WGNB declares dividend on 9% convertible preferreds, extends offering period

By Angela McDaniels

Tacoma, Wash., Oct. 30 - WGNB Corp. said its board of directors declared cash dividends on the company's 9% series A convertible preferred stock, which will be paid on Dec. 15 to shareholders of record as of Nov. 30.

The board also extended the public portion of its convertible preferreds offering to Jan. 15, according to a company news release.

As previously reported, holders of WGNB common stock were offered the rights to 3.75 million of the convertible preferreds for $8 apiece. The offering expired on Sept. 19, and the reoffering of any unsubscribed preferreds to the general public was slated to end Oct. 31.

"During the later part of the offering, abnormal fluctuations in the national stock market and increasing uncertainty in the economy caused many investors to stop investing in bank stocks," chief executive officer H.B. "Rocky" Lipham said in the release.

"We believe the market for bank stock has become more attractive as a result of recent steps taken by Congress and bank regulators, which are designed to relieve some of the uncertainty of investing in banks. Since announcement of the market stabilization initiatives, we have had an increased interest in our series A preferred stock."

WGNB is a bank holding company based in Carrollton, Ga.

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