BEO Bancorp Declares Quarterly Cash Dividend
September 22 2008 - 1:45PM
Business Wire
BEO Bancorp (OTCBB:BEOB), parent company of Bank of Eastern Oregon,
today announced that its Board of Directors declared a quarterly
cash dividend of $0.15 per share payable on or before October 15,
2008, to shareholders of record as of September 30, 2008. �We
continue to deliver solid earnings to stockholders during these
troubling times in all financial markets,� said CEO, E. George
Koffler. �In addition to taking a conservative approach to credit
granting, we�ve ramped up credit monitoring and oversight,
especially in credits with an underlying real estate component.
This added caution is reflected in the general increases to the
Loan Loss Reserve, which accounts for loan portfolio growth,
identified problem credits, and potential general market
weaknesses. Our reserve for losses stands at 1.40%, a historically
large number for us, while our year to date earnings continue to
keep pace with last year�s historic success,� concluded Koffler.
This is the 23rd year in a row the company has paid cash dividends.
The board will continue to review its dividend policy. Cash
dividends, when and if declared, will typically be paid in April,
July, October, and January. Decisions on future dividends will
consider a wide range of indicators, including operating results,
retained earnings, capital, and general market conditions. For
further information on the company or to access internet banking,
please visit our website at http://www.beobank.com. About BEO
Bancorp BEO Bancorp is the holding company for Bank of Eastern
Oregon, which operates 11 branches and three loan production
offices in nine eastern Oregon counties. Branches are located in
Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John
Day, Prairie City, Fossil and Moro. The bank also received approval
for a branch in Enterprise, Oregon, opening in October. Loan
production offices are located in Hermiston, Enterprise, and
Ontario. Bank of Eastern Oregon also operates a mortgage division
and offers brokerage services through BEO Financial Services. The
bank�s website is www.beobank.com. Forward-Looking Statements The
statements contained in this release that are not historical facts
are forward-looking statements based upon management�s current
expectations and beliefs concerning future developments and their
potential effect on BEO Bancorp. There can be no assurances that
future developments affecting BEO Bancorp will be the same as those
anticipated by management. Actual results may differ from those
projected in the forward-looking statements. These forward-looking
statements involve risks and uncertainties. These risks and
uncertainties include, but are not limited to: (1) Competitive
pressures in the banking and financial industries. (2) Changes in
interest rate environment. (3) General economic conditions,
nationally, regionally, and in operating markets. (4) Changes in
regulatory environment. (5) Changes in business conditions and
inflation. (6) Changes in securities markets. (7) Future credit
loss experience.
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