BEO Bancorp Directors Vote to Conserve Capital and Build Reserves
December 31 2008 - 11:24AM
Business Wire
Conserving capital in these uncertain times was the primary message
the Board of Directors of BEO Bancorp (OTCBB:BEOB) cited as they
voted not to pay a quarterly dividend for the fourth quarter of
2008. In keeping with the core philosophy of the bank, it was
decided that growing capital and building reserves in these
turbulent times is the most prudent path for the bank and
shareholders alike. �The downturn in general economic conditions
and in housing and construction, particularly in the past year,
make this the right thing to do at this time. The board will
re-evaluate the payment of dividends in the first quarter of 2009
and subsequent quarters as earning and credit quality improve and
the need for a stronger capital position moderates,� said BEO
Bancorp president and CEO, E. George Koffler. �We were pleased to
be able to pay a $0.15 dividend in each of the first three quarters
of 2008,� said Koffler. �In January, BEO Bancorp expects to post
good results for 2008. The results will be slightly less than 2007
record levels, despite adding nearly $1.5 million to reserve for
loan losses over the course of the year. While the bank has avoided
loan write-offs of any substantial amount, we continue to monitor
and manage through an increase in problem loans,� added Koffler.
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 12 branches and two loan production offices
in nine eastern Oregon counties. Branches are located in Arlington,
Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie
City, Fossil, Moro and Enterprise; loan production offices are
located in Hermiston 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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