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This excerpt taken from the TSFG DEF 14A filed Mar 26, 2009. Dividends. Reinvestment of dividends in additional Restricted Stock at the time of any dividend payment shall only be permissible if sufficient shares of Common Stock are available under Section 3 for such reinvestment (taking into account then outstanding Stock
Options and other Awards).
(e) These excerpts taken from the TSFG 10-K filed Mar 3, 2009. Dividends The holders of TSFG’s common stock are entitled to receive dividends when, as and if declared by the Board of Directors out of funds legally available. As a legal entity separate and distinct from its subsidiaries, TSFG depends on the payment of dividends from its subsidiaries for its revenues. Current federal law prohibits, except under certain circumstances and with prior regulatory approval, an insured depository institution from paying dividends or making any other capital distribution if, after making the payment or distribution, the institution would be considered “undercapitalized,” as that term is defined in applicable regulations. South Carolina banking regulations restrict the amount of dividends that the subsidiary bank can pay to TSFG, and may require prior approval before declaration and payment of any excess dividend. At December 31, 2008, Carolina First Bank could not pay dividends without the approval of such agencies. During 2008, TSFG issued preferred stock, the terms of which include a restriction on declaring or paying common dividends unless all preferred dividends are paid. In addition, the Federal Reserve has the authority to prohibit TSFG from paying a dividend on its common and/or preferred stock. Dividends The holders of TSFG’s common stock are entitled to receive dividends when, as and if declared by the Board of Directors out of funds legally available. As a legal entity separate and distinct from its subsidiaries, TSFG depends on the payment of dividends from its subsidiaries for its revenues. Current federal law prohibits, except under certain Dividends. Reinvestment of dividends in additional Restricted Stock at the time of any dividend payment shall only be permissible if sufficient shares of Common Stock are available under Section 3 for such reinvestment (taking into account then outstanding Stock Options
and other Awards).
(e) Dividends. Reinvestment of dividends in additional Restricted Stock at the time of any dividend payment shall only be permissible if sufficient shares of Common Stock are available under Section 3 for such reinvestment (taking into account then outstanding Stock Options and other Awards). (e) This excerpt taken from the TSFG 8-K filed Dec 11, 2008. Dividends. Reinvestment of dividends in
additional Restricted Stock at the time of any dividend payment shall only be permissible
if sufficient shares of Common Stock are
available under Section 3 for such reinvestment (taking into account then outstanding Stock Options and other Awards). (e) This excerpt taken from the TSFG DEF 14A filed Jun 17, 2008. Dividends. If the Series 2008 Preferred Stock
remains outstanding after May 1, 2011, the dividends on the Series 2008 Preferred Stock
will immediately thereafter increase by an additional 5.00% per annum, and will further
increase every six months thereafter by an additional 0.50% per annum until the date on
which the mandatory conversion of the Series 2008 Preferred Stock is effected (subject to a
maximum of 17.00% per annum).
This excerpt taken from the TSFG 8-K filed Aug 20, 2007. Dividends. Reinvestment of dividends in additional Restricted Stock at the time of any dividend payment shall only be permissible if sufficient shares of Common Stock are available under Section 3 for such reinvestment (taking into account then outstanding Stock Options and other Awards).
(f) This excerpt taken from the TSFG 10-Q filed Aug 9, 2007. Dividends. Reinvestment of dividends in additional Restricted Stock at the time of any dividend payment shall only be permissible if sufficient shares of Common Stock are available under Section 3 for such reinvestment (taking into account then outstanding Stock Options and other Awards).
(f) This excerpt taken from the TSFG 10-K filed Feb 28, 2007. Dividends The holders of TSFG’s common stock are entitled to receive dividends when, as and if declared by the Board of Directors out of funds legally available. As a legal entity separate and distinct from its subsidiaries, TSFG depends on the payment of dividends from its subsidiaries for its revenues. Current federal law prohibits, except under certain circumstances and with prior regulatory approval, an insured depository institution from paying dividends or making any other capital distribution if, after making the payment or distribution, the institution would be considered “undercapitalized,” as that term is defined in applicable regulations. South Carolina and Florida banking regulations restrict the amount of dividends that the subsidiary banks can pay to TSFG, and may require prior approval before declaration and payment of any excess dividend. This excerpt taken from the TSFG 10-K filed Mar 15, 2005. Dividends The holders of TSFG’s common stock are entitled to receive dividends when, as and if declared by the Board of Directors out of funds legally available. As a legal entity separate and distinct from its subsidiaries, TSFG depends on the payment of dividends from its subsidiaries for its revenues. Current federal law prohibits, except under certain circumstances and with prior regulatory approval, an insured depository institution from paying dividends or making any other capital distribution if, after making the payment or distribution, the institution would be considered “undercapitalized,” as that term is defined in applicable regulations. South Carolina and Florida banking regulations restrict the amount of dividends that the subsidiary banks can pay to TSFG, and may require prior approval before declaration and payment of any excess dividend. 6
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