BEO Bancorp Declares
Quarterly Cash Dividend
CONTACT:
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.
Forward-Looking
Statements
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.
