Charter Financial Corporation Announces Increased Appraised Value for 'Second-Step' Stock Offering
February 04 2010 - 5:00PM
PR Newswire (US)
WEST POINT, Ga., Feb. 4 /PRNewswire-FirstCall/ -- Charter Financial
Corporation (the "Company") (OTC:CHFN) (BULLETIN BOARD: CHFN) , the
holding company for CharterBank, announced that the independent
appraisal firm engaged by the Company in connection with its
"second-step" stock offering has informed the Company that, based
on the Company's results for the quarter ended December 31, 2009
and other factors, the appraised value of the Company will be
increased. Accordingly, the Company will amend its Registration
Statement on Form S-1 to reflect the higher appraised value as well
as the Company's operating results for the quarter ended December
31, 2009. The higher appraised value remains subject to change
based on market conditions and regulatory review. The stock
offering is part of a transaction pursuant to which CharterBank
will reorganize from the two-tier mutual holding company structure
to the stock holding company structure. The Company now expects
that the special meetings of the Company's stockholders and the
members of First Charter, MHC to approve the reorganization will be
held in the second calendar quarter of 2010. Charter Financial
Corporation is a savings and loan holding company and the parent
company of CharterBank, a full-service community bank and a federal
savings institution. Charter Financial Corporation is headquartered
in West Point, Georgia, and operates 13 branches on the I-85
corridor from Peachtree City, Georgia to Auburn, Alabama. Charter
Financial Corporation's stock is listed on the Over-The-Counter
Bulletin Board. Additional information regarding Charter Financial
Corporation can be accessed on-line at http://www.charterbank.net/.
This release is neither an offer to sell nor a solicitation of an
offer to buy common stock. The offer is made only by the prospectus
when accompanied by a stock order form. The shares of common stock
of the Company are not savings accounts or savings deposits, may
lose value and are not insured by the Federal Deposit Insurance
Corporation or any other government agency. This release may
contain "forward-looking statements" that may be identified by use
of such words as "believe," "expect," "anticipate," "should,"
"planned," "estimated," and "potential." Examples of
forward-looking statements include, but are not limited to,
estimates with respect to our financial condition and results of
operation and business that are subject to various factors that
could cause actual results to differ materially from these
estimates. These factors include but are not limited to: general
economic conditions, either nationally or in our market areas, that
are worse than expected; competition among depository and other
financial institutions; changes in the interest rate environment
that reduce our margins or reduce the fair value of financial
instruments; adverse changes in the securities markets; changes in
laws or government regulations or policies affecting financial
institutions, including changes in regulatory fees and capital
requirements; our ability to enter new markets successfully and
capitalize in growth opportunities; our ability to successfully
integrate acquired entities; our incurring higher than expected
loan charge-offs with respect to assets acquired in Federal Deposit
Insurance Corporation assisted acquisitions; changes in consumer
spending, borrowing and savings habits; changes in accounting
policies and practices, as may be adopted by the bank regulatory
agencies and the Financial Accounting Standards Board; and changes
in our organization, compensation and benefit plans. Any or all
forward-looking statements in this release and in any other public
statements we make may turn out to be wrong. They can be affected
by inaccurate assumptions we might make or known or unknown risks
and uncertainties. Consequently, no forward-looking statements can
be guaranteed. The Company disclaims any obligation to subsequently
revise or update any forward-looking statements to reflect events
or circumstances after the date of such statements or to reflect
the occurrence of anticipated or unanticipated events. DATASOURCE:
Charter Financial Corporation CONTACT: Robert L. Johnson, Chairman
& CEO, , or Curt Kollar, CFO, , both of Charter Financial
Corporation, +1-706-645-1391; or Woody Wallace of The Investor
Relations Company, +1-312-245-2700, , for Charter Financial
Corporation Web Site: http://www.charterbank.net/
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