WGNB Corp. (WGNB) Reports a Q3 Loss
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WGNB Corp. (NASDAQ: WGNB) reports a Q3 loss of $0.14 compared to a loss of $0.71 for Q2.
During the third quarter, WGNB closed the rights offering portion of its previously announced capital raise, selling more than $10.0 million of 9% Series A Non-cumulative Preferred Stock to existing shareholders and the local community. This new capital increased the Company's total shareholders' equity, total tangible equity and total regulatory capital to $83.2 million, $54.1 million and $74.1 million, respectively. As of September 30, 2008, WGNB's tier one leverage ratio, tier one risk based capital ratio and total risk based capital ratio were 7.43%, 9.76% and 11.01%, respectively. These levels compare to the regulatory well-capitalized standards of 5%, 6% and 10%, respectively.
WGNB Corp. is a bank holding company that conducts its operations in western Georgia through its wholly owned subsidiary, First National Bank of Georgia (the Bank or First National Bank). [SM]
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