WSB

[mrmarket]

$$$MR. MARKET$$$ Loves WSB
by: mr_market63 (43/M)
Long-Term Sentiment: Strong Buy 06/30/03 10:24 am
Msg: 300 of 359

In summertime I drink much more beer than I do in the wintertime.
That means I have to go to the bank more often. Another person that
needs to go to the bank very often is Dan Snider, that owner of the
Washington Redskins who paid a bazillion dollars for Steve Spurrier,
and he still doesn't have a QB. So anyway, he needed to go to a bank
in Washington. So I bought stock today in WASHINGTON SVGS BANK F S B
(WSB) at an average price of 10.67. I will sell it in 4 to 6 weeks
at 12.36. Here's why I like WSB:

The Washington Savings Bank, F.S.B. ("WSB") is a federally-chartered,
federally-insured stock savings bank which was organized in 1982 as a
Maryland-chartered, privately-insured savings and loan association.
It received federal insurance in 1985 and a federal savings bank
charter in 1986. WSB is a member of the Federal Home Loan Bank system
and its deposits are insured by the Federal Deposit Insurance
Corporation ("FDIC") to the maximum amount provided by law. WSB is
subject to supervision and regulation by the Office of Thrift
Supervision ("OTS").

WSB is your typical bank that makes a ton of money in a low interest
rate environment. WSB has five branches in Maryland located in
Bowie, Waldorf, Crofton, Millersville and Odenton, all of which are
adjacent to the Baltimore-Washington corridor. WSB also has three
mortgage loan origination offices in Maryland - located adjacent to
the Bowie, Waldorf and Odenton branch offices. Additionally, each
Branch Manager is also a qualified loan officer. Corporate
headquarters for the bank is located at 4201 Mitchellville Road,
Bowie, MD 20716. This is really really good demographics and the next
quarter should see earnings way ahead of what they have been doing.

WSB is engaged principally in the business of attracting deposit
accounts from the general public using such funds, together with
other funds, to make first and second mortgages, land acquisition and
development loans, construction loans, consumer loans, and non-
residential mortgage loans, with emphasis on residential lending.
WSB has grown their earnings at a rate of 36% compared to the
industry average of 11%.

WSB's stock is up 113% over the last 12 months yet it only has a P/E
11.33. Previous day's closing price for WSB was significantly above
its 50-day moving average. That's mighty fine momentum at a real
good value. In fact, it's an incredible value.

WSB's price / book is only 1.26 compared to the S&P 500 2.92. It's
Price to Cash flow is 7.0 compared to the S&P 500 16.2.

WSB pays a dividend and management has increased the dividend by 50%,
indicating high confidence in the short term earnings environment.
WSB also split their stock in April. Customer demand and/or pricing
power are generating solid growth in WSB's operations.

WSB's Return on Equity is 18% compared to the S&P 500 8.2%.

Last year, WSB made $0.67/share. This year, they'll probably end up
around $1.00/share. $$$MR. MARKET$$$ thinks that in this interest
rate environment, WSB will start banging out $0.35/quarter so next
year they'll do $1.42. If they hold their P/E at 11.33, that means
the stock will go to $16.09 which is well past my target price.

The record net earnings for the three and nine month periods ended
April 30, 2003, represent an increase of $931,000, or 97%, and
$2,284,000, or 70%, respectively, over the same periods last year.
The operational increases are primarily attributable to a 49%
increase in net interest income for this quarter and a increase of
39%, or $2.7 million, for the first nine months of this fiscal year,
compared to the same period last year. WSB's return on average
assets increased 50% to a strong 2.27%, while return on average
equity increased by 48% to 21.27% over the same nine month period
last year. Total assets grew by 25% at April 30, 2003 over the same
period end last year.

WSB has a relative strength of 89 and an EPS rating of 97. It's been
a stellar market performer.

WSB has a net profit margin of 21.5%.

Of the 4.60 million of shares outstanding, 1.43 million are owned by
insiders so insider holdings account for 31.0% of the company stock.
Thus, management and shareholder interests are one.

WSB's most recent fiscal year end pre-tax profit margin of 26.80% is
higher than the five-year mean of 15.02%. It's also higher than the
five-year industry average of 16.66%. Increasing profit margins
indicate that a company is continuing to control costs and that's a
sign that a company is well-managed.

WSB's most recent fiscal year end return on equity of 14.20% is
higher than its five-year mean of 8.70%. It's also higher than the
five-year industry average of 12.50%. Stable or increasing ROEs
indicate a well-managed company.

I think that WSB is a pretty safe bet. If the stock market doesn't
react to its growing earnings, certainly a larger bank will gobble it
up and digest these earnings into its own.

Anyway...it's gettin hot in here. Time to take off all my clothes.

I am HUGE!!

$$$MR. MARKET$$$

[mrmarket]

Looks like this baby is starting to move now. I'm sure they will be reporting tremendous earnings soon. Earnings earnings earnings....

[JerzeyGuy]

Anyone know what happened today?

[mrmarket]

Anyone know what happened today?


WSB is growing its earnings and its PE is only 9.

[drchrislee]

Anyone know what happened today?

Apparently there was some bad news regarding the health of one of the officers. Typical market overreaction.

[mrmarket]

THE WASHINGTON SAVINGS BANK, F.S.B. Reports Records for the Second Quarter and Six Month Results and Announces a 20% Increased Quarterly Cash Dividend
Wednesday February 18, 11:18 am ET


BOWIE, Md., Feb. 18 /PRNewswire-FirstCall/ -- The Washington Savings Bank, F.S.B. (Amex: WSB - News), a federally-chartered, federally-insured savings bank, with principal executive offices in Bowie, Maryland, today announced record results for both its second quarter and six month period ended January 31, 2004, and increases the quarterly cash dividend to six cents per share which will be paid on March 19, 2004, to stockholders of record as of March 5, 2004.
WSB reported record net earnings of $1,944,000, or $0.24 per diluted share, and a record $3,911,000, or $0.49 per diluted share, for the three and six month periods ended January 31, 2004, respectively. The record net earnings for the current fiscal periods included no gain on the sale of mortgage-backed securities, compared to an pre-tax gain on the sale of mortgage-backed securities of approximately $442,000, or $0.06 per diluted share ($291,000, or $0.04 per diluted share on an after-tax basis), the same quarter last year, and $524,000, or $0.07 per diluted share (344,000, or $0.05 per diluted share on an after-tax basis) for the six months ended January 31, 2003. WSB's net earnings for the six month period ending last year were also affected by granting to the Maryland Environmental Trust, a deed of conservation easement on the real estate held for investment with a carrying value of $506,000 and an appraised value of $2,145,000, which resulted in reducing the income tax expense by approximately $745,000. The positive net effect on net earnings for this transaction was approximately $239,000, or $0.03 per basic share.

The record net earnings for the six month period ended January 31, 2004, represent an increase of $260,000, or 7.1% over the same period last year. The increase in net earnings are primarily attributable to a 52% increase in net interest income which partially offset the 40% decrease in non-interest income, compared to the six month period last year. The increase in net interest income is the result of restructuring the balance sheet to include less mortgage-backed and investment securities and more higher-yielding loans with an emphasis on construction loans. The decrease in non-interest income is the result of the current interest rate environment on mortgage loans, which resulted in a substantial decrease in the amount of gain on sales of loans sold in the secondary market due to a decrease in volume of mortgage loan origination. Also, WSB had no gain on sale of real estate acquired in settlement of loans compared to $73,000 for the six month period last year.

WSB's January 31, 2004 total assets increased by 23% to $409,354,204 over last year's January 31st balance, however, total assets declined 5% since July 31, 2003.

FINANCIAL HIGHLIGHTS
(Unaudited)

Three Months Ended January 31,
2004 2003 % Change
Interest Income $7,508,000 $6,185,000 21 %
Interest Expense $2,828,000 $2,908,000 (3)%
Net Interest Income $4,680,000 $3,277,000 43 %
Non-Interest Income $1,378,000 $2,136,000 (36)%
Non-Interest Expenses $2,795,000 $2,463,000 14 %
Provision for Loan Losses $120,000 $90,000 33 %
Net Earnings $1,944,000 $1,837,000 6 %
Basic Earnings Per Share $0.28 $0.27 ** 4 %
Diluted Earnings Per Share $0.24 $0.24 ** 0 %
Average Shares Outstanding 6,997,064 6,897,071 ** 1 %
Average Diluted Shares
Outstanding 7,947,253 7,619,718 ** 4 %


Six Months Ended January 31,
2004 2003 % Change
Interest Income $14,930,000 $11,827,000 26 %
Interest Expense $5,742,000 $5,789,000 (1)%
Net Interest Income $9,188,000 $6,038,000 52 %
Non-Interest Income $2,634,000 $4,395,000 (40)%
Non-Interest Expenses $5,373,000 $5,436,000 * (1)%
Provision for Loan Losses $180,000 $180,000 0 %
Net Earnings $3,911,000 $3,651,000 7 %
Basic Earnings Per Share $0.56 $0.53 ** 6 %
Diluted Earnings Per Share $0.49 $0.48 ** 2 %
Average Shares Outstanding 6,972,235 6,887,871 ** 1 %
Average Diluted Shares
Outstanding 7,976,210 7,614,500 ** 5 %


As of January 31, and six months then ended
2004 2003 % Change
Total Assets $409,354,000 $331,528,000 23 %
Deposits and Borrowings $362,827,000 $291,641,000 24 %
Total Stockholders' Equity $43,426,000 $36,113,000 20 %
Book Value Per Share $6.10 $5.23 ** 17 %
Return on Average Assets 1.91 % 2.29 % (17)%
Return on Average Equity 18.89 % 21.67 % (13)%
Efficiency Ratio 45.44 52.10


* Includes $506,000 donation of real estate.
** Includes adjustment for the three-for-two stock split, effective April
23, 2003.



earnings....earnings...earnings...the stock price of this company HAS to go up.

[Jaws57]

Looking good here lately. I went back and looked at some of MM's older picks and liked CBK and WSB. I bought them couple of weeks ago looking at their charts. Hopefully they have hit the bottom of the "cup" and working up the right side of a base. I will be looking good if these stocks hit MM's target.

I also bought HZO today at $25.85.

Thanks Mr. Market!!

Jaws57

[billyjoe]

Mr. Market, I also bought WSB after your Feb. 18th post. It's turned into a fine pick doesn't appear to be affected by the crap happening in the market lately. Maybe they'll get bought out and we can all celebrate. Thanks,
billyjoe

[stocks54]

"The Washington Savings Bank, F.S.B. Announces Regulatory Developments"

Does this change anything. In short term there might be some sell off. How about long term?

Regards,

[mrmarket]

"The Washington Savings Bank, F.S.B. Announces Regulatory Developments"

Does this change anything. In short term there might be some sell off. How about long term?

Regards,

If it affects earnings, then it would be wise to sell. I don't think it will affect earnings. I don't think that selling stocks with PE's of 10 or less is a very effective investment strategy.

Over the last 52 Weeks, WSB stock is up 69.44%. The S&P is only up 32% for the same period.

WSB pays a dividend of 2.3%. This is better than cash, better than my savings account. I'm going to stick around and see what happens.

[stocks54]

Thank you Mr. Market

[billyjoe]

Why isn't WSB trading today?
billyjoe

[mrmarket]

10.55!!

So hold tight baby `cause don't you know daddy's comin'

[stocks54]

Nice move

With tax refunds coming and lower interest rate I am sure stock will hit the target in few days......

[stocks54]

The Washington Savings Bank, F.S.B. Reports Records for the Third Quarter and Nine Month Results and Announces Quarterly Cash Dividend
Wednesday May 19, 12:16 pm ET


BOWIE, Md., May 19 /PRNewswire-FirstCall/ -- The Washington Savings Bank, F.S.B. (Amex: WSB - News), a federally-chartered, federally-insured savings bank, with principal executive offices in Bowie, Maryland, today announced record results for both its third quarter and nine month period ended April 30, 2004, and declared a quarterly cash dividend of six cents per share which will be paid on June 18, 2004, to stockholders of record as of June 4, 2004.

WSB reported record net earnings of $2,660,000, or $0.33 per diluted share, and a record $6,571,000, or $0.82 per diluted share, for the three and nine month periods ended April 30, 2004, respectively. The record net earnings for the current fiscal periods included no gains from the sale of mortgage-backed securities, compared to a pre-tax gain on the sale of mortgage-backed securities of approximately $299,000 (approximately $197,000, or $0.03 per diluted share on an after-tax basis) the same quarter last year, and $823,000 (approximately 543,000, or $0.07 per diluted share on an after- tax basis) for the nine months ended April 30, 2003. WSB's net earnings for the nine month period ending last year were also affected by granting to the Maryland Environmental Trust, a deed of conservation easement on the real estate held for investment with a carrying value of $506,000 and an appraised value of $2,145,000, which resulted in reducing the income tax expense by approximately $745,000. The positive net effect on the prior period's net earnings for this transaction was approximately $239,000, or $0.03 per basic share.

The record net earnings for the three and nine month period ended April 30, 2004, represent an increase of $773,000, or 40.9% and $1,033,000, or 18.6% compared to the same corresponding periods last fiscal year. The increase in net earnings for the nine month period are primarily attributable to a 54% increase in net interest income which partially offset the 30% decrease in non-interest income, compared to the nine month period last year. The increase in net interest income is the result of restructuring the balance sheet to include more higher-yielding loans with an emphasis on construction loans. The decrease in non-interest income is the result of the current interest rate environment on mortgage loans, which resulted in a substantial decrease in the amount of gain on sales of loans sold in the secondary market due to a decrease in volume of mortgage loan originations.

WSB's April 30, 2004 total assets increased by 30% to $471,344,000 over last year's April 30th balance, and increased 9% for the nine month period since July 31, 2003.

[jiesen]

briefly in the black again!

[carlton02]

This is a good IBD article! Way to go Ernie
Still holding strong
thanks :twisted:
The Washington Savings Bank, F.S.B. Reports Records for the Third Quarter and Nine Month Results and Announces Quarterly Cash Dividend






BOWIE, Md., May 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- The Washington Savings Bank, F.S.B. (WSB), a federally-chartered, federally-insured savings bank, with principal executive offices in Bowie, Maryland, today announced record results for both its third quarter and nine month period ended April 30, 2004, and declared a quarterly cash dividend of six cents per share which will be paid on June 18, 2004, to stockholders of record as of June 4, 2004.

WSB reported record net earnings of $2,660,000, or $0.33 per diluted share, and a record $6,571,000, or $0.82 per diluted share, for the three and nine month periods ended April 30, 2004, respectively. The record net earnings for the current fiscal periods included no gains from the sale of mortgage-backed securities, compared to a pre-tax gain on the sale of mortgage-backed securities of approximately $299,000 (approximately $197,000, or $0.03 per diluted share on an after-tax basis) the same quarter last year, and $823,000 (approximately 543,000, or $0.07 per diluted share on an after- tax basis) for the nine months ended April 30, 2003. WSB's net earnings for the nine month period ending last year were also affected by granting to the Maryland Environmental Trust, a deed of conservation easement on the real estate held for investment with a carrying value of $506,000 and an appraised value of $2,145,000, which resulted in reducing the income tax expense by approximately $745,000. The positive net effect on the prior period's net earnings for this transaction was approximately $239,000, or $0.03 per basic share.

The record net earnings for the three and nine month period ended April 30, 2004, represent an increase of $773,000, or 40.9% and $1,033,000, or 18.6% compared to the same corresponding periods last fiscal year. The increase in net earnings for the nine month period are primarily attributable to a 54% increase in net interest income which partially offset the 30% decrease in non-interest income, compared to the nine month period last year. The increase in net interest income is the result of restructuring the balance sheet to include more higher-yielding loans with an emphasis on construction loans. The decrease in non-interest income is the result of the current interest rate environment on mortgage loans, which resulted in a substantial decrease in the amount of gain on sales of loans sold in the secondary market due to a decrease in volume of mortgage loan originations.

WSB's April 30, 2004 total assets increased by 30% to $471,344,000 over last year's April 30th balance, and increased 9% for the nine month period since July 31, 2003.





FINANCIAL HIGHLIGHTS
(Unaudited)

Three Months Ended April 30,
2004 2003 % Change

Interest Income $ 8,154,000 $ 6,006,000 36 %
Interest Expense $ 2,954,000 $ 2,676,000 10 %
Net Interest Income $ 5,200,000 $ 3,330,000 56 %
Non-Interest Income $ 2,113,000 $ 2,343,000 (10)%
Non-Interest Expenses $ 2,822,000 $ 2,614,000 8 %
Provision for Loan Losses $ 180,000 $ 90,000 100 %
Net Earnings $ 2,660,000 $ 1,887,000 41 %
Basic Earnings Per Share $ 0.37 $ 0.27 37 %
Diluted Earnings Per Share $ 0.33 $ 0.25 32 %
Average Shares Outstanding 7,253,835 6,904,758 5 %
Average Diluted Shares Outstanding 8,075,981 7,693,280 5 %


Nine Months Ended April 30,
2004 2003 % Change

Interest Income $ 23,084,000 $ 17,832,000 29 %
Interest Expense $ 8,696,000 $ 8,466,000 3 %
Net Interest Income $ 14,388,000 $ 9,366,000 54 %
Non-Interest Income $ 4,746,000 $ 6,737,000 (30)%
Non-Interest Expenses $ 8,195,000 $ 8,050,000* 2 %
Provision for Loan Losses $ 360,000 $ 270,000 33 %
Net Earnings $ 6,571,000 $ 5,538,000 19 %
Basic Earnings Per Share $ 0.93 $ 0.80 16 %
Diluted Earnings Per Share $ 0.82 $ 0.73 12 %
Average Shares Outstanding 7,066,102 6,890,434 3 %
Average Diluted Shares Outstanding 8,009,467 7,639,020 5 %


As of April 30, and nine months then ended
2004 2003 % Change

Total Assets $471,344,000 $363,833,000 30 %
Deposits and Borrowings $420,645,000 $320,985,000 31 %
Total Stockholders' Equity $ 46,830,000 $ 37,674,000 24 %
Book Value Per Share $ 6.41 $ 5.46 17 %
Return on Average Assets 2.08 % 2.27 % (8)%
Return on Average Equity 20.55 % 21.27 % (3)%
Efficiency Ratio 42.83 49.99


* Includes $506,000 donation of real estate.


SOURCE The Washington Savings Bank, F.S.B.


William J. Harnett, Chairman, CEO, or Kevin P. Huffman,
President, COO, both of The Washington Savings Bank, F.S.B., +1-301-352-3120

[billyjoe]

Ernie always stresses fundamentals and earnings. WSB has them both. Fundamentally first out of 168 stocks in the group. Earnings also are outstanding. I bought WSB late in the low 9's and it is in my conservative IRA fund. This stock in my opinion has a bright future with not much risk. The low price is a mystery. Can't find another stock with similar characteristics or I'd buy it.
billyjoe

[mrmarket]

Press Release Source: Washington Savings Bank, F.S.B.


The Washington Savings Bank, F.S.B. Rated 20th Best Performing Community Bank in Nation
Thursday July 15, 2:08 pm ET


BOWIE, Md., July 15 /PRNewswire-FirstCall/ -- The Washington Savings Bank, F.S.B. (Amex: WSB - News), a federally-chartered, federally-insured savings bank, with principal executive offices in Bowie, Maryland, today announced it was rated as the nation's 20th best performing community bank by U.S. Banker magazine, based on its three-year average return on equity of 16.2%. For the nine months ended April 30, 2004, The Washington Savings Bank generated a 20.55% return on average equity and a 2.06% return on average assets.
ADVERTISEMENT


The ranking appeared in the magazine's July issue and its prestigious annual list of the 200 top publicly traded community banks and bank holding companies with less than $1 billion in assets at the end of 2003. The Washington Savings Bank is one of only two Maryland based institutions in the top 50.

"We are very please to have been recognized for our performance and to have been included on this very select list," said William Harnett, Chairman and Chief Executive Officer.

[billyjoe]

I'm down to two stocks in the portfolio and WSB is one of them. I can sleep at night without worry about a scandal or am I just naive?
billyjoe

[mrmarket]

I'm down to two stocks in the portfolio and WSB is one of them. I can sleep at night without worry about a scandal or am I just naive?
billyjoe


If the books are legit, this company is a steal.

[stocks54]

"WSB reported record net earnings of $2,317,000, or $0.28 per diluted share, and a record $8,888,000, or $1.11 per diluted share, for the three and twelve month periods ended July 31, 2004, respectively. The record net earnings for the current fiscal periods included no gains from the sale of mortgage-backed securities, compared to a pre-tax gain on the sale of mortgage-backed securities of $56,000 (approximately $37,000, or less than $0.01 per diluted share after-tax), for the same quarter last year, and $880,000 (approximately $581,000, or $0.08 per diluted share after-tax) for the twelve months ended July 31, 2003. WSB's net earnings for the twelve month period ending last year were also affected by granting to the Maryland Environmental Trust, a deed of conservation easement on the real estate held for investment.

The record net earnings for the three and twelve month periods ended July 31, 2004, represent an increase of $318,000, or 16%, and $1,351,000, or 18%, respectively, over the same periods last year. The increases are primarily attributable to a 46% increase in net interest income for this quarter, and an increase of 51%, or $6.9 million, for the twelve months ended July 31, 2004, compared to the same periods last year, which partially offsets the 35% decrease in non-interest income, compared to the twelve month period last month. The increase in net interest income is the result of restructuring the balance sheet to include more higher-yielding loans with an emphasis on construction loans. The decrease in non-interest income is primarily due to the decline in the amount of gains on loans sold in the secondary market. The recent increase in mortgage interest rates has had a negative effect on mortgage loan originations sold in the secondary market. WSB originated 1,856 loans for sale in the secondary market that totaled approximately $351 million, compared to 2,829 loans totaling approximately $563 million in the previous year.

WSB's July 31, 2004 total assets increased by 20% to $521,480,000 from $433,032,000 over last year's July 31st balance. This increase is primarily the result of an increase in the loan held-for-investment portfolio."

[jiesen]

this is one stock I'm really going to have a tough time parting with when we hit the 15%. I love getting these dividends every quarter.

[billyjoe]

Volume up over 300% today on WSB, but no change in price. Does anyone remember what Peter Lynch mentioned in his book about evaluating banking stocks?
billyjoe

[jiesen]

please enlighten me!

[MEA_1956]

Yes do enlighten us, for the only thing that comes to mind is his statement on saving inloans companies. They don't get there monies tied up in big business loans, they are a hassel, when there are International. ===> MEA

Or was that WB Comment.

[billyjoe]

I can't enlighten anyone. I was asking a question, having read Lynch's book a few years ago and can only remember an almost foolproof method he used in picking banking stocks seriously undervalued. Or was it banks ripe for takeover attempts? Sorry about the memory loss. I worry about forgetting my password for online trading.
billyjoe

[New-born baby]

BillyJoe,

Could you at least tell us the title of Lynch's book so we can look up his foolproof method of picking banking stocks?

:)

[billyjoe]

New-Born, I believe it was "One Up on Wall Street"
billyjoe

[MEA_1956]

Have weekends off this month, so if I have one of them sleepless nights I see if I can locate it.

[jiesen]

http://biz.yahoo.com/prnews/040825/dcw016_1.html

increasing dividend from 0.06 to 0.07 per quarter!

this stock is awesome! I can accept a 3% return while I wait for my 15%.

[billyjoe]

WSB at 10.88, above Mr. Market's purchase price on extremely low volume
I feel guilty buying this on a dip after Mr. Market's selection, but I'm over 15% and holding on for more. All credit to the huge one. Never would have found this on my own.
billyjoe

[mrmarket]

Don't look now....$11.25. This one's going to pop soon. Not a lot of sellers out there!

[jiesen]

just another buck to go. Since we've already made the comeback from 9-11 over the past few months, one dollar more should be no problem at this point. I'm just torn as to whether to sell this one at 15% or not! I think I may just keep half for long-term. I am addicted to the dividends on this one- like money in the bank!

[jiesen]

wow, nice close today. just a couple % more and we're there! I can smell the meats and cheeses on this one already.

Excellent pick, $$MM!

[billyjoe]

One sweet little stock. My wife sends hugs and kisses Mr. Market as her IRA is loaded with this baby!
billyjoe

[jiesen]

we're in spitting distance of sale on this one!

[stocks54]

Still debating Whether to sell WSB once it get's to 15% or wait...

[jiesen]

I just sold half of mine here for 15%. I'm still thinking about what to do with the rest, as I really like the business, and might want to hang on to it long term... we'll see what happens.

[stocks54]

I am thinking the same. I will sell half of my holiding...

[jiesen]

and it looks like they're getting back on track again! Yes, I still own some of this one:

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com: 20060928:MTFH78635_2006-09-28_17-46-11_BNG40914&type=comktNews&rpc=44

Washington Savings Bank says resumes dividend payments

Sept 28 (Reuters) - The Washington Savings Bank F.S.B. (WSB.A: Quote (http://yahoo.reuters.com/stocks/overview.aspx?symbol=WSB.A&WTmodLoc=HybArt-C1-ArticlePage1), Profile (http://yahoo.reuters.com/stocks/CompanyProfile.aspx?symbol=WSB.A&WTmodLoc=HybArt-C1-ArticlePage1), Research (http://yahoo.reuters.com/stocks/ResearchReports.aspx?symbol=WSB.A&WTmodLoc=HybArt-C1-ArticlePage1)) on Thursday said it resumed paying quarterly dividends and announced a fiscal 2007 first-quarter cash dividend of 4 cents a share.

The dividend will be paid on Dec. 15 to stockholders of record as of Dec. 1.

The company had stopped paying dividends in February 2005.


In a news statement, the bank said its board decided to resume paying quarterly dividends after reviewing its capital management plan, including its dividend policy. (Reporting by Manish Gupta in Bangalore)