Dividends
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Franklin Bank (FBTX) Won't Pay Preferred Stock Dividend This Period
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Late Friday, Franklin Bank Corp. (Nasdaq: FBTX) said it has resolved not to declare or pay the dividend on Franklin's Series A Non-Cumulative Perpetual Preferred Stock scheduled for September 15, 2008.
Dividends on the Preferred Stock are non-cumulative. To the extent that any dividends payable on the Preferred Stock are not declared and paid, in full or otherwise, such unpaid dividends do not cumulate and are not payable. Franklin has no obligation to declare dividends on the Preferred Stock or to pay interest or any sum in lieu of interest with respect to undeclared dividends. However, if Franklin fails to pay dividends on the Preferred Stock for six quarterly dividend periods (whether or not consecutive), the size of Franklin's board of directors will be increased by two and the holders of the Preferred Stock will have the right to vote to fill the two vacancies created thereby until Franklin pays dividends for four consecutive dividend periods.
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