Suffolk Bancorp (NASDAQ:SUBK) released the results of its operations during the fourth quarter and full year of 2011. Unaudited earnings-per-share for the quarter were $0.12, a decrease of 62.5 percent from $0.32 during the comparable period of 2010. Net income for the quarter was $1,156,000, down 62.3 percent from $3,069,000 during the same quarter last year. The net loss-per-share for the full year was $(0.01), down 101.2 percent from $0.65 as restated a year ago. The net loss for the year was $76,000, down 101.2 percent from net income of $6,256,000 as restated during 2010.
Suffolk Bancorp operates as the holding company for Suffolk County National Bank, a national-chartered commercial bank that provides domestic, retail, and commercial banking services, as well as trust services in Suffolk County, New York.
Majestic Gold Corp. (MJGCF.PK)
Majestic Gold Corp. engages in the exploration and development of mineral properties in China. The company focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic Gold Corp. is headquartered in Vancouver, Canada.
Gold is widely distributes on the earth at a background level of 0.03 g/1000 kg (0.03 ppm by weight). Its interns and its high density cause it to concentrate in streambeds, either in small flakes or in larger nuggets, from which it may be recovered by panning. It is found free in nature and associated with quartz, pyrite and other minerals.
Most gold is mined and comes from gravels and quarts veins or is associated with pyrites deposits. Two thirds of the world’s supply comes from South Africa, and 2/3 of USA production is from South Dakota and Nevada. Other main mining areas are Canada and Russia. Gold is found in sea water, but no effective economic process has been designed (yet) to extract it from this source. World production is around 2500 tonnes per year, but reserves are estimated to be ten of thousand of tonnes.
Majestic Gold Corp. (MJGCF.PK) has arranged a $10,000,000 loan to advance its Song Jiagou project in China. Nine million dollars ($9,000,000) from the proceeds from the loan will be used by the Company to in connection with its Song Jiagou project and the balance of one million dollars ($1,000,000) for general working capital purposes.
The loan will have a one year term and loan principal will be convertible at the option of the lender in whole or in part into common shares (”Shares”) of the Company until twelve months from the date of the loan advance at the price of $0.205 per Share. The loan will bear interest at the rate of 7.5% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into shares of the Company until twelve months from the date of the loan advance at Market Price at the time of conversion.
The lender is at arm’s length from the Company and will not become an insider as a result of any conversion of principal and interest. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. The loan is subject to acceptance by the TSX Venture Exchange.
As additional consideration for the loan, the Company has agreed to forward at least $9 million to Majestic Yantai Gold Ltd., a British Virgin Islands company owned 94% by the Company to be used to further advance its Song Jiagou project. The Borrower has also agreed to a 90 day period for reciprocal due diligence reviews and discussions for the possible further involvement of the Lender in the Song Jiagou project.
In the event that no further agreement is reached between the Lender and the Company during the 90 day period, then the loan and a minimum of seven (7) months interest will automatically convert to shares in the Company at a price of $0.205 per share and the interest at Market Price respectively. In addition the Company is pleased to announce that it has arranged a non-brokered private placement of up to 15,000,000 shares to be issued at the price of $0.20 per share for gross proceeds of $3,000,000.
For more information about company: www.majesticgold.net
Hanmi Financial Corporation (NASDAQ:HAFC), the holding company for Hanmi Bank (the “Bank”), announced that Jay S. Yoo, President and Chief Executive Officer, is scheduled to participate in a Greater Los Angeles Banks Panel at the FIG Partners 3rd Annual West Coast Bank CEO Forum on Tuesday, February 7, 2012, at 8:55 a.m. PST. The forum is scheduled for February 6-7 at the Westin St. Francis Hotel on Union Square in San Francisco.
Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides general business banking products and services in the United States.
Ohio Valley Banc Corp. (Nasdaq:OVBC) reported consolidated net income for the quarter ended December 31, 2011, of $1,361,000, an increase of $63,000, or 4.9 percent, from the $1,298,000 earned for the fourth quarter of 2010. Earnings per share for the fourth quarter of 2011 were $.34 compared to $.33 for the prior year fourth quarter. For the year ended December 31, 2011, net income totaled $5,835,000, a 14.5 percent increase from net income of $5,096,000 for the year ended December 31, 2010. Earnings per share were $1.46 for 2011 versus $1.28 for 2010, an increase of 14.1 percent. Return on average assets and return on average equity was .68 percent and 8.35 percent, respectively, for the year ended 2011, compared to .60 percent and 7.54 percent, respectively, for the same period in the prior year.
Ohio Valley Banc Corp. operates as the holding company for The Ohio Valley Bank Company that provides commercial and consumer banking products and services in central and southeastern Ohio and western West Virginia.
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