| IPO Company Profile |
| Current Quote | News | SEC Filings | Peer IPO Companies |
| United Tennessee Bankshares, Inc. |
| 344 Broadway, Newport, TN 37821 * (423) 623-6088 |
| The company is a bank holding company for Newport Federal Savings and Loan Association. The bank attracts deposits from the public and invests those funds principally in single-family residential real estate loans and commercial loans. |
| Manager | Tier | Phone |
| Trident Securities, Inc. | Lead Manager | (919) 781-8900 |
| NASNTL: | UTBI | Financial: | SIC 6035 | |
| Type of Shares: | Common Shares | Filing Date: | 9/26/97 | |
| U.S. Shares: | 1,454,750 | Offer Date: | 1/5/98 | |
| Non-U.S. Shares: | 0 | Filing Price: | $10.00 | |
| Primary Shares: | 1,454,750 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.00 | |
| Offering Amount: | $14,547,500 | Selling: | $0.00 | |
| Expenses: | $0 | Reallowance: | $0.00 | |
| Post-IPO Shares: | - |
| Issuer's Law Firm: | Housley, Kantarian & Bronstein, P.C. |
| Bank's Law Firm: | Breyer & Aguggia |
| Auditor: | Pugh & Company, P.C. |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $4.69 | $2.52 | $2.25 | Assets: | $64.19 |
| Net Income: | $0.58 | $0.24 | $0.37 | Curr Assets: | |
| EPS: | Liabilities: | $57.72 | |||
| Prior EPS: | Curr Liab: | $56.72 | |||
| Cash Flow/Oper: | $0.47 | Equity: | $6.47 | ||
| Cash Flow/Fin: | $3.08 | Cash: | $3.08 | ||
| Cash Flow/Inv: | -$3.23 | ||||
| Competition |
| The company experiences substantial competition both in attracting and retaining savings deposits and in the making of mortgage and other loans. Directo competition for savings deposits comes from other savings institutions, credit unions, regional bank holding companies and commercial banks. Significant competition for our other deposit products and services comes from money market mutual funds and brokerage firms. Our direct competitors include three banks, two of which are branches of large regional banks headquartered outside the company's market area, and one branch of a credit union headquartered outside the company's market area. The primary factors in competing for loans are interest rates and loan origination fees and the quality and range of services offered by various financial institutions. Competition for origination of real estate loans normally comes from other savings institutions, commercial banks, credit unions, mortgage bankers and mortgage brokers. The company's principal primary competition comes from financial institutions headquartered in our primary market area and from various non-local commercial banks that have branch offices located in the company's primary market area. Many competing financial institutions have financial resources substantially greater than the company's and offer a wider variety of deposit and loan products. The company's principal competitive strategy has been to emphasize quality customer service. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for general corporate purposes. |