Merchants Bancshares, Inc. Announces Special Dividend


first_imgMerchants Bancshares, Inc. Announces Special Dividend and TrustPreferred Securities IssuanceSOUTH BURLINGTON, VT – The Board of Directors of Merchants Bancshares, Inc.(NASDAQ: MBVT), the parent company of Merchants Bank, today declared a specialcash dividend of $4.50 per share payable December 17, 2004 to shareholders of record asof the close of business on December 10, 2004. The total amount of this special dividendwill be approximately $28.10 million. After looking at several alternatives, MerchantsBoard of Directors has determined that the lower tax rates on dividends provide anopportunity for Merchants to return capital to its shareholders in the form of a specialdividend in a simple, fair and transparent process. Merchants has decided to moveforward with a special dividend as the optimal capital management alternative. Merchantswill remain well capitalized under applicable regulatory guidelines after the specialdividend. Merchants hereby notifies participants in its dividend reinvestment plan that itis temporarily suspending its dividend reinvestment plan, effective as of the date hereofthrough December 18, 2004, in order to permit payment of the special dividend. Alldividend payments will be made in the form of a check.Merchants also plans to participate in a private placement of $20 million of trustpreferred securities, through a newly formed Delaware statutory trust affiliate ofMerchants. The transaction will be part of a pooled trust preferred program. Keefe,Bruyette & Woods, Inc. and FTN Financial Capital Markets, a division of FirstTennessee Bank, N.A., will serve as placement agents in the offering. These hybridsecurities are expected to qualify as regulatory capital for Merchants, up to certainregulatory limits. At the same time they are considered debt for tax purposes, and as such,interest payments are fully deductible. While trust preferred securities have been aregulatory capital funding option for bank holding companies since 1996, there has beenno prior time period where an equivalent level of relative cost effectiveness has existedversus alternative funding options. Upon issuance, the trust preferred securities will bearinterest at a fixed rate for five years, and after five years, the rate will adjust quarterly.The trust preferred securities mature on December 31, 2034, and are redeemable at theCompanys option beginning after five years from issuance. The proceeds from the saleof the trust preferred securities will be used for general corporate purposes, allowingMerchants to pay the special dividend, and at the same time continuing to pursuealternative growth opportunities.Merchants estimates that the payment of the dividend and the issuance of the trustpreferred securities will reduce 2005 net interest income on an after tax basis byapproximately $1.06 million, or approximately 17 cents per share.Mr. Joseph Boutin, President and Chief Executive Officer and Ms. Janet Spitler, ChiefFinancial Officer, will host a conference call to discuss this special dividend payment anddebt issuance at 9:00 a.m. Eastern Time on Friday, December 3, 2004. Interested partiesmay participate in the conference call by dialing (888) 428-4480, the title of the call isSpecial Dividend Conference Call for Merchants Bancshares, Inc. Participants are askedto call in a few minutes prior to the call in order to register. A replay will be availablethrough December 17, 2004. The U.S. replay dial-in number is (800) 475-6701. Theinternational replay dial-in number is (320) 365-3844. The replay access code, regardlessof dial-in location, is 759060.The mission of Merchants Bank is to provide best-in-class community banking servicesin the state of Vermont. This commitment is fulfilled through a community, branch-based,system that includes 35 bank offices throughout Vermont, employees dedicated toquality customer service, and innovative banking products such as Free Checking forLife ®, MoneyLYNX ® money market accounts, and CommerceLYNX ® business bankingproducts. Merchants Bank also includes a trust and investment division, known asMerchants Trust Company, serving individuals and institutions. For more informationabout Merchants Bank visit our website at www.mbvt.com(link is external). Merchants stock is traded onthe NASDAQ National Market system under the symbol MBVT. Member FDIC.Some of the statements contained in this press release constitute forward-lookingstatements. Forward-looking statements relate to expectations, beliefs, projections, futureplans and strategies, anticipated events or trends and similar expressions concerningmatters that are not historical facts. The forward-looking statements reflect Merchantscurrent views about future events and are subject to risks, uncertainties, assumptions andchanges in circumstances that may cause Merchants actual results to differ significantlyfrom those expressed in any forward-looking statement. Forward-looking statementsshould not be relied on since they involve known and unknown risks, uncertainties andother factors that are, in some cases, beyond Merchants control and which couldmaterially affect actual results. The factors that could cause actual results to differmaterially from current expectations include changes in general economic conditions inVermont, changes in interest rates, changes in competitive product and pricing pressuresamong financial institutions within Merchants markets, and changes in the financialcondition of Merchants borrowers. The forward-looking statements contained hereinrepresent Merchants judgment as of the date of this report, and Merchants cautionsreaders not to place undue reliance on such statements. For further information, pleaserefer to Merchants reports filed with the Securities and Exchange Commission.last_img read more

Medicinal cannabis still not favoured by doctors


first_imgRadio NZ News 23 September 2020Family First Comment: “Research by the New Zealand Medical Journal and published by NZ Doctor in June, showed that 79 percent of GPs in New Zealand had concerns prescribing it. Medical director of the Royal New Zealand College of General Practitioners, Dr Bryan Betty said there was still not enough evidence of its benefits.”www.saynopetodope.org.nz/medicinalCannabis became legal medicine in New Zealand in April.One of New Zealand’s newest medical cannabis companies, Tauranga based Eqalis, said a medical diagnosis was needed in order to get the full effect of medical cannabis, for the condition being treated.Chief medical officer Elizabeth Plant said medical cannabis was complex and in order to work properly, specific ratios of compounds were needed in the active ingredients.“You have to make sure the dose is safe and effective and it’s more about low THC and high CBD.”Tetrahydrocannabinol (THC) and cannabidiol (CBD) were the two primary cannabinoids that occur naturally in the Cannabis sativa plant.CBD was non-psychoactive, meaning it would not get the user high, and therefore appeared more frequently than THC in dietary and natural supplements.Plant said prescribing for medical use was a delicate balance.Research by the New Zealand Medical Journal and published by NZ Doctor in June, showed that 79 percent of GPs in New Zealand had concerns prescribing it.READ MORE: https://www.rnz.co.nz/news/national/426757/medicinal-cannabis-still-not-favoured-by-doctorsKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.last_img read more

COVID-19 stumps drug traffickers, street criminals


first_imgMeanwhile, since March 14, the Police Regional Office 6 (PRO-6)has not received from its various units across Western Visayas reports on pettystreet crimes such as snatching, bag-slashing, pickpocketing and the like. Very few buy-bust operations were carried out since last weekbecause most targets were not keen on making transactions, according toDirector Alex Tablate of the Philippine Drug Enforcement Agency (PDEA) Region6. Tablate also said the scarcity of buyers – mainly due to thecommunity quarantine – may have discouraged drug pushers from doing business atthis time. The operatinghours of night clubs, massage parlors, spas, casinos, cockpits, movie houses,computer shops, online gaming shops and the like are until 8 p.m. also./PN The six provincial governments – Iloilo, Antique, Aklan, Capiz,Guimaras, Negros Occidental – in Western Visayas and key cities such as Iloiloand Bacolod have taken unprecedented steps to shield their areas from thepossible entry and spread of COVID-19 such as imposing border restrictions,closing schools, cancelling mass gatherings, and shortening business hours. On the otherhand, the operating hours of bars, restaurants, coffee shops, cocktail loungesand the like shall be until 8 p.m. only. “COVID-19 is adversely affecting illegal drug sales. Wala silang orders. Stay lang sa bahay ang mga buyers and users,”Tablate said. “Mahigpitang mga pulis sa pag-inspect,” the director added. Some target drug personalities did not have supplies likely becausetravel restrictions were making it difficult for their suppliers to transportor ship the supply, said Tablate. Theseshortened operating hours ordered by Mayor Jerry Treñas aim to further limitthe people’s risk of exposure to the virus causing COVID-19.center_img PDEA-6 regional director Alex Tablate It appeared, according to PRO-6 spokesperson, Police LieutenantColonel Joem Malong, that petty street criminals stayed at home for lack ofprospective victims. Citing intelligence reports, he placed the drop in sales at around40 percent. She noted the dramatic shrinking of the volume of people going outand the number of public transport  operating. In this city alone, shoppingcenters are operating on a shortened period – from 11 a.m. to 7 p.m. only. ILOILO City – The virus causing a pneumonia-like disease nowcalled COVID-19 (coronavirus disease 2019) may be scaring drug traffickers andpetty street criminals in Western Visayas. “Perhaps they’re scared of getting the coronavirus, so wala may mabiktima ang mga criminals,”said Malong. These precautionary measures forced people to just stay home, saidMalong.last_img read more

Alcona Elementary Receives Major Grant to Help Bring Art Back to Classrooms After a Decade


first_imgAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisYou can fill the excitement and even hear some of the conversations that these students are having while creating a masterpiece, but this part of education wouldn’t be possible if it weren’t for one special teacher, Ms. Brooke Green, and Art in the Loft’s, Justin Christensen-Cooper.Yes! 10 years. That’s how long it took to reinstall art to Alcona Elementary. A grant was awarded by the Michigan Council for Arts and Cultural Affairs through Art in the Loft Alpena.Green isn’t taking that reward lightly; she’s been busy since the beginning of the new school year making sure to plan out a unique lesson to teach each grade period.Art establishes a work zone for students to express themselves, especially after sitting quietly in other classrooms. Even Superintendent Dan O’Connor agrees. He’s already making plans to show off his student’s art talent.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to MoreAddThisContinue ReadingPrevious The process of getting ‘The Pond’ ready at the Northern Lights ArenaNext Junior high students get a crash course on financialslast_img read more