Business briefs

Dec. 18, 2012 @ 07:14 PM


M&F Bancorp to review future common shareholder dividends

DURHAM – Board members of M&F Bancorp Inc., parent company of Durham-based Mechanics and Farmers Bank, will be reviewing the company’s ability to declare dividends in the fourth quarter for common shareholders, the company’s chairman said in statement issued Tuesday.

The company’s board approved payment of a regular cash dividend of $0.125 for each share of common stock held at the close of business on Dec. 21. The dividends will be paid Dec. 28.

 “Mechanics and Farmers Bank has a 104-year legacy of serving the Triangle, the Triad, and the Charlotte areas of North Carolina,” said James A. Stewart, board chair, in a statement in the filing. “We are pleased to continue serving loyal customers in these communities and to be able to reward our shareholders with this dividend.”

Stewart also said the board will review the company’s ability to declare dividends in the fourth quarter due to the “continued economic pressures on community banks.”

“No quarterly dividends to common shareholders are anticipated for the foreseeable future,” Stewart said. “Many of our borrowers have experienced financial difficulties and we remain committed to doing all that we can to enable them to meet their repayment obligations to Mechanics and Farmers Bank.”

Argyle Social sees CEO transition

DURHAM – Adam Covati is now of CEO at the Durham-based social marketing technology company Argyle Social, following the resignation of the company’s former chief executive. The transition took place Nov. 14.

Eric Boggs, the former CEO, resigned, Covati said in an email. He said the company’s board, of which he is a member, asked him to take on the role permanently immediately following Boggs’ resignation.

“This wasn’t an easy decision for us to make,” Covati said in the statement. “However, as the company has moved forward the role became less of a fit for Eric’s skill-set. We’ve moved out of the early startup stage and become a very product-driven organization. After some conversation about this, Eric agreed to step down as CEO.”

Argyle Social is a provider of social media marketing software. Covati said the company has launched a social customer relationship management capability for its product called Contacts.

“This helps marketers to better understand the context of social conversations,” he said in the email. “We have several integrations coming out shortly that will help us connect directly with popular marketing automation tools as well.”

BuyStand looking to raise $2.5 million

DURHAM – Durham-based e-commerce startup BuyStand is looking to raise $2.5 million in debt securities, according to a U.S. Securities and Exchange Commission filing.

The company has raised $450,000, according to the filing.

BuyStand has developed a website where consumers can make offers for outdoor sporting goods, and where those offers can be matched with retailers that would be willing to accept those offers.

The company is in the private beta development phase for the website, which allows limited access to the site so the company can work out any kinks.

A spokeswoman for the company denied comment about the fundraising effort in an email response to questions.