Teche Holding Company Announces One-Time Charges From Loss on Sale of Investment and Transfer &...

Teche Holding Company (AMEX: TSH), the holding company for Teche Federal Bank, today announced that it has withdrawn its investment in the AMF Ultra Short Mortgage Fund (ticker: ASARX) because of the continuing decrease in the net asset value ("NAV") of that fund. The Company has redeemed its shares and will receive proceeds in the form of cash and securities. The share redemption will result in a pretax charge of approximately $2 million and will be recognized during the quarter ended June 30, 2008. The Company expects that the non-cash charge will be treated as a discount on the securities obtained and will be accretive to income over the period to maturity as principal payments are received on the securities withdrawn from the fund. As a result of the withdrawal of securities from the fund, the Company expects to receive... [read full story]