On August 27, 2013, the Board of Directors of West View Savings Bank (the "Bank"), a wholly owned subsidiary of WVS Financial Corp. (the "Corporation"), approved a Supplemental Executive Retirement Plan (the "SERP") and a Split Dollar Life Insurance Agreement (the "Split Dollar Agreement") for David Bursic, the President and Chief Executive Officer of the Corporation and the Bank. Both the SERP and the Split Dollar Agreement are effective as of September 1, 2013.
The SERP provides for supplemental retirement benefits following Mr. Bursic's separation from service on or after his normal retirement age of 65. The SERP benefits are designed to replace 30% of Mr. Bursic's salary for a period of 15 years, with the amount payable in monthly installments over five years. If Mr. Bursic retires at age 65, his annual SERP benefit for the five-year payout period will be $350,821, with interest credited on the unpaid balance. If Mr. Bursic retires after age 65, then for each full month between his normal retirement age and his actual separation from service (up to a maximum of 60 months), the Bank will increase his SERP benefit by .2466%, which equates to 2.96% per year. Mr. Bursic will vest in his SERP benefits over the next 13 years, and he will be entitled to receive his vested SERP benefits if either his employment is terminated for reasons other than cause or he becomes disabled, with the vested benefit paid over five years. If Mr. Bursic's employment is terminated within 24 months following a change in control of the Corporation or the Bank on or before June 30, 2018, he will be credited with three additional years of service for purposes of determining his change in control SERP benefit.......
J. Stillwell is a holder of this institution and so is Wesbanco. You can believe that Stillwell will be heard and the institution will be merged if better profits are not attained. Fidelity Bancorp in Pittsburgh PA also had an approximate 5% of the shares held by Stillwell and was reeling from a loss - now it is part of Wesbanco. Is this the next possible take over for Wesbanco? I think so. What do you think?
Also see SFBC. Hope you have a profitable day!
J. Stillwell is a major holder of this institution. You can believe that he will be heard and the institution will be merged if there is a misstep. Fidelity Bancorp in Pittsburgh PA also had an approximate 5% of the shares held by Stillwell and now it is part of Wesbanco. Look at WVFC for the next possible take over. Hope you have a profitable day!
This is a buy for anyone who wants to own a $70 stock in the next 12-18 months and we will see another $.05 increase in the dividend early next year. I have a few 5 year CD that matured in the last 60 days the dividend is greater than what I'm receiving form the bank. If you want more income sell the covered call for Jan 14.
fellow investors - this stock is going to 15 in short term and 17 within eighteen months. the only thing that would stop it would be a serious misstep. this stock is with the high div is more like a undervalued bond. if they made it though the worst of times without a div cut why now???
This is a great company run very sound. You, me, and any other stockholders will be rewarded for ownership in this case. If it dips below 60 is just a chance to buy some more. Look at the fundamentals. Has everyone forgot were we were just a couple of years ago???
I would not short this Bank! 47m branch is ok size branch. We are not running the bank and don't understand everything involved. I will say that most new branches/new buildings of other bank's tend to be to big. Branch banking no longer requires the same foot print it once did. If anyone has ever been to the East Liberty Branch of Citizens Bank (formerly Mellon) it has places for 23 tellers. The only have about 5 stations wired and when I've been in the branch in the past there is usually only one or two stations open.
This company has done many of the right things during the down turn and will be a winner when its all said and done. I bought some at 45 and continue to buy each time it drops under 60. The yield is respectable and the acquisitions of RBC, Flagstar, Nat City will all pay off to us shareholders. Look for yourself.
Management has been aggressive to grow the bank when a lot of the competition has failed or shrinking assets. This is a 15 dollar stock in 24 months. Look for yourself. I was luck on this one and I bought into the preferred's when they were at 13's.
Sentiment: Strong Buy
I just bought some more at $13.86. With the yield I'm a happy camper. I can also sell the January 2014 15 calls and make some more money and collect 6 dividends. I just had a 5 year CD mature in the last 30 days and I cannot make #$%$ off of that.
Although the stock is down over the last couple of years this is one of the few companies that did NOT cut its dividend. The stock is cheap relative to book and some other peer group banks. I'd buy this just for the dividend yield. I just had a five year CD mature that was close to 5% who is interested in making less than 2% in today's rates. Inflation alone is running higher than that.