BEO Bancorp (PK) (USOTC:BEOB)
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From Jul 2019 to Jul 2024
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.