Community Bankers Trust Corporation Announces Payment Of All Outstanding Dividends On TARP Preferred Stock
GLEN ALLEN, Va., Aug. 21, 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 to pay all six dividends that have accrued and remain unpaid, including the dividend payable on August 15, 2012, 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 all dividend payments, and will pay all outstanding interest on the six payments, on August 21, 2012.
The Company also received regulatory approval to pay the interest payment on its trust preferred securities that will be due September 30, 2012.
Rex L. Smith, III, the Company's President and Chief Executive Officer, stated, "We are pleased that we are in the position to bring all the past payments current. As our financial condition and earnings continue to improve, we expect to be able to focus our attention on paying the principal portion of the TARP obligation as soon as possible."
Mr. Smith added, "I believe this shows the solid foundation we have created working with our regulators regarding our previous supervisory issues. Additionally, I believe we will have the resources in the form of both earnings and our capital resources to allow us to pay our full obligation to the Treasury without diluting our current shareholders."
The Company had previously made three dividend payments, each in the amount of $221,000, on the Preferred Stock since the Company began to defer payments in August 2010. The amount of the payment that the Company will make to become current on the six outstanding dividends will be $1,326,000, plus interest that has accrued.
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