Attached files
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| EX-99.1 - FIRST FINANCIAL SERVICE CORP | v200707_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Current
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
October
29, 2010
(Date of
earliest event reported)
First Financial
Service Corporation
(Exact
name of registrant as specified in its charter)
Securities
and Exchange Commission File Number: 0-18832
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KENTUCKY
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61-1168311
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(State
or other jurisdiction
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(I.R.S.
Employer Identification No.)
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of
incorporation or organization)
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2323
Ring Road, Elizabethtown, Kentucky, 42701
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone, including area code: (270) 765-2131
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02: Results of Operations and Financial Condition
On
November 2, 2010, First Financial Service Corporation issued a press release
announcing its 2010 third quarter results. A copy of the press
release as well as supplemental information is furnished with this report as
Exhibit 99.1, and is incorporated herein by reference.
The
information in this report is being furnished, not filed, for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to
Item 2.02 of Form 8-K will not be incorporated by reference into any filing
under the Securities Act of 1933, as amended, unless specifically identified
therein as being incorporated therein by reference.
Item
8.01: Other Events
On
October 29, 2010, First Financial Service Corporation (“Company”) gave written
notice to the United States Department of the Treasury that the Company is
suspending the payment of regular quarterly cash dividends on the Company’s
Fixed Rate Cumulative Perpetual Preferred Stock, Series A (“Series A Preferred
Stock”). Under the terms of the Series A Preferred Stock, the Company
is required to pay, on a quarterly basis, a dividend rate of 5% per year for the
first five years, after which the dividend rate automatically increase to 9% per
year. Since the dividends are cumulative, failure to pay dividends
for six periods would trigger board appointment rights for the holder of the
Series A Preferred Stock. The dividends will continue to be accrued
for payment in the future and reported as a preferred dividend requirement that
is deducted from income to common shareholders for financial statement
purposes.
On
October 29, 2010, the Company also exercised its rights to defer regularly
scheduled interest payments on two issues of junior subordinated notes, together
having an outstanding principal amount of $18 million, relating to outstanding
trust preferred securities. The Company has the right to defer
payments of interest for up to 20 consecutive quarterly periods without default
or penalty. During the deferral period, the respective statutory
trusts, which are wholly owned subsidiaries of the Company that were formed to
issue the trust preferred securities, will likewise suspend the declaration and
payment of dividends on the trust preferred securities. The regular
scheduled interest payments will continue to be accrued for payment in the
future and reported as an expense for financial statement purposes.
The
interest and preferred dividend payments referred to above will resume at such
time as the Company’s board of directors determines that resuming such payments
would be consistent with the Company’s overall financial performance and capital
requirements. The deferral of interest payments and suspension of
cash dividend payments will preserve approximately $2.3 million per year in cash
flow.
Item
9.01: Financial Statements and Exhibits
Attached
is the press release for the third quarter results.
(d)
Exhibits
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Exhibit
Number
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Description
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99.1
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Press
release dated November 2,
2010
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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FIRST
FINANCIAL SERVICE CORPORATION
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Date:
November 2, 2010
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By:
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/s/ Steven
M. Zagar
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Steven
M. Zagar
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Chief
Financial Officer &
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Principal
Accounting Officer
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