BVCC's recently engaged independent auditors have preliminarily advised BVCC that BVCC has material weaknesses in its internal control over financial reporting relating to:
Based upon the information assessed to date, BVCC intends to restate its consolidated financial statements for the first, second and third quarters of 2004 that were previously reported in its Quarterly Reports on Form 10-Q and its consolidated financial statements for the fourth quarter of 2004 that were previously furnished in a Current Report on Form 8-K dated January 28, 2005.
The introduction of Venly to our community has been an insightful, educational, and powerful experience,'' said Jeannie Hebert, BVCC president and CEO.
Reservations are required and can be made through the BVCC at (508) 234-9090, ext.
Office space is available at the BVCC
office on Church Street in Whitinsville and Mr.
In addition, Eureka's strong core-deposit base provides BVCC
with an additional low-cost source of funding to continue its growth initiatives.
CUTLINE: Joseph Deliso, left, interim director of the Blackstone Valley Chamber of Commerce, talks with Jeannie Hebert, the new president and chief executive officer of the BVCC
, and Joseph Barbato, chairman of the BVCC
board of directors, at a reception held in Ms.
Accounted for as a purchase transaction, BVCC will pay $153 million in stock and cash, plus up to an additional $147 million over the next seven years based on the unit's financial performance.
Commensurate with the purchase of PSB, BVCC will expand its consumer finance platform and enhance its high yielding asset generation capabilities in a manner consistent with the operation of its auto finance unit, Bay View Credit Corp.
is also susceptible to integration risks, which result from its demonstrated acquisition appetite.
Consequently, the previously announced agreement by BVCC
to acquire PSB Lending Corp.
As each of the above platforms are funded by the deposits and borrowings of BVB and the debt of BVCC
, the cost of funds for each platform is equal to the consolidated entity's cost of funds.