Home > Boards > US OTC > Banking and Finance > EvergreenBancorp, Inc ((f.k.a.)EVGGQ)


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ToyotaMR2s Member Level  Wednesday, 12/30/09 01:04:07 PM
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Common Stock, no par value, outstanding as of December 7, 2009: 2,541,932 shares

No Preferred Stock was issued or outstanding.

Also from the 10Q

The Company, as a Visa member bank, is obligated to indemnify Visa for certain litigation losses. In June 2009, the Company recognized indemnification charges of $255,000 related to this obligation when they were notified that Visa expected to further fund the escrow account set up for future Visa litigation losses. The Company recorded a gain that fully offset the $255,000 indemnification charges when Visa adjusted the conversion rate between Class A and Class B Visa, Inc. shares of common stock in July 2009. The Company currently owns approximately 129,000 shares of Visa, Inc. Class B common stock, which will convert into approximately 75,000 shares of Class A common stock using the current conversion rate as adjusted in July 2009. The Company expects that the remaining shares it owns of Visa Inc., which are currently restricted, will be sufficient to cover any future possible litigation against Visa, Inc.

75,000 x 88.23(V current SP)= $6,617,250

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