Open Solutions Inc., Glastonbury
Open Solutions Inc., a provider of integrated, enterprise-wide data processing technologies for banks and credit unions throughout the United States and Canada, recently announced that it has been informed by The BISYS Group that BISYS may not be able to fulfill a condition to closing in the stock purchase agreement for the sale of BISYS’ Information Services group, dated Sept. 15, 2005, between Open Solutions and BISYS.
The condition relates to the delivery of audited consolidated financial statements of BISYS’ Information Services group for the 12-month periods ending June 30, 2003, 2004, and 2005. Accordingly, both parties have now amended the Stock Purchase Agreement to, among other things, extend the “Drop Dead Date” (as defined in the Stock Purchase Agreement) for completion of the acquisition from Dec. 31, 2005, to Feb. 28, 2006.
The BISYS Group provides outsourcing solutions that enable investment firms, insurance companies and banks to more efficiently serve their customers, grow their businesses, and respond to evolving regulatory requirements. Its Investment Services group provides administration and distribution services for mutual funds, hedge funds, private equity funds, retirement plans and other investment products. Through its Insurance Services group, BISYS is the nation’s largest independent wholesale distributor of life insurance and a leading independent wholesale distributor of commercial property/casualty insurance, long-term care, disability and annuity products. BISYS’ Information Services group provides industry-leading information processing, imaging, and back-office services to banks, insurance companies and corporate clients.
Based in New York, BISYS generates more than $1 billion in annual revenues worldwide.
PSB Declares Stock Dividend
Robert G. Cocks Jr., president and chief executive officer of Putnam-based PSB Holdings, recently announced that the company’s board of directors has declared a quarterly cash dividend of 6 cents per share of the company’s common stock.
The dividend reflects an annual cash dividend rate of 24 cents per share. It will be payable to stockholders of record as of Jan. 4, 2006, and will be paid on Jan. 19 of this year.
“We are extremely pleased to announce this quarterly dividend, which is a 1 cent increase over our previous dividend payments of 5 cents per share,” Cocks said. “It also represents our fifth consecutive dividend since we became a public company.”
The company is the majority-owned subsidiary of Putnam Bancorp, a federal mutual holding company, which owns 53.7 percent of the company’s outstanding shares. Putnam Bancorp intends to waive the receipt of all but $25,000 of the cash dividends paid on its shares of the company.
PSB Holdings is the parent of Putnam Savings Bank, a federally chartered stock savings bank founded in 1862. The bank offers a wide range of financial services through its seven full-service offices. Putnam Savings also operates a full-service loan center in Putnam. The bank’s deposits are insured by the Federal Deposit Insurance Corp. PSB Holdings’ common stock trades on the NASDAQ Stock Market under the symbol PSBH.
