Oak Hill Financial Announces Dividend and Amendment to Rights Agreement
22 Septembre 2006 - 6:56PM
PR Newswire (US)
JACKSON, Ohio, Sept. 22 /PRNewswire-FirstCall/ -- Oak Hill
Financial, Inc. (NASDAQ:OAKF) announced today that it has declared
a quarterly cash dividend of $.19 per share of common stock payable
on October 27, 2006 to shareholders of record as of October 4,
2006. In addition, Oak Hill Financial announced that its Board of
Directors recently approved an amendment to the Shareholder Rights
Agreement, adopted on January 23, 1998, as amended on December 26,
2000. The Rights Agreement is designed to assure shareholders fair
value in the event of a future unsolicited business combination or
similar transaction involving Oak Hill Financial. Under the Rights
Agreement, each shareholder received one Preferred Stock Purchase
Right for each share of common stock owned. Each Right entitles the
holder to buy one one-hundredth of a share of Oak Hill's Series A
Preferred Stock. As a result of a five-for-four stock split in June
1998, each share of common stock is now associated with a Right
entitling the holder to purchase one one-hundred and twenty-fifth
of a share of such Preferred Stock. The Rights are exercisable only
upon the occurrence of certain triggering events. Prior to the
amendment, the Rights were scheduled to expire on January 23, 2008.
The amendment extends the term of the Rights Agreement to September
18, 2016, eliminates various "dead-hand" provisions, which only
permitted certain Continuing Directors to redeem the Rights or
amend the Rights Agreement, and effects certain technical changes
to the Rights Agreement. The amendment was not adopted in response
to any current effort to acquire Oak Hill and neither the Board nor
management is aware of any effort to acquire Oak Hill. The Plan is
designed to assure stockholders fair value in the event of a future
unsolicited business combination or similar transaction involving
the Company. Oak Hill Financial is a financial holding company
headquartered in Jackson, Ohio. Its subsidiary, Oak Hill Banks,
operates 36 full-service banking offices and three bank loan
production offices in 16 counties across southern and central Ohio.
Another subsidiary, Oak Hill Financial Insurance, provides group
health plans and other insurance services to business and
public-sector organizations throughout the same region. The company
also holds 49% of Oak Hill Title Agency, LLC, which provides title
services for commercial and residential real estate transactions.
Currently, Oak Hill Financial has approximately 5.4 million common
shares outstanding. DATASOURCE: Oak Hill Financial, Inc. CONTACT:
David G. Ratz, Executive Vice President of Oak Hill Financial,
Inc., +1-740-286-3283
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