First Defiance exits federal government’s TARP program
First Defiance Financial Corp., parent company of First Federal Bank with local offices in Genoa and Oregon, announced it has purchased company stock held by the United States Government as part of the Troubled Asset Relief Program (TARP) program and is no longer part of the program.
William Small, chairman, president and CEO, stated in a company news release, "We are very pleased to no longer be part of the TARP program and to have totally redeemed all of the preferred shares. The repayment of TARP without the need for additional outside capital has been a strategic goal of the Company.
"These continue to be very challenging times which are compounded by the financial debate taking place in Washington," Small added. "We are pleased in our ability to work with our regulators in exiting TARP ahead of our original schedule while maintaining capital above our internal target levels. While the earnings for the quarter were impacted by provision expense and margin decline, we firmly believe in our basic operating strategy and core results. Right now, we want to stay the course as much as possible and be prepared to react to all economic and regulatory challenges that may come down the road."
In June, the U.S. Treasury sold the company’s preferred stock through a public offering structured as a modified Dutch auction. First Defiance bid on its preferred stock in the auction after receiving approval from its regulators. The clearing price per share for the preferred shares was $962.66 (compared to a par value of $1,000.00 per share) and First Defiance repurchased 16,560 of the 37,000 shares outstanding through the auction process.
First Defiance acquired the remaining shares on the secondary market.
The company also announced net income for the second quarter ended June 30 totaled $3.9 million, or $0.32 per diluted common share, compared to $4.8 million or $0.43 per diluted common share for the same quarter last year.
The second quarter results include expense for provision for loan losses of $4.1 million, compared with $2.4 million for the same period in 2011 and $3.5 million in the first quarter of 2012.
Non-performing loans totaled $45.3 million, a decrease of $3.9 million or 8 percent from $49.2 million for the first quarter.
|New businesses in Oak Harbor: Top: a ribbon cutting ceremony
was held for Mill Street Brew at their new business located at
169 Mill St, a coffehouse owned by Chris & Rachel Varga. Pictured:
Valerie Winterfield, Oak Harbor Chamber of Commerce Director, Lisa
Reiter-employee, Rachel Varga-owner, Bonnie Butzin-employee &
Fred Conley, Oak Harbor Mayor. Bottom: Lisa's Fitness Studio at their
new business located at 165 Water St., owned & operated by Lisa Reiter,
offers co-ed fitness classes for all ages and skill levels. Pictured: Fred
Conley, Oak Harbor Mayor, Tammy Brownowski, instructor, Lisa Reiter,
owner/instructor, Valerie Winterfield, and Pegi Hoffman, instructor.
At the clubs
The Eastern Maumee Bay Chamber of Commerce will host its annual Steak Roast & Reverse Raffle Saturday, Aug. 18 from 5 to 11:30 p.m. at the Walbridge VFW on North Main Street in Walbridge.
Prize payout for first is $3,000; for second, $2,000 and for third, $1,000. Tickets are $100 which include two reverse raffle entries, two steak dinners and beer, wine and pop.
A portion of the proceeds will be donated to Pearson Park improvements.
The Oregon Economic Development Foundation and the Eastern Maumee Bay Chamber of Commerce will introduce Lindsay Myers, the new executive director for the foundation, at the Annual Party in the Parking Lot, Thursday, Aug. 9 from 4 to 8 p.m.
Myers, as well as chamber executive director Sarah Beavers, will speak at 5:15.
Contact the foundation for more information at 419-693-9999 or the chamber at 419-693-5580.
The right thing
The Edward Jones office in Oak Harbor is collecting school supplies for the less fortunate, according to Jeff Chio, branch manager.
Chio said items needed include crayons, markers, colored pencils, notebooks, pocket folders, glue sticks, pens, pencils, bookbags, book covers, erasers and paper. The drive continues during regular business hours until August 24. Call 419-898-0821.
GenoaBank and National Bank of Ohio seek teams and sponsors for their annual golf outing to raise funds for scholarships for area students. The event will be held at the Oak Harbor Golf Club Friday, Sept. 14 with shotgun starts at 8 a.m. and 1:30 p.m. Deadline is Monday, Sept. 10. Call Marie at NBOH at 419-898-5741 or Joyce at GenoaBank at 419-855-8381.