First Federal shares close below $2 per share
Posted: Thursday, July 17, 2008
SIOUX CITY -- Shares of First Federal Bankshares, holding company for Vantus Bank, fell nearly 25 percent, or 59 cents, to close at $1.85 Tuesday on the NASDAQ exchange. It's believed to be the first time the stock has closed below $2 per share.
Tuesday's trading was heavy, with volume exceeding 50,000. Over the last six weeks, average daily volume for the stock had been just above 6,000 shares, according to Yahoo Finance.
In the last six months, First Federal Bankshares' stock has lost nearly 90 percent of its value. The steep decline has come amid a series of reports First Federal filed with federal regulators. In mid-May, the bank restated and lowered its 2007 earnings, taking a $3.8 million impairment charge to account for its loss on a trust-preferred security.
Sioux City-based First Federal, which changed its name to Vantus last year, has seven full-service offices in Northwest Iowa, one in South Sioux City and five in central Iowa.
-- Dave Dreeszen
Tuesday's trading was heavy, with volume exceeding 50,000. Over the last six weeks, average daily volume for the stock had been just above 6,000 shares, according to Yahoo Finance.
In the last six months, First Federal Bankshares' stock has lost nearly 90 percent of its value. The steep decline has come amid a series of reports First Federal filed with federal regulators. In mid-May, the bank restated and lowered its 2007 earnings, taking a $3.8 million impairment charge to account for its loss on a trust-preferred security.
Sioux City-based First Federal, which changed its name to Vantus last year, has seven full-service offices in Northwest Iowa, one in South Sioux City and five in central Iowa.
-- Dave Dreeszen
Story Comments
Read More and Post Comments 0 comment(s)
Please note: The following are comments from readers. In no way do they represent the views of The Sioux City Journal or Lee Enterprises. We will not edit or alter your comments, but we do reserve the right to not post or to remove comments that violate our code of conduct. No comment may contain potentially libelous statements; obscene, explicit or racist language; personal attacks, insults or threats. Terms of Service
