SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current report pursuant to the
Section 13 or 15(d) of the
Securities and Exchange Act of 1934
March 22, 2002
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Date of Report (Date of earliest event reported)
ENTERBANK HOLDINGS, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
000-24131 43-1706259
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(Commission File Number) (IRS Employer Identification No.)
150 N. Meramec, St. Louis, Missouri 63105
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(Address of Principal Executive Offices) (Zip Code)
(314) 725-5500
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(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
On March 27, 2002, Enterbank Holdings, Inc. (the "Company") disseminated a press
release regarding a change to its previously reported 2001 earnings. The
information contained in the Company's press release is incorporated herein by
reference and filed as Exhibit 99.1 hereto.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements. Not applicable
(b) Pro forma financial information. Not applicable
(c) Exhibits.
Exhibit No. Description
99.1 Press Release dated March 22, 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ENTERBANK HOLDINGS, INC.
/s/ Fred H. Eller
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By: Fred H. Eller
Chief Executive Officer
Date: March 22, 2002
EXHIBIT INDEX
Exhibit
No. Description
99.1 Press Release dated March 22, 2002
EXHIBIT 99.1 PRESS RELEASE DATED MARCH 22, 2002
[ENTERBANK HOLDINGS, INC. LETTERHEAD]
PRESS RELEASE
ST. LOUIS, Missouri (March 22, 2002) - Enterbank Holdings, Inc. (OTCBB:ETBK)
announced today that it is taking a charge to previously reported 2001 net
earnings of $5.8 million related to write-downs on certain merchant banking
(private equity) investments. This charge results in a net loss for 2001 of $2.5
million or $0.28 per share. The Company previously reported net income for the
year ended December 31, 2001 of $3.3 million or $0.35 per share.
The continued evaluation of these investments by management resulted in their
conclusion that the investments were impaired at December 31, 2001. The Company
also announced today that it will cease additional investment in merchant
banking activities.
Excluding the net losses associated with these investments, proforma net income
for the year ended December 31, 2001 would have been $3.8 million or $0.40 per
share.
Enterbank remains well-capitalized with total Tier 1 capital of nearly $68
million and a Tier 1 risk-based capital ratio of 10.41% as of December 31, 2001.
Those numbers continue to compare favorably with peer institutions.
Enterbank Holdings, Inc. operates commercial banking, trust and wealth
management businesses in St. Louis, Kansas City and Southeast Kansas with a
primary focus on serving the needs of privately held businesses and their
owners.
# # #
For additional information or questions please contact:
Fred H. Eller
President, Chief Executive Officer
Enterbank Holdings, Inc.
150 North Meramec
Clayton, Missouri 63105
Phone: 314-725-5500
Fax: 314-727-3239
Readers should note that in addition to the historical information contained
herein, this press release contains forward looking statements which are
inherently subject to risks and uncertainties that could cause actual results to
differ materially from those contemplated by such statements. Factors that could
cause or contribute to such differences include, but are not limited to, burdens
imposed by federal and state regulations of banks, credit risk, exposure to
local economic conditions, risks associated with rapid increase or decrease in
prevailing interest rates and competition from banks and other financial
institutions, as well as those discussed in the Company's Annual Report on Form
10-K.