Apple REIT Nine
Apple REIT Nine, which owns 87 hotels, reported $20.7 million in third quarter profit, up from $6.5 million a year ago.
Apple REIT Seven
Apple REIT Seven’s third quarter profit was $8.4 million, on pace with the third quarter of 2010. It owns 51 hotels.
Apple REIT Six
Third quarter profits for the oldest of the Apple REITs was $15.4 million, compared with $10.2 million a year ago. It owns 66 hotels.
The company announced that President and Chief Executive Michael Dan would retire effective Dec. 23. The Brink’s board of directors has appointed Thomas Schievelbein to serve as interim president and chief executive beginning Dec. 24.
Schievelbein, 57, is the former president of Northrop Grumman Newport News and joined the Brink’s board in 2009.
The board also appointed Murray Martin, currently lead director, to serve as interim non-executive chairman of the board effective Dec. 24.
Brink’s has formed a search committee to identify a permanent replacement for Dan. It will also hire an executive recruiting firm to help with the search, which will include internal and external candidates.
Community Bankers Trust Corp.
The holding company for Essex Bank said it would once again defer its TARP dividend payment due to the U.S. Treasury Department, marking CBTC’s sixth unpaid TARP dividend. Though deferred, the $221,000 payment still accrues and will be added to the total that the company owes to the Treasury. TARP rules say that failure to pay dividends for six periods would trigger rights for the Treasury to appoint two directors to the company’s board, although there is no indication that Treasury is taking such action.
Vice Chairman Steve Markel sold 12,500 shares in sales valued at about $4.95 million. He also disposed of 10,800 shares as gifts. He still directly owns more than 131,000 shares of the company’s stock.
President and chief executive George Freeman III exercised options for 40,000 shares at $35.30 per share. He then sold 34,740 shares at market price for $45.70 each, or a total of $1.58 million. Several of the company’s other top executives also exercised options and then sold them back in the open market.
Vice president and treasurer Karen Whelan sold 13,000 shares for a total of approximately $586,000.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected]