Virginia Commerce Bancorp, Inc. Announces Acceleration of Stock Option Vesting
04 Janvier 2006 - 11:19PM
Business Wire
On December 29, 2005, Virginia Commerce Bancorp, Inc.
(Nasdaq:VCBI), announced that its Board of Directors has approved
the accelerated vesting of all outstanding unvested stock options
("Options") awarded to employees, officers and directors on or
before December 15, 2005, under its stock option plan. The
effective date of the accelerated vesting is December 30, 2005.
Options covering 372,520 shares of the Company's common stock will
be affected by this action, including shares that are held by the
Company's executive officers and directors. By accelerating the
vesting of these Options, the Company estimates that approximately
$2.3 million of future compensation expense, net of taxes, will be
eliminated, of which $765 thousand would have been incurred in the
year ending December 31, 2006. Furthermore, the Company will record
a one-time, after-tax charge in the fourth quarter of 2005 of
$160,726 due to this event. The decision to accelerate the vesting
of the Options, which the Company believes is in the best interests
of its stockholders, was made primarily to reduce the impact of
recording non-cash compensation expense upon the implementation of
Financial Accounting Standards Board Statement No. 123 (revised
2004), "Share-Based Payment" ("SFAS 123R"), starting January 1,
2006. SFAS 123R requires all share-based payments to employees,
officers and directors, including grants of employee stock options,
to be recognized as compensation expense in the Company's financial
statements over the vesting period of each award, based on their
fair values at the grant date. The number of shares, exercise
prices and all of the other relevant terms and conditions
applicable to the accelerated Options will remain unchanged.
Virginia Commerce Bancorp, Inc. is the parent bank holding company
for Virginia Commerce Bank (the "Bank"), a Virginia state chartered
bank that commenced operations in May 1988. The Bank pursues a
traditional community banking strategy, offering a full range of
business and consumer banking services through eighteen branch
offices, two residential mortgage offices and one investment
services office, principally to individuals and small to
medium-size businesses in Northern Virginia and the Metropolitan
Washington, D.C. area.
Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
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