On Jun. 26, 2013 the Board of Directors of the Company declared a dividend payable on Aug. 15, 2013 to preferred stock shareholders of record on Aug. 5, 2013 in the amount of $38.14 per share of the preferred stock. This payment represents the current dividend due Aug. 15, 2013, the deferred dividends due Feb. 15, 2012 and May 15, 2012 as well as accrued interest payable through Aug. 15, 2013 on all four previously deferred preferred stock dividends. Payment of this dividend by the Company is subject to consent or non-objection by the FRB which has not yet been obtained.
Coastal Banking Company has operated under a Memorandum of Understanding ("MOU") with the FRB since November 2010, which requires the company to obtain consent or non-objection from the FRB prior to the payment of stock dividends or Trust Preferred securities interest. The company will continue to seek consent or non-objection from the FRB each quarter to pay Preferred stock dividends and the regular quarterly interest due on its Trust Preferred securities, as long as the MOU remains in force and to the extent that the Company's operating results support continued payment of these dividends and interest.
About Coastal Banking Company Inc.
Coastal Banking Company Inc. is the $405.3 million-asset bank holding company of CBC National Bank, headquartered in Fernandina Beach, Fla., which provides a full range of consumer and business banking services through full-service banking offices in Beaufort, S.C., Fernandina Beach, Meigs, Ga., and Port Royal, S.C., and commercial loan production offices in Jacksonville, Fla., and Savannah, Ga. The Company's residential mortgage banking division, headquartered in Atlanta, includes an Internet-based retail mortgage operation as well as a National Retail Group that has lending offices in Florida, Georgia, Arizona, Maryland, New York and Ohio. The Company's Small Business Administration lending division originates SBA loans primarily in Jacksonville, Orlando, Naples and Vero Beach, Fla., Atlanta, Ga., Greensboro, N.C., Memphis, Ten., and Beaufort. The Company's common stock is publicly traded on the OTCQB Markets under the symbol CBCO. A current CBCO stock price quote and recent stock trading activity is available at http://www.otcmarkets.com/stock/CBCO/quote.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
This release contains forward-looking statements including statements relating to present or future trends or factors generally affecting the banking industry and specifically affecting Coastal's operations, markets and products. Without limiting the foregoing, the words "believes," "anticipates," "intends," "expects," or similar expressions are intended to identify forward-looking statements. These forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected for many reasons, including, without limitation, changing events and trends that have influenced Coastal's assumptions, but that are beyond Coastal's control. These trends and events include (i) changes in the interest rate environment which may reduce margins, (ii) not achieving expected growth, (iii) less favorable than anticipated changes in the national and local business environments and securities markets, (iv) adverse changes in the regulatory requirements affecting Coastal, (v) greater competitive pressures among financial institutions in Coastal's markets, (vi) greater loan losses than historic levels, and (vii) difficulties in expanding our banking operations into a new geographic market.
All written or oral forward-looking statements are expressly qualified in their entirety by these cautionary statements. Coastal Banking Company, Inc. undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
For More Information:
Paul R. Garrigues
Chief Financial Officer
Coastal Banking Company Inc.
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