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Entregra Financial in Franklin, N.C., has filed to sell nearly $50 million in common stock as part of it planned conversion to a stock company.
March 19 -
Porter Bancorp in of Louisville, Ky., has adopted a plan to preserve the value of its deferred tax benefits, designed to allow the company to continue the use of net operating loss carryforwards.
June 26 -
ASB Bancorp in Asheville, N.C., has received its second demand in less than a month to put itself on the auction block.
August 24
Entegra Financial in Franklin, N.C., has adopted a plan to preserve the value of about $12.2 million deferred tax assets.
The $984 million-asset company said the plan is intended to discourage a certain type of ownership change that would restrict Entegra's ability to use its deferred tax assets to offset taxable income and reduce its tax liability.
Entegra, formerly known as Macon Financial, holds a $31.9 million net operating loss carryforward with a deferred tax asset value of $11.2 million for federal income tax. It also holds a $39.1 million net operating loss carryforward with a deferred tax asset value of $1 million for North Carolina state income tax.
The type of ownership change described by Entegra would occur if the company's "five-percent shareholders,"
The plan is intended to discourage 5% shareholders from increasing the size of their stakes in the company, and to discourage other shareholders from reaching the 5% threshold.
Under terms the plan, Entegra declared a dividend of one preferred stock purchase right for each share of the company's outstanding common stock. Shareholders of record on Nov. 27 or later can receive the right to purchase preferred stock.
The tax plan will not affect Entegra's earnings and is not taxable.
