I picked up some Preferred B today..
2.50.. any hint of returning to dividend status and it's a 10 bagger.
(NYSE: WHI) W Holding Co. Inc., 7.25% Noncumul Monthly Income Preferred Stock, 1999 Series B
Ticker Symbol: WBPRO CUSIP: 929251304 Exchange: OTOTC
Security Type: Traditional Preferred Stock
SECURITY DESCRIPTION: W Holding Co., Inc. 7.25% Noncumulative Monthly Income Preferred Stock, 1999 Series B, liquidation preference $25 per share, redeemable at the issuer's option
on or after 5/28/2004 at $26 per share which declines to $25 per share by 5/28/2006 (see schedule on page 38 of the prospectus), plus declared and unpaid dividends, with no stated maturity, and with noncumulative distributions of 7.25% (1.8125) per annum paid monthly on the 15th day of each month to holders of record as designated by the board, not more than 45 days prior to the payment date. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. The Series B preferred stock was issued during the conversion to a holding company on 7/30/99 to replace the Westernbank Puerto Rico Series B Preferred Stock which had been issued in May, 1999.
Notes: From a company news release dated 2/17/2009 -- The Company simultaneously announced that the Company's Board of Directors approved to temporarily suspend all monthly dividends on the Company's common stock and on all outstanding series of its preferred stock, effective with the payment to be made on March 16, 2009, applicable to stockholders of record as of February 28, 2009. Mr. Stipes indicated this to be a difficult but prudent capital management decision designed to further strengthen the Bank's capital position. Mr. Stipes indicated that any and all measures, such as these, are and will be taken as deemed appropriate. He acknowledged, on behalf of the Board of Directors, how hard and difficult it is for many Puerto Rican residents and American citizens not to receive their monthly dividend, the first time this measure has been taken in the Bank's history. However, he indicated that as soon as economic conditions may warrant under sound and prudent criteria, the Board of Directors will review again, when appropriate, the reestablishment of dividend payments.