BEO Bancorp Declares Quarterly Cash Dividend
E. George Koffler, President & CEO, (541) 676-020l
Mark Lemmon, EVP & CFO, (541) 676-0201
Joey J. Warmenhoven, McAdams, Wright and Ragan, Market Maker, (866) 662-0351
Henry C. Stockman, Howe Barnes Hoefer & Arnett, Market Maker, (800) 346-5544
BEO Bancorp (OTCBB:BEOB), parent company of Bank of Eastern Oregon, today announced that its Board of Directors declared a quarterly cash dividend of $0.15 per share payable on or before October 15, 2008, to shareholders of record as of
September 30, 2008.
“We continue to deliver solid earnings to stockholders during these troubling times in all financial markets,” said CEO, E. George Koffler. “In addition to taking a conservative approach to credit granting, we’ve ramped up credit monitoring and oversight, especially in credits with an underlying real estate component. This added caution is reflected in the general increases to the Loan Loss Reserve, which accounts for loan portfolio growth, identified problem credits, and potential general market weaknesses. Our reserve for losses stands at 1.40%, a historically large number for us, while our year to date earnings continue to keep pace with last year’s historic success,” concluded Koffler.
This is the 23rd year in a row the company has paid cash dividends. The board will continue to review its dividend policy. Cash dividends, when and if declared, will typically be paid in April, July, October, and January. Decisions on future dividends will consider a wide range of indicators, including operating results, retained earnings, capital, and general market conditions.
About BEO Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon, which operates 11 branches and three loan production offices in nine eastern Oregon counties. Branches are located in Arlington, Ione, Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City, Fossil and Moro. The bank also received approval for a branch in Enterprise, Oregon, opening in October. Loan production offices are located in Hermiston, Enterprise, and Ontario. Bank of Eastern Oregon also operates a mortgage division and offers brokerage services through BEO Financial Services. The bank’s website is www.beobank.com.
The statements contained in this release that are not historical facts are forward-looking statements based upon management’s current expectations and beliefs concerning future
developments and their potential effect on BEO Bancorp. There can be no assurances that future developments affecting BEO Bancorp will be the same as those anticipated by management.
Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties. These risks and uncertainties include, but are not limited to:
(1) Competitive pressures in the banking and financial industries.
(2) Changes in interest rate environment.
(3) General economic conditions, nationally, regionally, and in operating markets.
(4) Changes in regulatory environment.
(5) Changes in business conditions and inflation.
(6) Changes in securities markets.
(7) Future credit loss experience.