Hank's Small Banks

[10 bagger]

UBOH.. $9.275

United Bancshares Requests Withdrawal From Treasury's CPP

Apr 27, 2009 15:29:39 (ET)


DOW JONES NEWSWIRES

United Bancshares Inc. (UBOH) said Monday it is seeking to withdraw its application to participate in the U.S. Treasury's Troubled Asset Relief Program Capital Purchase Program.

President and Chief Executive Daniel W. Schutt said in a letter to the agency that United Bancshares didn't receive the requisite two-thirds shareholder approval at its annual shareholders meeting to issue a new class of preferred stock.

"Without this amendment, the company is not authorized to issue the preferred stock necessary to consummate a transaction with Treasury under the CPP," Schutt said.

The Columbus Grove, Ohio, holding company for the Union Bank Co. provided a copy of the letter in a Securities and Exchange Commission filing.

-Gee L. Lee, Dow Jones Newswires; 202-862-1346