarter, compared to the same period of 2016. There were no significant changes in the noninterest income categories when comparing the periods. Noninterest expense decreased $366 thousand, or 6%, to $5.8 million for the quarter, compared to the same period of 2016. Salaries and employee benefits expense decreased $202 thousand, or 6%, legal and professional fees decreased $114 thousand, or 37%, and occupancy expense decreased $57 thousand, or 13%. Salaries and employee benefits decreased primarily from a decrease in salaries and wages, insurance expense, and retirement plan costs. A reduction in the number of employees had a favorable impact on each of these expense categories. Legal and professional fees decreased primarily from consulting expenses that were incurred from an efficiency initiative that occurred during the first quarter of 2016. The decrease in occupancy expense resulted primarily from lower repairs and maintenance expense when comparing the periods. There was no provision for loan loss during the quarter. Net recoveries on loans previously charged-off offset the impact of loan growth on the general reserve during the period. Asset quality improved as nonperforming assets totaled $1.8 million, or 0.25% of total assets at March 31, 2017, which was an improvement when compared to $6.4 million, or 0.91% of total assets, one year ago. The allowance for loan losses totaled $5.5 million at March 31, 2017 and $5.5 million at March 31, 2016, representing 1.10% and 1.22% of total loans, respectively. Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, and other filings with the Securities and Exchange Commission. First National Corporation (OTC:FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, two loan production offices, a customer service center in a retirement community, and 14 bank branch office locations located throughout the Shenandoah Valley and central regions of Virginia. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management.  First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance. FIRST NATIONAL CORPORATION Quarterly Performance Summary (in thousands, except share and per share data) FIRST NATIONAL CORPORATION Quarterly Performance Summary (in thousands, except share and per share data) FIRST NATIONAL CORPORATION Quarterly Performance Summary (in thousands, except share and per share data) (1) The efficiency ratio is computed by dividing noninterest expense excluding other real estate owned income/expense, amortization of intangibles, and gains and losses on disposal of premises and equipment by the sum of net interest income on a tax-equivalent basis and noninterest income, excluding gains and losses on sales of securities.  Tax-equivalent net interest income is calculated by adding the tax benefit realized from interest income that is nontaxable to total interest income then subtracting total interest expense. The tax rate utilized in calculating the tax benefit is 34%. See the tables above for tax-equivalent net interest income and reconciliations of net interest income to tax-equivalent net interest income.  The efficiency ratio is a non-GAAP financial measure that management believes provides investors with important information regarding operational efficiency.  Such information is not prepared in accordance with U.S. generally accepted accounting principles (GAAP) and should not be construed as such.  Management believes, however, such financial information is meaningful to the reader in understanding operational performance, but cautions that such information not be viewed as a substitute for GAAP. (2) All capital ratios reported are for the Bank.


MONTREAL, QUEBEC--(Marketwired - Feb. 16, 2017) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the execution of a strategic alliance with Altius Minerals Corporation ("Altius") (TSX:ALS), whereby Midland and Altius will combine their efforts to jointly explore the remarkable gold potential of the extensive James Bay region. Under this new alliance, Midland and Altius will bring together two experienced exploration teams, as well as large databases, in order to generate exploration targets and new high-quality projects across the vast and underexplored James Bay region. Generation of exploration targets will begin shortly, and the first reconnaissance, prospecting and till sampling campaigns will begin in the early summer of 2017. A budget of approximately $500,000, jointly funded, will be allotted for the 2017 field campaign and Midland will be the operator. This new strategic alliance with Altius covers a vast area of the James Bay region which is highly prospective for gold mineralization. Midland's existing properties and the area of interest defined under its agreement with Osisko Exploration James Bay Inc. are excluded from this new agreement with Altius. Altius's diversified royalties and streams generate revenue from 14 operating mines located in Canada and Brazil that produce copper, zinc, nickel, cobalt, precious metals, potash, and thermal (electrical) and metallurgical coal. The portfolio also includes numerous predevelopment-stage royalties covering a wide spectrum of mineral commodities and jurisdictions. It also holds a large portfolio of exploration-stage projects, which it has generated for deal making with industry partners and which will result in third party financing, equity and minority interests, and newly created royalty interests. Altius has 43,335,654 shares issued and outstanding that are listed on Canada's Toronto Stock Exchange. It is a member of both S&P/TSX Global Mining Indices. Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements, base metals and rare earth elements. Midland is proud to count on reputable partners such as Altius Minerals Corp., Agnico Eagle Mines Limited, Teck Resources Limited, SOQUEM INC., Osisko Exploration James Bay Inc., Japan Oil and Gas and Metals National Corporation and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value. This press release was prepared by Mario Masson, VP Exploration for Midland, certified geologist and Qualified Person as defined by NI 43-101. For further information, please consult Midland's website: www.midlandexploration.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland's periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities.


News Article | March 1, 2017
Site: www.marketwired.com

MONTREAL, QUEBEC--(Marketwired - March 1, 2017) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the resumption of drilling on the Casault gold project in partnership with SOQUEM INC. ("SOQUEM"), with a diamond drilling program totalling ten (10) drill holes for a minimum of 2,000 metres of drilling. The Casault property consists of 315 claims (173 square kilometres) that cover the Sunday Lake Fault over more than 20 kilometres strike length, about 40 kilometres east of the Detour Lake mine. This mine hosts mineral reserves estimated at 14.38 million ounces of gold ("Moz Au") consisting in proven reserves of 89.2 million tonnes at a grade of 1.26 g/t Au for 3.60 Moz Au and probable reserves of 351.6 million tonnes at a grade of 0.95 g/t Au for 10.78 Moz Au. This new exploration program on the Casault project will initially include a new OreVision®-type induced polarization survey totalling approximately 30 kilometres, to be conducted southeast of the Bug Lake zone held by Balmoral Resources Ltd ("Balmoral"). Balmoral recently announced the start of a new drilling program totalling 25,000 metres on the Bug Lake zone, where high-grade gold was recently intersected in drill holes, with values reaching 6.25 g/t Au over 11.66 metres, including 12.48 g/t Au over 5.47 metres, along the extensions of the Bug Southeast gold zone (see press releases by Balmoral dated February 2 and 9, 2017). This new drill intersection is located just 1 kilometre northwest of the central part of the Casault project. On Casault, several additional high-priority drilling targets, mainly consisting in high-chargeability anomalies identified during the 2013 induced polarization survey, will be tested in a prospective area located near the west junction between a Timiskaming-type conglomerate basin and the regional Sunday Lake Fault, which hosts the Detour Lake gold deposit. Figures showing the location of the Casault property as well as new areas to be drill-tested may be consulted using the following link: http://media3.marketwire.com/docs/Casault%20February%202017.pdf SOQUEM, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals. Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements, base metals and rare earth elements. Midland is proud to count on reputable partners such as Agnico Eagle Mines Limited, Teck Resources Limited, SOQUEM INC., Osisko Mining Inc., Altius Minerals Corp., Japan Oil and Gas and Metals National Corporation and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value. This press release was prepared by Mario Masson, VP Exploration for Midland, certified geologist and Qualified Person as defined by NI 43-101. For further information, please consult Midland's website: www.explorationmidland.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland's periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities.


TORONTO, ONTARIO--(Marketwired - Feb. 21, 2017) - Arena Minerals Inc., (TSX VENTURE:AN) ("Arena" or the "Company") is pleased to report that the Japan Oil Gas and Metals National Corporation ("JOGMEC") and Arena joint venture has received drilling permits for the Pampa Union drill program that forms part of the US$17.5 million JOGMEC joint venture. The exploration program has been designed to complete a 1.5 kilometre grid spacing drill pattern over Pampa Union as well as follow-up on previous successes. Drill hole PU-RC-39, drilled in the north-western portion of the Pampa Union block, intersected a lithocap, alteration and pyrite shell characteristic of a porphyry system down to a total depth of 441 metres below surface. The follow-up 241 platform drill program has met all necessary environmental, health and safety, fresh water resource management, archeological, communal, fauna and flora standards and was officially approved by the National Environmental Assessment Service in Santiago. "We are pleased to have received drill permits for up to 241 additional drill platforms at the Pampa Union project, which is currently under Joint Venture with JOGMEC," commented William Randall, President and CEO of Arena. He continued, "We plan to commence drilling immediately, initially with one drill rig and adding a second drill in the coming weeks. We will be following up on previous discoveries, as well as further regional exploratory drilling, which is a big step for the Company in our objective of delineating a copper porphyry deposit in the Antofagasta mining region of northern Chile." The drill program is fully funded by the JOGMEC joint venture, with funds already in Chile enabling immediate initiation of the drill program. AK Drilling has been awarded the drill bid, consisting of an initial 10,000 metres of reverse circulation drilling. Drill rigs are being mobilized to the Pampa Union project with drilling to commence shortly. Arena Minerals is a prospect generator that has one property under option covering approximately 68,468 hectares within the Antofagasta region of Chile. The property is at low altitudes, within producing mining camps in infrastructure rich areas. The Company's flagship asset is the Atacama Copper Property, consisting of 68,468 hectares, following a contractual land reduction on July 2016, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 50% of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena, Japan Oil, Gas and Metals National Corporation and Teck Resources Chile Limitada, each have the right to earn into 60% of the respective land holdings within the property, by collectively spending over $40 million in exploration expenditures, amongst certain other commitments. The technical and scientific aspects of this news release have been reviewed and approved by Mr. Vernon Arseneau, P.Geo, who is a qualified person pursuant to NI 43-101. As the Vice President of Exploration of the Company, Mr. Arseneau is not considered independent. To view the website, please visit www.arenaminerals.com. In addition to featuring information regarding the Company, its managements and projects, the website also contains the latest corporate news and an email registration allowing subscribers to receive news and updates directly. On behalf of the Board of Directors of This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements, projections and estimates relating to the receipt of drill permits, the exploration program for the JOGMEC joint venture, the future development of any of the Company's properties, the commencement of work programs, the progress of drill programs, the prospectivity of, and planned work programs on, such properties, the ability to enter into any additional joint venture partnership agreements as proposed, or at all, the ability of any potential partner to accelerate drill programs, increase the development of any of the projects or prospects of the Company, the results of the exploration program, future financial or operating performance of the Company, its subsidiaries and its projects, the development of and the anticipated timing with respect to Pampa Union. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The statements made herein are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of the Company's interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward looking information. Arena Minerals does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


News Article | February 22, 2017
Site: www.marketwired.com

MONTREAL, QUEBEC--(Marketwired - Feb. 22, 2017) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) announces that it has granted incentive stock options to employees, directors, officers and consultants of Midland to acquire an aggregate of 545,000 common shares at $1.14 per share, for a period of 10 years. These incentive stock options have been granted in accordance with Midland's Stock Option Plan. Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold, platinum group elements, base metals and rare earth elements. Midland is proud to count on reputable partners such as Agnico Eagle Mines Limited, Teck Resources Limited, SOQUEM INC., Osisko Mining Inc., Altius Minerals Corp., Japan Oil and Gas and Metals National Corporation and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio and generate shareholder value. For further information, please consult Midland's website: www.midlandexploration.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland's periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities.


News Article | March 2, 2017
Site: co.newswire.com

Interstate National Corporation, one of the nation’s largest independent providers of vehicle F&I products and services, and its equity partner Golden Gate Capital, a San Francisco‐based private equity firm with over $15 billion of capital under management, announced today changes to their current team of industry stars. Breanne Morley has been promoted to President of Interstate National.  Breanne joined the Interstate team in 2007 and has since proven to be a results-driven, accomplished leader.  Prior to joining Interstate, she served as VP of Balboa Insurance Company’s Home Warranty division, where she worked with the executive management team to develop marketing plans, collaborated with internal cross-functional areas in the implementation of new systems and procedures, and planned /managed the expense and production budget for the division.  Breanne is a progressive, decisive, innovative, and highly valued strategist recognized for her expertise in leadership throughout the organization. During her tenure with Interstate, Breanne has guided many of their teams, including Claims, Member Services, Client Relations, Legal/Compliance, Marketing, BPSC, Sales and Training. Her articulate and persuasive business acumen paired with her exceptional communication and training skills, allow Breanne to be able to effectively relate to staff, partners, and vendors.  Breanne’s experience, knowledge and understanding of the inner workings of Interstate make her the perfect candidate for this role. “She is a recognized leader in our industry whom I’ve had the pleasure of working with for over 15 years,” says Gene Becker, Operating Executive of Golden Gate Capital. Brian Becker has been promoted to EVP, Chief Sales & Marketing Officer of Interstate National. Brian’s leadership has been instrumental in the unprecedented growth and profitability of their Financial Institution and Direct Marketing channels over the past 10 years. He most recently added Marketing, Dealer Development and Training teams to his leadership responsibilities. Prior to joining Interstate, Brian served as VP of Financial Institution Sales at Balboa Insurance Group where he was responsible for selling insurance solutions to financial institutions. After graduation from Florida State University, Brian completed a leadership internship/mentorship program with Assurant, and joined a leading mortgage company as a sales manager servicing large accounts such as Merrill Lynch, USAA, and Schwab. In his new role, Brian will be responsible for developing, leading, and managing the sales and marketing strategy for Interstate National, and will lead all of their sales channels, marketing strategy, business development, training, sales operations, and sales project management teams. “Brian will be instrumental in directing channel growth, as well as strengthening the brand, partner and customer experience in the industry,” says Gene Becker, Operating Executive of Golden Gate Capital. Interstate National, headquartered in Atlanta, Georgia, offers producers thirty‐five years of experience with over 4.6 million contracts sold and $1.1 billion in paid claims to over 1.8 million consumers.   In addition, Interstate National partners with over 3,000 producers in the U.S. and Canada, and has distributed over one‐quarter of a billion dollars in underwriting gains and investment income.  For more information, visit www.interstatenational.com. Golden Gate Capital is a San Francisco‐based privately held enterprise with over $15 billion in committed capital. Unlike conventional private equity firms, Golden Gate operates as a private holding company and recapitalizes, restructures, and ultimately builds meaningful businesses in partnership with management over an indefinite time horizon. For more information, visit www.goldengatecap.com.


News Article | February 15, 2017
Site: www.businesswire.com

PHILADELPHIA--(BUSINESS WIRE)--RAIT Financial Trust (“RAIT”) (NYSE: RAS), a national direct lender to owners of commercial real estate and an internally-managed real estate investment trust, today announced the appointment of Thomas D. Wren, a veteran financial services executive and former federal banking regulator, to its Board of Trustees, effective immediately. “Tom is an outstanding addition to the RAIT Board,” said Michael Malter, RAIT’s Non-executive Chairman of the Board. “One of the things we have heard from a number of shareholders is that we should add highly-qualified independent directors who bring new perspectives and insights to RAIT’s Board. I believe adding Tom to our Board is very responsive to that input. We look forward to capitalizing on Tom’s substantial senior leadership experience at large publicly-traded financial services companies and experience as a federal banking regulator. The Board will also benefit from Tom’s extensive and relevant experience from his tenure of almost 9 years serving as an independent director at Hatteras Financial Corp., a publicly-traded mortgage-backed securities REIT prior to its acquisition by Annaly Capital Management, Inc., where among other roles, he chaired its audit committee. Tom’s addition brings a third new trustee to RAIT’s Board in the past fifteen months.” “I’m excited to join RAIT’s Board at such a transformative time in its history,” said Mr. Wren. “I look forward to contributing my experience leading and regulating financial services firms to the RAIT Board as it oversees RAIT’s ongoing transformation and the execution of its strategic initiatives to drive revenue growth and create long-term shareholder value.” The RAIT Board has determined that Mr. Wren qualifies as an independent trustee as such term is defined in RAIT’s Trust Governance Guidelines, which includes meeting the independence standards under Rule 303A.02 of the NYSE Listed Company Manual. Mr. Wren replaces Edward S. Brown who, following close to 18 years of dedicated service to RAIT, has chosen to step down from the Board. “On behalf of the entire Board, I want to thank Ed for his years of dedicated service to RAIT,” continued Mr. Malter. “He has contributed in countless ways during his tenure and helped navigate RAIT through a period of significant transition.” Today’s announcement reflects the RAIT Board’s on-going commitment to recruit new independent and highly-qualified directors who have perspectives, insights, experiences and competencies that expand the depth and breadth of the Board and provide RAIT with additional competencies and resources for growing shareholder value. With Mr. Wren’s appointment to the RAIT Board, the Board will be composed of nine highly-qualified and experienced directors, three of whom have joined the RAIT Board since November 2015, and boasts a broad and diverse set of skills and experiences in the areas of commercial real estate, commercial lending, banking, finance, accounting, mergers and acquisitions, capital markets, capital allocation, capital structure, and risk management. Mr. Wren, 65, was a special advisor at Promontory Financial Group, a bank and financial services consulting firm, from March 2006 to October 2011. Prior to that, Mr. Wren was group head and treasurer of MBNA Corporation, or MBNA, a publicly-held bank holding company, from July 1995 to January 2006. At MBNA, Mr. Wren was responsible for the daily management of the global money market and fixed income investment portfolios and the wholesale funding programs for the $140.0 billion total managed assets credit card bank. From May 1992 to June 1995, Mr. Wren served as executive vice president-chief investment and funding officer of Shawmut National Corporation, a publicly-held bank holding company. From June 1973 to April 1992, Mr. Wren served in numerous roles at the Office of the Comptroller of the Currency, or OCC, a federal banking regulatory agency, ending as manager large bank supervision in the OCC’s Washington D.C. office. Mr. Wren has served on the governing boards of numerous financial institutions, including service as an independent director of each of ACM Financial Trust, Inc., a privately-held residential mortgage backed securities real estate investment trust, or REIT, since December 2005, and Hatteras Financial Corp., or Hatteras, a publicly-traded mortgage backed securities REIT, from November 2007 until Hatteras was acquired by Annaly Capital Management, Inc. in July 2016. RAIT Financial Trust (NYSE: RAS) is an internally managed real estate investment trust that provides debt financing options to owners of commercial real estate and owns a portfolio of commercial real estate properties located throughout the United States. Additional information about RAIT can be found on its website at www.rait.com.


News Article | February 14, 2017
Site: globenewswire.com

STRASBURG, Va., Feb. 14, 2017 (GLOBE NEWSWIRE) -- The Board of Directors of First National Corporation (OTC:FXNC) declared a quarterly cash dividend of $0.035 per share on February 8, 2017.  This was a 17% increase compared to the quarterly dividend paid on December 16, 2016.  The dividend is payable on March 17, 2017 to shareholders of record as of March 3, 2017.  Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s future operations and are generally identified by phrases such as “the Company expects,” “the Company believes” or words of similar import. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance or achievements of the Company will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. For details on factors that could affect expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, and other filings with the Securities and Exchange Commission. First National Corporation (OTC:FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia.  The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, two loan production offices, a customer service center in a retirement community, and 14 bank branch office locations located throughout the Shenandoah Valley and central regions of Virginia.  In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management.  First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance.


News Article | March 3, 2017
Site: www.prnewswire.com

ATLANTA, March 2, 2017 /PRNewswire/ -- Interstate National Corporation, one of the nation's largest independent providers of vehicle F&I products and services, and its equity partner Golden Gate Capital, a San Francisco‐based private equity firm with over $15 billion of capital under...

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