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Security Profile
- Security Type
- Bank Holding Company
- CUSIP
- 91307P202
- Market Cap
- Micro Cap · $17 Million
- Previous Symbol
- UTBI (changed 4/7/2006)
Business: United Tennessee Bankshares, Inc., headquartered in Newport TN, is the bank holding company for Newport Federal Bank (formerly Newport Federal Savings and Loan Association), a community bank with three offices in Newport Tennessee.
Notes: From the 8-K report filed with the SEC on 1/20/2006 -- As previously announced, the Company is proceeding with a proposed going private transaction. The proposed transaction would reduce the number of stockholders of record from approximately 545 to approximately 96. Following shareholder approval, the Company would continue operations as a privately held corporation that would not be required to file periodic public reports with the Securities and Exchange Commission (the “SEC”). The terms of the transaction are to provide that each stockholder of record of the Company owning fewer than 2,500 common shares will receive cash of $22.00 per share. The price was established by the Board of Directors based on an independent valuation by a qualified valuation firm. Each stockholder of record owning 2,500 or more common shares will continue to hold the same number of shares of the Company after the transaction and will not receive any cash for those shares. Also, the Company has delisted its stock with NASDAQ as of December 30, 2005 in anticipation of the going private transaction. Please refer to our current report filed on Form 8-K with the Securities and Exchange Commission on December 30, 2005 for more information.
Company Contact
- CEO
- Richard G. Harwood
- CTL
- Chris H. Triplett
- Headquarters
- 170 Broadway, Newport, TN 37821
- Phone
- 423-623-6088
- Fax
- 423-625-0301
- Investor Relations
- Richard G. Harwood · 423-623-6088