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A technology subsidiary of the holding company Rurban Financial Corp. must improve its capital position and strengthen operational oversight under a consent order with the Federal Reserve Board.
March 16 -
The Defiance, Ohio, bank holding company said Monday in a filing with the Securities and Exchange Commission that it is not in compliance with listing requirements for the Nasdaq Stock Market LLC because it is late filing its most recent quarterly report.
September 1
Rurban Financial Corp. in Defiance,Ohio, has revised its 2011 earnings after the abrupt bankruptcy of a key client wound up wiping out much of the company's fourth-quarter profits.
The $629 million-asset company said in a Securities and Exchange Commission filing Tuesday that a client of its data subsidiary, Rurbanc Data Services Inc., ceased operations last week and would no longer be using its processing services. Rurban will write down certain assets used to service the client, resulting in a pre-tax charge of $609,000 that the company said it would record in the fourth quarter.
The charge will lower Rurban's fourth-quarter to $274,000, or six cents per diluted share, from previously reported net income of $675,000, or 14 cents per share. For the year, the company said it will report net income of $1.7 million, or 34 cents per diluted share, or $400,000 and eight cents per share less than it initially reported.
In early trading Wednesday, Rurban's shares were down more than 4.6% from Tuesday's closing price, to $3.70.
