Published:
North Central Bancshares, Inc. Declares Dividend
FORT DODGE, Iowa, Aug. 29 /PRNewswire-FirstCall/ -- North Central
Bancshares, Inc. (the "Company") (Nasdaq: FFFD), the holding company for First
Federal Savings Bank ofIowa (the "Bank") announced today that the Company's
Board of Directors declared a cash dividend of $0.01 per share on its common
stock to be paid on October 6, 2008 to shareholders of record as of September
15, 2008. This dividend is a reduction from the previous quarter's dividend
of $0.35 per share. "This pro-active step is prudent due to the decline in
value during 2008 and increased level of volatility of the Company's
investment in Federal Home Loan Mortgage Corporation (Freddie Mac) and Federal
National Mortgage Association (Fannie Mae) preferred stock," said David M.
Bradley, Chairman, President and CEO of North Central Bancshares, Inc. "The
Bank continues to have a strong capital level that exceeds 'well capitalized'
requirements."
The Company will continue to reassess the amount of its dividend on a
quarterly basis, but does not anticipate declaring a dividend at previous
levels until economic conditions and financial markets have stabilized.
North Central Bancshares, Inc. serves north central and southeasternIowa
at 11 full service locations inFort Dodge,Nevada,Ames,Perry,Ankeny,
Clive,West Des Moines,Burlington andMount Pleasant, Iowa through its
wholly-owned subsidiary, First Federal Savings Bank ofIowa, headquartered in
Fort Dodge, Iowa. The Bank's deposits are insured by the Federal Deposit
Insurance Corporation. The Company's stock is traded on The Nasdaq Global
Market under the symbol "FFFD".
Statements included in this press release and in future filings by North
Central Bancshares, Inc. with the Securities and Exchange Commission, in North
Central Bancshares, Inc. press releases, and in oral statements made with the
approval of an authorized executive officer, which are not historical or
current facts, are "forward-looking statements" made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, and
are subject to certain risks and uncertainties that could cause actual results
to differ materially from historical earnings and those presently anticipated
or projected. North Central Bancshares, Inc. wishes to caution readers not to
place undue reliance on such forward-looking statements, which speak only as
of the date made. The following important factors, among others, in some cases
have affected and in the future could affect North Central Bancshares, Inc.'s
actual results, and could cause North Central Bancshares, Inc.'s actual
financial performance to differ materially from that expressed in any forward-
looking statement: (1) competitive pressures among depository and other
financial institutions may increase significantly; (2) revenues may be lower
than expected; (3) changes in the interest rate environment may reduce
interest margins; (4) general economic conditions, either nationally or
regionally, may be less favorable than expected, resulting in, among other
things, a deterioration in credit quality and/or a reduced demand for credit;
(5) legislative or regulatory changes, including changes in accounting
standards, may adversely affect the business in which the Company is engaged;
(6) competitors may have greater financial resources and developed products
that enable such competitors to compete more successfully than the Company;
and (7) adverse changes may occur in the securities markets or with respect to
inflation. The foregoing list should not be construed as exhaustive, and North
Central Bancshares, Inc. disclaims any obligation to subsequently revise any
forward-looking statements to reflect events or circumstances after the date
of such statements, or to reflect the occurrence of anticipated or
unanticipated events.
SOURCE North Central Bancshares, Inc.
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