On October 26, 2005, the Board of Directors of Monroe Title Insurance Corporation (“Monroe”) declared a quarterly dividend of $ .05 per share, payable on November 16, 2005 to shareholders of record on November 9, 2005.
Monroe also announced its operating results for the third quarter 2005 and year to date. Revenues for the third quarter 2005 were $6.3 million compared to revenues of $6.6 million for the same period last year. Net income, however, increased to $406,447 or $ .37 per share for the third quarter of 2005 compared to net income of $396,623 or $ .36 per share last year. For the nine months of 2005, revenues totaled $17.2 million compared to revenues of $18.9 million last year. Net income for the nine month period was $562,606 or $ .51 per share compared to net income of $961,563 or $ .88 per share during the prior year.
Monroe also announced that it had adjourned, to December 14, 2005, the Special Meeting of its Shareholders called to consider the acquisition of Monroe Title by Stewart Title Insurance Company as the result of an unexpected delay encountered at the New York State Insurance Department. The Insurance Department has requested a technical restructuring of the merger transaction in a form different from its previously approved format. In response to that request, Stewart Title will now submit revised merger documentation to the Insurance Department for its review and approval. This process will result in a delay in the projected closing date for the transaction. While the parties cannot predict with any certainty the impact of this delay, they are moving forward with a view towards trying to close the transaction late in the fourth quarter or early next year.
Monroe Title Insurance Corporation provides a full range of title insurance and abstract services throughout western, central and upstate New York. Headquartered in Rochester, New York, the Company has 23 full service and subsidiary offices and a network of agents and examining counsel throughout the State.