Source Capital Oks Reverse Stock Split

Sat., May 18, 1996

From Staff And Wire Reports

Source Capital Corp. Friday reported that the shareholders of the company have approved a reverse split of its common stock on a 1 share for 5 share ratio and an amendment of the Articles of Incorporation to reduce the number of authorized shares of common stock from 50 million to 10 million.

The reverse stock split will be effective at 5:00 p.m. on Friday, May 31, the date the company will file the Amendment to the Articles of Incorporation with the office of the Secretary of the State of Washington.

D. Michael Jones, president and CEO of Source Capital, said in a statement, “We are pleased the reverse stock split was approved by our shareholders as the action represents a step in improving the marketability and liquidity of the company’s common stock and further an action that will assist in having the company’s common stock listed on NASDAQ.”

Source Capital is a commercial lender with approximately 1,400 shareholders. The company is headquartered in Spokane with lending offices in Spokane and Renton. , DataTimes

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Source Capital Oks Reverse Stock Split

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