This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Community Bankers Trust Corporation Announces Payment Of Dividend On TARP Preferred Stock

GLEN ALLEN, Va., March 15, 2012 /PRNewswire/ -- Community Bankers Trust Corporation, the holding company for Essex Bank (the "Company") (NYSE Amex: BTC), announced today that it has received regulatory approval for the February 2012 payment of its regular quarterly cash dividend with respect to its Fixed Rate Cumulative Perpetual Preferred Stock, Series A. The Company issued the Preferred Stock to the United States Department of the Treasury in connection with the Company's participation in the Treasury's TARP Capital Purchase Program in December 2008. The Company will make the payment, and will pay all outstanding interest on both the February payment and the six dividend payments that the Company had previously deferred, on March 16, 2012.

The Company also received regulatory approval for the payment of all outstanding interest payments that the Company has deferred under its trust preferred securities since September 30, 2010. The Company will make this payment also on March 16, 2012.

The Company's Board of Directors had previously approved all of these payments, subject to the approval of the Company's federal and state regulators as set forth in the formal written agreement that has been in place since April 2011.

Rex L. Smith, III, the Company's President and Chief Executive Officer, stated, "We are pleased to have the ability to begin making our TARP payments again, and to bring all interest payments on our trust preferred securities current at the same time. It shows the excellent progress that the Company continues to make, as well as the close relationship that we have with our regulators to actively address every supervisory issue regarding our safety and soundness. We believe that this is the first step towards more substantive relief under our written agreement and definitely the path to fulfill our TARP obligations. We will continue our efforts towards reducing non-performing loans and increasing profitability to ensure success. At this point, our trends certainly point in the right direction."

Following the payments described above, the Company will still have six quarterly dividend payments with respect to the Preferred Stock that remain accrued and unpaid. The failure to pay dividends for six dividend periods triggers the right for the holder of the Preferred Stock to appoint two directors to the Company's board. The Treasury has not requested to exercise this right to date.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs