Apple REIT Ten
The Richmond-based real estate investment trust disclosed that it entered into purchase contracts for four hotels valued at a total of $40.7 million. The potential purchases include a Fairfield Inn in Wytheville, Va., a TownePlace Suites in Columbia, S.C., a Hampton Inn in Winston-Salem, N.C., and a Home2 Suites in Jacksonville, N.C. The hotels have a combined 370 rooms. The deals are subject to several closing conditions.
Apple REIT Ten also disclosed a purchase agreement for a 221-room Hilton Garden Inn in Denver, Colo., for $58.5 million. That purchase is also pending.
Community Bankers Trust Corp.
The parent of Essex Bank reported a profit of $2.4 million for the fourth quarter of 2010, a significant improvement over the $14 million loss it reported a year earlier. For the full year, however, CBTC reported a loss of $22 million, still an improvement from its $30 million loss in 2009. It charged off almost $9 million in non-performing loans during the fourth quarter. Total nonperforming assets declined $4.8 million from Sept. 30, 2010, to $42.8 million at Dec. 31, 2010, including about $6 million in foreclosed real estate. About $16 million of that is in construction and land development loans. Its total assets at year’s end were $1.1, a decrease of $62.2 million from Sept. 30. It had $641.1 million in total loans.
CBTC also disclosed that it approved 2011 compensation for its board members in the form of a stock award in lieu of its cash retainer. The awards consist of stock equivalent to the amount of the normal cash retainer. As part of this compensation, all but one of the directors received 4,065 shares at no cost. The company’s stock is trading at about $1.50 per share.
Dominion awarded its top executives shares of restricted stock at no cost as part of an incentive compensation plan. Among them, President and CEO Thomas Farrell received 80,386 shares, and CFO Mark McGettrick received 22,968 restricted shares.
Vice Chairman Anthony Markel sold 68 shares for $412.64 per share or about $28,000. He disposed of 5,000 shares as gifts.
Owen & Minor
The company approved the payment of a first quarter 2011 cash dividend in the amount of $0.20 per share payable on March 31 to shareholders of record as of March 15.
The company’s board of directors also authorized a share repurchase program of up to $50 million of the company’s outstanding common stock. The buy-back can be carried out over a three-year period, expiring in February 2014. The company said the purpose of the program is to offset shares issued in conjunction with the company’s stock incentive plan.
As part of that stock incentive plan, O&M awarded its top executives thousands of shares in restricted stock. Most notably, President and CEO Craig Smith received more than 17,500 restricted shares.
David Dean, vice president of sales and marketing, received options for 350,000 shares to be exercised at $2 per share. The options expire in 2021. Dean previously held options to purchase up to 350,000 shares at $4 per share. Those options expired in October 2010. The company’s stock is trading at less than $2 per share.
Union First Market Bankshares
Director Ronald Hicks bought 900 shares for $11.92 per share or $10,728.
Union’s top executives were awarded shares valued at $14.94 each as part of the company’s long-term incentive plan. Most notably, CEO Billy Beale received 1,275 such shares.
The company’s board declared a quarterly dividend of $0.48 per share payable May 9 to common shareholders of record at the close of business April 11.
The board also declared a quarterly dividend of $16.87 per share on its Series B Preferred Stock, payable March 15 to shareholders of record as of 5 p.m. March 1.
Village Bank and Trust Financial Corp.
The company reported a $1.43 million profit for 2010, a massive turnaround compared with its $12.6 million loss in 2009. Village saw its nonperforming assets finally starting to decrease. At year’s end, NPAs were $32.3 million, including $12 million in foreclosed real estate. That accounts for 5.4 percent of its total assets and is down from $37.1 million at the end of 2009. Because of its shrunken loan portfolio, Village’s total assets at year’s end were down by more than $10 million to $591.7 million. Its deposits rose to $499 million, up about $727,000. Its loan portfolio stood at $446 million, down from $457 million.
Michael Schwartz is a BizSense editor. Please send news tips to [email protected].