- 4 -
value of the shares and above the over-the-counter price of the
shares.
During the 1980's, Wilber Bank developed a strong loan
portfolio. From the mid-1980's through September of 1990, Wilber
Bank's total assets steadily increased, and, overall,
profitability remained constant.
In February of 1990, the shares of stock in Wilber Corp were
split 4-to-1 and increased dividends were declared on the shares.
Also in 1990, while much of the Nation's banking industry was
experiencing an economic downturn due to the savings and loan
crisis, Wilber Bank expanded its activity in the Oneonta region
by acquiring two branches of another local bank.
As of September 30, 1990, Wilber Bank held assets totaling
$284,590,000.
Approximately 10,000 shares of common stock of Wilber Corp
were traded each year on the over-the-counter market. Generally,
no blocks of Wilber Corp stock larger than 500 shares were ever
traded, and the small number of shares of stock in Wilber Corp
that traded in the month of October of 1990 traded at an average
sales price of $50 per share. On or about October 20, 1990,
there existed a waiting list of perhaps 50 investors who were
interested in acquiring shares of stock in Wilber Corp.
Wilber Corp's articles of incorporation state that no
merger, consolidation, dissolution, or sale of all or of
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011