SIFI » Topics » NOTE 10. SUBSEQUENT EVENT

This excerpt taken from the SIFI 10-Q filed May 13, 2009.

NOTE 10. SUBSEQUENT EVENT

On April 22, 2009, a subsidiary of the Bank, SI Realty Company, Inc., purchased property located at 579 North Windham Road, North Windham, Connecticut, which is currently the location of the Company’s training center, and two adjacent parcels of land for $1.5 million.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations is intended to assist in understanding changes in the Company’s financial condition as of March 31, 2009 and December 31, 2008 and the results of operations for the three months ended March 31, 2009 and 2008. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing in Part I, Item 1 of this document as well as with Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s 2008 Annual Report on Form 10-K.

This report may contain certain “forward-looking statements” within the meaning of the federal securities laws, which are made in good faith pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts; rather, they are statements based on management’s current expectations regarding its business strategies, intended results and future performance. Forward-looking statements are generally preceded by terms such as “expects,” “believes,” “anticipates,” “intends,” “estimates,” “projects” and similar expressions.

Management’s ability to predict results or the effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in interest rates, national and regional economic conditions, legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Department of Treasury (the “Treasury”) and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in real estate market values in the Company’s market area and changes in relevant accounting principles and guidelines. Additional factors that may affect the Company’s results are discussed in Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K and in other reports filed with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

These excerpts taken from the SIFI 10-K filed Mar 27, 2009.

NOTE 19. SUBSEQUENT EVENT

On January 30, 2009, the Company completed the sale of its Gales Ferry, Connecticut branch office to Putnam Bank. According to the terms of the agreement, the Company provided $619,000 in cash in connection with the sale of deposit liabilities totaling $1.7 million and fixed assets and other assets aggregating $1.0 million, resulting in a gain on the sale of $100,000.

 

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NOTE 19. SUBSEQUENT EVENT

FACE="Times New Roman" SIZE="2">On January 30, 2009, the Company completed the sale of its Gales Ferry, Connecticut branch office to Putnam Bank. According to the terms of the agreement, the Company provided $619,000 in cash in connection with
the sale of deposit liabilities totaling $1.7 million and fixed assets and other assets aggregating $1.0 million, resulting in a gain on the sale of $100,000.

 


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EX-21.0
10
dex210.htm
EXHIBIT 21.0 -- LIST OF SUBSIDIARIES


Exhibit 21.0 -- List of Subsidiaries



This excerpt taken from the SIFI 10-Q filed Nov 13, 2007.

NOTE 10. SUBSEQUENT EVENT

On October 15, 2007, the Company announced that it has reached an agreement with Eastern Federal Bank to acquire the Eastern Federal Bank branch office located in Colchester, Connecticut. The purchase agreement includes the acquisition of certain fixed assets and the assumption of deposit liabilities and the branch lease agreement. The transaction is scheduled to be completed on or about November 30, 2007, subject to regulatory approval. This transaction is not expected to have a material impact on the financial condition of the Bank or the Company.

 

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This excerpt taken from the SIFI 10-Q filed May 9, 2007.

NOTE 11. SUBSEQUENT EVENT

On April 22, 2007, SI Capital Trust I, a subsidiary of the Company, redeemed all $7.0 million of its floating rate trust preferred securities. The redemption price for each of the trust preferred securities equaled the $1,000 liquidation amount per security, plus all accrued and unpaid distributions per security to the redemption date. All distributions accruing on the trust preferred securities ceased to accrue effective on the redemption date.

 

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This excerpt taken from the SIFI 10-Q filed Nov 10, 2005.

NOTE 7. SUBSEQUENT EVENT

 

On November 2, 2005, the Bank signed an agreement to acquire certain assets of the former Circle Trust Company, currently under receivership of the Connecticut Banking Commissioner. The terms of the agreement require the Company to pay $680,000 in consideration for the acquisition of certain assets of the Private Trust Services and Bank Trust Services divisions of the former Circle Trust Company. This transaction is not expected to have a material impact on the financial condition of the Bank or the Company.

 

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