Announcing Partial Redemption of SBLF Preferred Shares / MutualBank

Business & Personal Checking Accounts  MutualBank

 

Announcing Partial Redemption of SBLF Preferred Shares

Published Monday, April 8, 2013 by David Heeter, CEO

 

MUNCIE, Indiana - April 8, 2013 - MutualFirst Financial Inc., the holding company of MutualBank, announced today that the Company has redeemed 7,231 shares, or 25%, of the preferred stock that the Company issued to the Secretary of the Treasury (“Secretary”) under the Small Business Lending Fund program (“SBLF”).  The shares were redeemed at their liquidation value of $1,000 per share plus accrued dividends for a total of $7,238,030.14. 

The redemption was approved by the Company’s primary regulator and was funded with a dividend from MutualBank.  After this partial redemption, the Company and MutualBank continued to have capital significantly in excess of minimum regulatory requirements and at levels necessary to be deemed well-capitalized under applicable regulatory standards. 

“We were pleased to have been approved by Treasury to participate in the SBLF,” stated David W. Heeter, President and Chief Executive Officer of the Company.  Mr. Heeter added “Our participation in the SBLF was advantageous to the Company, particularly as we emerged from the recession with improved earnings and asset quality in 2012.  This redemption does not reflect any change in our commitment to small business lending in our market areas.”

“This partial redemption of our SBLF preferred shares is an important part of the Company’s long-term capital strategy and will reduce our annual SBLF dividends by $361,500 (based on the current 5% dividend rate), thereby increasing fully diluted EPS by $0.05 per share on an annual basis,” stated Chris Cook, Senior Vice President and Chief Financial Officer.  

Dividends on the remaining 21,692 shares of SBLF preferred stock are currently 5%.  The dividend rate may increase to 7% in 2014.  Mr. Heeter stated “Our board of directors will review the Company’s capital levels annually to consider when additional SBLF redemptions are warranted.”   All future SBLF redemptions are subject to the approval of the Company’s primary regulator. 

MutualBank, an Indiana-based financial institution, has thirty-one full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and WabashCounties in Indiana.  MutualBank also has two Wealth Management and Trust offices located in Carmel and Crawfordsville, Indiana and a loan origination office in New Buffalo, Michigan.  MutualBank is a leading residential lender in each of the market areas it serves and provides a full range of financial services including business banking, wealth management and trust services and Internet banking services.  The Company's stock is traded on the NASDAQ National Market under the symbol "MFSF" and can be found on the internet at www.bankwithmutual.com.

Statements contained in this release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those currently anticipated due to a number of factors, which include, but are not limited to factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

 

 

Free Checking

Mutual News
  • Brent Barnhart Hired as Mortgage Lender for MutualBank in Granger

    Granger, INDIANA – MutualBank welcomes Brent...

    Thursday, June 25, 2015

    READ ARTICLE

View Archived Releases
Mutual Blog

Personal Social Media Account Security

For many of us, social media has become a part of our everyday lives and helps us conveniently keep tabs on the people and topics we care most about.

Recently however, there has been an increase of social media account take overs by cybercriminals. As stated in the media, one contributing factor in some of the social media account takeovers has been the use of weak passwords.


Tips for creating a stronger password:


  • Passwords should typically:
    • be at least 8 characters in length
    • contain at least 1 number
    • contain at least 1 special character (!@#$$%)
    • contain both upper and lower case characters.
  • Do not use your name, date of birth, maiden name, mother’s maiden name, address, or other easily guessable words for passwords. 
  • Another way to create a strong password is to use a series of words that do not relate to each other. For example, JumpingFastRelaxStop!#.

 


Social media additional security options:


Another way to help avoid social media account takeover is to use the additional security options available. Two-factor authentication adds an extra layer of security that drastically decreases your chances of account takeover. Two-factor authentication is essentially the using of two separate components to verify your identity, the combination of something you HAVE with something you KNOW. A good example of two-factor authentication you most likely are already used to is withdrawing cash from an ATM, for example. Having both your debit card AND knowing a pin number is required to complete the withdrawal and protect your identity.

A popular and convenient two-factor authentication method is using a combination of both an online password and a text message verification sent to your phone. Enabling this type of authentication typically follows this process:

  1. Enter your password into Facebook or another website
  2. Immediately receive a text on your phone with a temporary pass key
  3. Enter the passkey received back on the site/app and you’re logged in

This may seem like overkill, but enabling this two-factor authentication will drastically decrease the chances of your social accounts being hacked. And actually, the process of setting up and using this authentication is pretty simple and convenient.

 


How to enable two-factor authentication:


Many popular social networks like Facebook, Twitter, LinkedIN, and others already support two-factor authentication. To learn more about how to do so on the most popular sites on the web, be sure to check out this article:

http://socialcustomer.com/2014/04/how-to-enable-two-factor-authentication-on-50-top-websites-including-facebook-twitter-and-others.html

Wednesday, April 22, 2015

READ BLOG ENTRY

View Archived Posts

Connect with us:

(800) 382-8031

  • Facebook
  • Youtube
  • twitter
  • RSS Feed