National Penn Bancshares, Inc. (Nasdaq:NPBC) reported net income available to common shareholders of $20.7 million, or $0.14 per diluted common share, for the fourth quarter of 2011, compared to a net income available to common shareholders of $6.6 million, or $0.05 per diluted common share, for the fourth quarter of 2010. On an adjusted basis1, net income for the quarter totaled $23.2 million, or $0.16 per diluted common share, compared to $13.5 million, or $0.10 per diluted common share, for the fourth quarter of 2010. Fourth quarter 2011 adjusted net income¹ excludes an after-tax unrealized fair value adjustment on National Penn’s trust preferred securities (Nasdaq:NPBCO) of $1.0 million and after-tax reorganization expenses of $1.4 million. For the year ended December 31, 2011, diluted earnings per common share were $0.56, while adjusted earnings per common share1 were $0.59, compared to $0.10 and $0.30, respectively, for 2010.
National Penn Bancshares, Inc. operates as the bank holding company for National Penn Bank that provides commercial banking products and services to residents and businesses primarily in eastern and central Pennsylvania.
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Majestic Gold Corp. (MJGCF.PK)
One of the main sectors that gold is used in is electronics. Because of its properties gold can be twisted into a very thin wire without breaking. Also because of its malleability, gold makes excellent contact nodes. When the conductivity of gold is coupled with its natural thermal conductivity, this allows electronics to be created that would normally run far too hot to be useful to almost anyone.
Majestic Gold Corp. engages in the exploration and development of mineral properties in China. The company focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic Gold Corp. is headquartered in Vancouver, Canada.
Majestic Gold Corp. (MJGCF.PK) has arranged a $10,000,000 loan to advance its Song Jiagou project in China. Nine million dollars ($9,000,000) from the proceeds from the loan will be used by the Company to in connection with its Song Jiagou project and the balance of one million dollars ($1,000,000) for general working capital purposes.
The loan will have a one year term and loan principal will be convertible at the option of the lender in whole or in part into common shares (”Shares”) of the Company until twelve months from the date of the loan advance at the price of $0.205 per Share. The loan will bear interest at the rate of 7.5% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into shares of the Company until twelve months from the date of the loan advance at Market Price at the time of conversion.
The lender is at arm’s length from the Company and will not become an insider as a result of any conversion of principal and interest. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. The loan is subject to acceptance by the TSX Venture Exchange.
As additional consideration for the loan, the Company has agreed to forward at least $9 million to Majestic Yantai Gold Ltd., a British Virgin Islands company owned 94% by the Company to be used to further advance its Song Jiagou project. The Borrower has also agreed to a 90 day period for reciprocal due diligence reviews and discussions for the possible further involvement of the Lender in the Song Jiagou project.
For more information, please visit their website: http://www.majesticgold.net
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Peoples Bancorp Inc. (NASDAQ:PEBO) declared a cash dividend of $0.11 per common share, a 10% increase from the dividend paid in recent quarters. The Board’s decision to increase the quarterly cash dividend reflects a return to stronger financial performance for the company and our commitment to enhance shareholder return,” said Chuck Sulerzyski, President and Chief Executive Officer. “Our target range for the dividend payout ratio continues to be 30 to 50%.”
Peoples Bancorp Inc. operates as a holding company for Peoples Bank, National Association that provides financial products and services. It offers commercial and retail banking, insurance, brokerage, and trust services.
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Suffolk Bancorp (NASDAQ:SUBK) announced that the Audit Committee of the Board of Directors of Suffolk Bancorp (”Suffolk”) determined not to engage Grant Thornton LLP as Suffolk’s independent registered public accounting firm for the audit of the company’s financial statements for the fiscal year ended December 31, 2011, and for periods thereafter, and engaged BDO USA, LLP as the new independent registered public accounting firm, effective immediately.
Suffolk Bancorp operates as the holding company for Suffolk County National Bank, a national-chartered commercial bank that provides domestic, retail, and commercial banking services, as well as trust services in Suffolk County, New York.
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