Apple REIT Six
In a letter to its investors, Apple REIT Six hinted that it might be moving to sell or publicly list the fund. “The Company continues to review our various strategic alternatives, including a possible sale, listing or merger, and we believe conditions within the hotel industry and lending markets make now an advantageous time to pursue such options,” it said in the letter. It added that such a transaction would take a substantial amount of time to accomplish.
Craig Johnson, president and CEO of the Altria Group Distribution Co., sold 21,000 of his shares for $26.31 each or a total of about $552,000. Johnson still owns more than 305,000 shares of Altria stock.
Michael Dan, chairman, president and CEO, was awarded 947 units valued at $30.42 each as part of the company’s deferred compensation program. The units will convert to shares of Brink’s stock upon Dan’s termination of employment. Several of the companies other top executives also received similar unit awards.
Community Bankers Trust Corp.
The Glen Allen parent of Essex bank pulled off a major turnaround in the second quarter, reporting a profit of $247,000. That compares with a $19.9 million loss a year ago and a $1.5 million loss in the first quarter of 2011. As of the end of the second quarter, CBTC had $1.06 billion in assets, down $50 million since the end of 2010. It had $605 million in loans on its books, a decrease of $35 million since Dec. 31. The decline was a result of charge-offs, loans being paid off and weak loan demand. Its deposits decreased $51.3 million to $910 million. It now has $50 million in non-performing assets. That’s up from $46 million from a year ago and up less than $1 million from the end of 2010.
The company said it will sell $500 million worth of bonds that will pay 4.9 percent twice a year and will mature in the year 2041. Dominion said it will use the proceeds from the sale for general corporate purposes and to help repay outstanding short-term debt, which presently stands at $853 million.
Chairman and CEO Thomas Akin purchased 25,000 shares for approximately $225,000.
Barry Igdaloff, a director, bought 14,000 shares for $9.01 per share.
Kevin Schneider, a senior vice president, acquired 5,000 shares at no cost as a result of restricted stock converting into shares of common stock. Schneider owns more than 40,000 shares of Genworth stock.
Chief Risk Officer Michel Perreault bought 2,000 shares for $7.83 each. He owns more than 15,000 shares of the company’s stock.
The company’s top executives were awarded shares valued at $31.14 each as part of a deferred income plan.
Director Coleman Wortham III purchased 8,100 shares for $2.18 each. He owns more than 73,000 Media General shares.
Director Mario Mirabelli received options for 50,000 shares with an exercise price of $4.17 per share.
Union First Market Bankshares
Union declared a quarterly dividend of $0.07 per share payable Aug. 31 to shareholders of record as of Aug. 19.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]