JOHNSTOWN, Pa. BT Financial Corp. said Tuesday that it will record a pretax fourth-quarter charge of about $6.6 million related to staff cuts and adopting a new name.
The charge, about 39 cents a share, will exceed its third-quarter profits, the company said in a press release Tuesday. BT said it expects to report earnings of 33 cents to 35 cents a share for the present quarter because net interest margins remain under pressure.
The company will start operating as Promistar Financial on Nov. 15. The 72 branches of its Laurel Bank will operate as Promistar Bank, and Laurel Trust Co. and Laurel Investment Advisors Inc. will reemerge as Promistar Trust Co. and Promistar Investment Advisors Inc. respectively.
The fourth-quarter charge will also go toward reorganization and early retirement costs, the company said.
BT Financial also announced a plan to buy back 10% of its stock 1.6 million shares in a Dutch auction. Shareholders could offer some or all of their shares at $18 to $20. Twenty dollars is a 21% premium to Mondays closing price, $16.50
The auction will start Friday and end Oct. 31.
