UPDATE 2-Integra Bank suspends div to Treasury, posts Q3 loss
* Evaluating strategic alternatives
* Signs MOU with Federal Reserve of St. Louis
* Looking to sell non-core assets
* Q3 loss/shr $1.01 vs est. loss/shr $0.78
* Defers interest payment on certain notes
By Jochelle Mendonca
BANGALORE, Oct 29 - Integra Bank Corp (IBNK.O: Quote, Profile, Research) posted a wider-than-expected quarterly loss, and said it intends to suspend dividend payments on preferred stock issued to the U.S. Treasury and defer interest payments on certain notes.
The news follows the resignation of the company's chief financial officer Martin Zorn, effective Nov. 13, on late Wednesday. Zorn will be replaced by Michael Carroll, the company's chief accounting officer.
On a conference call, the company's chief executive Michael Alley said Integra, which was taking a hit from its commercial real estate exposure in states like Florida, was working with an investment banker to evaluate strategic alternatives and ways to improve capital position. Continued...
© Thomson Reuters 2010. All rights reserved. | Learn more about Thomson Reuters
