Centrue Financial Corporation Announces the Sale of Classified Loans and REO in Bulk Sale
(firmenpresse) - OTTAWA, IL -- (Marketwired) -- 12/09/14 -- Centrue Financial Corporation (the "Company" or "Centrue") (OTCQB: CFCB) (OTC PINK: CFCB), parent company of Centrue Bank (the "Bank"), announced today that the Bank sold $35.2 million of classified loans and REO, at a discount of approximately 23% of their carrying value. This bulk sale resulted in a pre-tax charge to 2014 earnings of $4.5 million.
This bulk sale, in combination with $3.5 million in nonperforming asset organic resolutions already recorded in the fourth quarter, totals $38.7 million. The table below sets forth certain September 30, 2014 balance sheet items and ratios on a pro forma basis as if the transfers occurred prior to September 30, 2014:
"This transaction is another positive step towards reducing risks and strengthening our balance sheet," remarked President & CEO, Kurt Stevenson. "Over the past few years, and most notably the past several quarters, asset quality trends have continued to improve. After careful consideration, both the Board and management believe that taking this clean-up step now allows us to recognize losses upfront that otherwise would have created a lingering cloud of uncertainty and significantly distracted from our sales and growth efforts."
Centrue Financial Corporation is a regional financial services company headquartered in Ottawa, Illinois and devotes special attention to personal service. The Company serves a market area which extends from the far western and southern suburbs of the Chicago metropolitan area across Central Illinois down to the metropolitan St. Louis area.
Further information about the Company is available at its website at .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934 as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," or "project" or similar expressions. The Company''s ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and the subsidiaries include, but are not limited to, changes in: interest rates; general economic conditions; legislative/regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality and composition of the loan or securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company''s market areas; the Company''s implementation of new technologies; the Company''s ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Kurt R. Stevenson
Chief Executive Officer
Centrue Financial Corporation
(815) 431-2811
Daniel R. Kadolph
Chief Financial Officer
Centrue Financial Corporation
(815) 431-2838
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Datum: 09.12.2014 - 06:00 Uhr
Sprache: Deutsch
News-ID 1323844
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Retail Banking
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