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Peoples Community Bancorp Incorporated (fka PCBI) RSS Feed

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PCBI — Peoples Community Bancorp. Inc.

(NASDAQ)

Main office
6100 West Chester Road
West Chester, OH 45069
Phone: 513-870-3530
Fax: 513-881-5933

www.PCBIonline.com

 

    • Estimated Market Cap

      $1,259,575 as of Mar 24, 2009
    • Outstanding Shares

      4,844,520 as of Aug 14, 2008
    • Number of Share Holders of Record

      1,030 as of Apr 15, 2008


    Basics
    Exchange: NASDAQ
    Sector: Financial
    Industry: Regional - Midwest Banks
    Full Time Employees: 190

    Profile
    Peoples Community Bancorp, Inc. operates as the holding company for the Peoples Community Bank which provides banking services in Ohio and Indiana. It offers traditional passbook savings accounts, money market accounts, checking accounts, and certificates of deposit. The company's loan portfolio comprises one- to four-family residential real estate loans, multi-family residential loans, nonresidential real estate and land loans, construction loans, commercial loans consisting of secured and unsecured lines of credit, and consumer loans, such as loans secured by deposit accounts, automobiles, and stock. As of December 31, 2006, it operated 19 full service offices in Hamilton, Warren, and Butler Counties in southeast Ohio, as well as Dearborn County in southeast Indiana. The company was founded in 1889 and is based in West Chester, Ohio.

    Officers
    Mr. Jerry D. Williams, 58
    Chief Exec. Officer, Pres, Director

    Ms. Teresa O'Quinn, 48
    Chief Financial Officer

    Mr. Thomas J. Noe, 47
    Exec. VP, Treasurer, Director

    Ms. Lori M. Henn, 44
    Sr. VP, Sr. VP of Peoples Community Bank

    Mr. Stephen P. Wood, 52
    Chief Lending Officer, Sr. VP

    Ownership
    Shares Outstanding: 4.84M
    Float: 3.60M
    % Held by Insiders: 16.30%
    % Held by Institutions: 20.60%

    Book value
    $17.45

    Cease & Desist Orders
    Peoples Community Bancorp, Inc. Consents to Cease and Desist
    Thursday April 3, 5:48 pm ET

    CINCINNATI--(BUSINESS WIRE)--Peoples Community Bancorp, Inc. (the “Company”) (Nasdaq: PCBI - News), a Maryland corporation doing business primarily through its wholly-owned banking subsidiary, Peoples Community Bank (the “Bank”), today announced that the Company and the Bank have consented to the terms of Cease and Desist Orders (the “Orders”) issued by the Office of Thrift Supervision. The Company has attached copies of the Orders to a Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) today April 3, 2008.

    ADVERTISEMENT
    The Orders require the Company and the Bank to, among other things, file with the OTS within proscribed time periods updated business plans, which specifically incorporate the requirements set forth in the Orders and comments contained in the most recently completed examinations of the Company and the Bank. On a quarterly basis, the Bank and the Company will be required to compare the projected operating results from the business plans with the actual results. The results of this variance analysis are to be submitted to the OTS within the proscribed time periods. In addition, the Orders require that the Company and the Bank receive the permission of the OTS prior to (i) making or declaring any dividends or payments on their outstanding securities; (ii) adding or replacing a director or hiring a senior executive officer; and (iii) making any golden parachute payments to any institution-affiliated party. Pursuant to the Order issued to the Company, the Company must also receive the permission of the OTS prior to increasing its debt position and before any repurchase of its securities.

    The Order issued to the Bank also requires the Bank to take or refrain from certain actions, including (i) not making any new loans or issuing new lines of credit for land acquisition or development, speculative residential construction, commercial and multi-family construction, acquisition or retention of commercial property, and non-owner occupied one- to four-family residential property; (ii) engaging an independent consultant to conduct a loan portfolio review for the purpose of determining asset quality and the appropriateness of the Bank’s asset classification process related to loan relationships that equal or exceed $4.0 million; (iii) establishing a plan for reducing adversely classified assets; (iv) reviewing and, where appropriate, adjusting the Bank’s allowance for loan and lease losses methodology; (v) limiting asset growth during each calendar quarter to an amount not to exceed net interest credited on deposit liabilities; and (vi) establishing an Oversight Committee of the Bank’s board of directors comprised of independent outside directors. In an effort to proactively address the downturn in the local real estate market, the Bank had previously curtailed or ceased the lending activities restricted in the Orders.

    Jerry D. Williams, the Company’s President and Chief Executive Officer commented that “we are extremely disappointed with the change of events that brought about this situation but believe we have taken and will continue to take significant steps to deal with the current recessionary real estate market. We are working to most efficiently resolve our credit issues and maximize recoveries in as timely a manner as possible. We have been tightening credit standards continuously since 2005 and have added resources in the workout area to resolve our asset quality issues. We continue to explore all strategic alternatives available to the Company. All facets of the Bank are currently undergoing a critical review, and we anticipate taking further actions in order to reduce operating expense and maximize shareholder value.”

    The description of the Orders set forth herein is qualified in its entirety by reference to the Orders, copies of which are attached as Exhibits 99.2 and 99.3 to the Company’s Current Report on Form 8-K filed today with the SEC.

    Regulatory Filings

    The Company’s periodic reports as filed with the SEC can be accessed at www.pcbionline.com and on the EDGAR section of the SEC’s website at www.sec.gov.

    Separately, the Company stated that it currently expects to file its Form 10-K for the year ended December 31, 2007, including related financial statements, on or before April 15, 2008.

    About Peoples

    Peoples Community Bancorp, Inc., headquartered in West Chester, Ohio, is the holding company for Peoples Community Bank, a federally chartered savings bank with 19 full service offices in Butler, Warren and Hamilton counties in southwestern Ohio and Dearborn and Ohio counties in southeastern Indiana. The Bank is an independent community bank, which offers a wide variety of financial services and products to customers throughout the Greater Cincinnati metropolitan area and adjoining markets. The Bank continues to exceed all applicable regulatory capital requirements and continues to be well capitalized under the regulatory framework for prompt corrective action.

    Contact:

    Peoples Community Bancorp, Inc.
    Thomas J. Noe, Investor Relations, 513-870-3530
    E-Mail: tnoe@pcbionline.com

    Source: Peoples Community Bancorp, Inc.

    Moderator's Disclaimer - This board is for P.C.B.I. discussion purposes only and in no way a recommendation to invest or not in this stock. Any investment decisions should be based on your own due diligence and decision. You are solely responsible for your choices to buy or sell. This is a disclaimer and in no way holds the moderators legally liable for your investments.


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