Independent Alliance Banks Inc., the holding company of iAB Financial Bank, on Wednesday announced plans to sell up to 200,000 additional shares of common stock.
The proceeds will be used to raise capital for iAB, support future stock redemptions, and encourage expansion of the Fort Wayne holding company’s shareholder base, officials said.
iAB plans to begin selling the shares soon after the Indiana Securities Division declares the registration statement effective. Independent Alliance Bank’s common stock is listed on Nasdaq under the symbol IALB.
Shares closed at $25.10, down 2 cents, at the end of trading Wednesday. The three-month average daily trading volume is 602 shares.
Raymond James & Associates will act as sales agent. A copy of the prospectus, once it is available, may be obtained from George Click, vice president at Raymond James, by calling 487-4122 or emailing George.Click@raymondjames.com.
Apple ups buyback, will split stock 7 ways
Apple plans to buy back an additional $30 billion of its stock, raise its quarterly dividend by 8 percent and split its stock for the first time in nine years.
The commitment announced Wednesday as part of Apple’s fiscal second-quarter earnings report expands on the company’s previous pledge to spend $60 billion on stock buybacks by the end of next year.
The company is now earmarking $90 billion for buybacks during that time frame.
Apple is raising its quarterly dividend to $3.29 a share.
The company will execute an unusual seven-for-one stock split in early June. The move will dramatically decrease the nominal value of Apple’s stock, which closed Wednesday at $524.75, though the total value of the company shouldn’t change.
The Cupertino, Calif., company’s earnings rose 7 percent to $10.2 billion, or $11.62 a share. Revenue climbed by 5 percent to $45.6 billion.
Sales of new US homes plunge 14.5% in March
The number of Americans buying new homes plummeted in March to the slowest pace in eight months, a sign that real estate’s spring buying season is off to a weak start.
The Commerce Department said Wednesday that sales of new homes declined 14.5 percent last month to a seasonally adjusted annual rate of 384,000. That was the second consecutive monthly decline and the lowest rate since July 2013.
Home sales usually improve when spring starts: More would-be buyers venture to open-house events, and families with children begin looking for homes so they can move afterthe school year ends.
Delta endures winter, tops profit forecast
Delta Air Lines Inc. is making more money by filling more seats on its planes and paying a bit less for fuel.
Delta’s first-quarter profit beat expectations and underscored how most big airlines are prospering with a combination of strong business travel, slightly higher fares and money from extra fees.
Delta said net income in the first quarter was $213 million, or 25 cents a share, up from $7 million, or a penny a share, a year earlier.
Excluding items such as fleet-restructuring costs and fuel-hedging, Delta earned 33 cents a share. Revenue rose 5 percent to $8.92 billion.