Gateway Financial Holdings Inc - Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)
12 9월 2008 - 12:20AM
Edgar (US Regulatory)
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Issuer Free Writing Prospectus
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Filed Pursuant to Rule 433
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Registration Statement 333-152434
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Dated September 11, 2008
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PRESS RELEASE
For Immediate Release
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Contact:
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Gateway Financial Holdings, Inc.
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D. Ben Berry
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Chairman and Chief Executive Officer
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Telephone: (757) 422-8000
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GATEWAY FINANCIAL HOLDINGS INVESTMENT IN
PREFERRED STOCK OF FANNIE MAE AND FREDDIE MAC
VIRGINIA BEACH, VA . . . September 11, 2008 . . . As a result of the announcement this past
weekend by the US Treasury and the Federal Housing Finance Agency that the Federal Home Loan
Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) were
placed into conservatorship, Gateway Financial Holdings, Inc.
(the Company NASDAQ: GBTS )
will
evaluate the amount it must recognize as an other than temporary impairment non-cash charge with
respect to its investments in Freddie Mac and Fannie Mae preferred stock. The precise amount of
the impairment that will be recognized on these securities for the third quarter will be difficult
to determine, given the uncertainties and significant volatility being experienced in the market.
An other than temporary impairment charge will reduce earnings accordingly. The Company does not
hold any common or any other equity securities issued by Fannie Mae or Freddie Mac.
The Companys perpetual preferred investments in Fannie Mae and Freddie Mac are included in
securities available for sale at a cost of $20.2 million and $20.2 million, respectively. These
securities currently trade at five to 10 percent of par value.
On July 21, 2008, the Company filed a Form S-3 shelf registration statement with the U.S.
Securities and Exchange Commission (the SEC), which has been declared effective by the SEC and
will permit the Company to periodically offer and sell, individually or in any combination, various
of its securities up to a total of $50.0 million, subject to market conditions and the companys
capital needs.
The Company has retained an investment banker and believes it has access to the capital markets.
The Company anticipates that it will raise new capital in an amount sufficient to remain
well-capitalized under regulatory standards by the end of the third quarter.
The Company has filed a registration statement (including a base prospectus) with the SEC for the
offerings to which this communication relates. Before you invest, you should read the base
prospectus in that registration statement and other documents we have filed with the SEC for more
complete information about the Company and this offering. You may obtain these documents and other
documents the Company has filed for free by visiting the SECs web site at www.sec.gov.
Alternatively, the Company will arrange to send you the base prospectus if you request it by
contacting calling toll free 1-800-790-7878.
Forward-Looking Statements
Statements contained in this communication, which are not historical facts, are forward-looking
statements, as that term is defined in the Private Securities Litigation Reform Act of 1995.
Amounts herein could vary as a result of market and other factors. Such forward-looking statements
are subject to risks and uncertainties which could cause actual results to differ materially from
those currently anticipated due to a number of factors, which include, but are not limited to,
factors discussed in documents filed by the Company with the Securities and Exchange Commission
from time to time. Such forward-looking statements may be identified by the use of such words as
believe, expect, anticipate, should, planned, estimated, and potential. Examples of
forward-looking statements include, but are not limited to, estimates with respect to the financial
condition, expected or anticipated revenue, results of operations and business of the Company that
are subject to various factors which could cause actual results to differ materially from these
estimates. These factors include, but are not limited to, general economic and securities market
conditions; changes in interest rates, deposit flows, loan demand, real estate values, and
competition; changes in accounting principles, policies, or guidelines; changes in legislation or
regulation; and other economic, competitive, governmental, regulatory, and technological factors
affecting the Companys operations, pricing, products, and services. The Company undertakes no
obligation to update or clarify forward-looking statements, whether as a result of new information,
future events, or otherwise.
About Gateway Financial Holdings, Inc. (www.gwfh.com):
Gateway Financial Holdings, Inc. is the parent company of Gateway Bank & Trust Co., a regional
community bank with thirty-seven full-service financial centers twenty-one in Virginia: Virginia
Beach (7), Richmond (6), Chesapeake (3), Emporia (2), Suffolk, Norfolk, and Charlottesville; and
sixteen in North Carolina: Chapel Hill, Elizabeth City (3), Edenton, Kitty Hawk (2), Raleigh (3),
Moyock, Nags Head, Plymouth, Roper, Wake Forest and Wilmington. The Bank provides insurance
through its Gateway Insurance Services, Inc. subsidiary, brokerage services through its Gateway
Investment Services, Inc. subsidiary, mortgage banking services through its Gateway Bank Mortgage,
Inc. subsidiary, and title insurance services through its Gateway Title Agency, Inc. subsidiary.
The common stock of the Corporation is traded on the Nasdaq Global Select Market under the symbol
GBTS. For further information, visit the Corporations web site at
www.gwfh.com
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Gateway Financial (NASDAQ:GBTS)
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