- Fourth Quarter 2012 Dividend of $0.01 per Share
- Special Dividend Totals $106 Million
- Year to Date Loan Production Has Already Exceeded Original $2.2 Billion Projection
LOS ANGELES, Dec. 10, 2012 (GLOBE NEWSWIRE) -- CapitalSource Inc. (NYSE:CSE) today announced that its Board of Directors has declared a special cash dividend of $0.50 per common share, and a quarterly cash dividend of $0.01 per share on its common stock for the fourth quarter of 2012. Both dividends are payable on or about December 26, 2012 to shareholders of record on December 20, 2012. The ex-dividend date for the quarterly and special dividend will be December 18, 2012. The aggregate amount of the special dividend will be approximately $106 million.
"Our announcement of a $0.50 per share special dividend, to be paid before the end of the calendar year, is a continuation of our ongoing commitment to return Parent Company capital to our shareholders while growing our overall business and maintaining solid capital levels at CapitalSource Bank," said James J. Pieczynski, CapitalSource CEO. "Following payment of the dividends announced today, we will have returned nearly $900 million to shareholders over the last 24 months, principally in the form of share repurchases, and we intend to continue returning Parent capital as we generate additional excess liquidity."
"In addition to returning excess Parent Company capital, we are focused on growing our loan portfolio while maintaining a credit first standard. Despite competitive challenges, we believe that our national specialty lending franchise can continue its strong performance," commented Tad Lowrey, CapitalSource Bank Chairman and CEO. "As evidence, we have already closed approximately $600 million of new loans this quarter, taking our year to date total above $2.3 billion and exceeding our original full year projection. In addition, we have a strong pipeline of approved loans expected to close prior to year end."
"The CapitalSource Board of Directors previously approved a new $250 million share buyback program in October of 2012 to run through the end of 2013. That authority was based on projected excess liquidity of $250 million, a portion of which will be utilized to pay the special dividend," said John Bogler, Chief Financial Officer. "As the Parent generates additional excess liquidity, we expect to continue returning it to shareholders in the form of share buybacks and/or dividends consistent with regulatory guidelines."
CapitalSource Inc. (NYSE:CSE), through its wholly owned subsidiary CapitalSource Bank, makes commercial loans to small and middle-market businesses nationwide and offers depository products and services in 21 retail branches in southern and central California. CapitalSource, headquartered in Los Angeles, CA, had total assets of $8.7 billion and total deposits of $5.5 billion as of September 30, 2012. For more information, visit www.capitalsource.com.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, strategies, goals, and projections and including statements about loan production and return of capital, all which are subject to numerous assumptions, risks, and uncertainties. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words 'anticipate,' 'assume,' 'intend,' 'believe,' 'expect,' 'estimate,' 'forecast,' 'plan,' 'position,' 'project,' 'will,' 'should,' 'would,' 'seek,' 'continue,' 'outlook,' 'look forward,' and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements (including statements regarding preliminary and future financial and operating results and future transactions and their results) involve risks, uncertainties and contingencies, many of which are beyond our control which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including without limitation: changes in economic or market conditions or investment or lending opportunities; competitive and other market pressures on product pricing and services; reduced demand for our services; and other factors described in the CapitalSource 2011 Annual Report on Form 10-K and documents subsequently filed by CapitalSource with the Securities and Exchange Commission. All forward-looking statements included in this release are based on information available at the time of the release. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable law.
CONTACT: Investor Relations: Dennis Oakes Senior Vice President, Investor Relations & Corporate Communications (212) 321-7212 firstname.lastname@example.org Media Relations: Michael Weiss Director of Communications (301) 841-2918 email@example.com
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