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Enter the Phoenix Enter the Phoenix (Chinese: 大佬愛美麗, Daai lo oi mei lai, literally "Big brother loves beauty") is a 2004 Hong Kong film directed by Stephen Fung.\n\n\n== Plot ==\nWhen gang master Hung died, his two followers Cheung and Chapman To were sent to Thailand to look for his son, Georgie Hung, to succeed him.
Coming into force In law, coming into force or entry into force (also called commencement) is the process by which legislation, regulations, treaties and other legal instruments come to have legal force and effect. The term is closely related to the date of this transition.
Enter the Matrix Enter the Matrix is a 2003 action-adventure video game developed by Shiny Entertainment and published by Infogrames, Inc. under the Atari brand name.
Enter the Ninja Enter the Ninja is a 1981 American martial arts film directed by Menahem Golan and starring Franco Nero, Susan George, Sho Kosugi and Christopher George. The film is about a martial artist named Cole (Nero) who is visiting his friend Frank in the Philippines.
Berkshire Hathaway Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States.
Shareholder primacy Shareholder primacy is a theory in corporate governance—especially when dealing with United States corporate law—holding that shareholder interests should be assigned first priority relative to all other corporate stakeholders. A shareholder primacy approach often gives shareholders power to intercede directly and frequently in corporate decision-making, through such means as unilateral shareholder power to amend corporate charters, shareholder referenda on business decisions and regular corporate board election contests.
Transaction processing system Transaction processing is a way of computing that divides work into individual, indivisible operations, called transactions. A transaction processing system (TPS) is a software system, or software/hardware combination, that supports transaction processing.
Financial regulation Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization.
Whitney Cummings Whitney Ann Cummings (born September 4, 1982) is an American stand-up comedian, actress, writer, director, producer and podcaster.\nA native of Washington, D.C., Cummings pursued a comedy career in Los Angeles after graduating from the University of Pennsylvania, where she had studied with the intention of becoming a journalist.
Mount Whitney Mount Whitney (Paiute: Tumanguya; Too-man-i-goo-yah) is the highest mountain in the contiguous United States and the Sierra Nevada, with an elevation of 14,505 feet (4,421 m). It is in East–Central California, on the boundary between California's Inyo and Tulare counties, 84.6 miles (136.2 km) west-northwest of North America's lowest point, Badwater Basin in Death Valley National Park, at 282 ft (86 m) below sea level.
Evaluation Evolution is change in the heritable characteristics of biological populations over successive generations. These characteristics are the expressions of genes that are passed on from parent to offspring during reproduction.
Job evaluation A job evaluation is a systematic way of determining the value/worth of a job in relation to other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure.
Mortgage loan A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination.
Joint-stock company A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership).
Federal funds rate In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions' reserve requirements.
Estadi Olímpic Lluís Companys Estadi Olímpic Lluís Companys (Catalan pronunciation: [əsˈtaði uˈlimpiɡ ʎuˈis kumˈpaɲs], formerly known as the Estadi Olímpic de Montjuïc and Estadio de Montjuic) is a stadium in Barcelona, Catalonia, Spain. Originally built in 1927 for the 1929 International Exposition in the city (and Barcelona's bid for the 1936 Summer Olympics, which were awarded to Berlin), it was renovated in 1989 to be the main stadium for the 1992 Summer Olympics and 1992 Summer Paralympics.
Companys, procés a Catalunya Companys, procés a Catalunya (Spanish: Companys, proceso a Cataluña) is a 1979 Spanish Catalan drama film directed by Josep Maria Forn, based on the last months of the life of the President of Catalonia, Lluís Companys, in which he shows his detention by the Nazis and his subsequent execution by the Spanish Francoists. It competed in the Un Certain Regard section at the 1979 Cannes Film Festival.
Conxita Julià Conxita Julià i Farrés (Catalan pronunciation: [kuɲˈʃitə ʒuliˈa j fəˈres]; 11 June 1920 – 9 January 2019), also known as Conxita de Carrasco, was a Catalan woman noted for her dealings with Lluís Companys, President of Catalonia, in the 1930s, and for her poetry. Julià died in January 2019 at the age of 98.
Holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself.
Common stock dividend A common stock dividend is the dividend paid to common stock owners from the profits of the company. Like other dividends, the payout is in the form of either cash or stock.
Preferred stock Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock but subordinate to bonds in terms of claim (or rights to their share of the assets of the company, given that such assets are payable to the returnee stock bond) and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation.
Treasury stock A treasury stock or reacquired stock is stock which is bought back by the issuing company, reducing the amount of outstanding stock on the open market ("open market" including insiders' holdings). \nStock repurchases are used as a tax efficient method to put cash into shareholders' hands, rather than paying dividends, in jurisdictions that treat capital gains more favorably.
Profit (economics) An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. It equals to total revenue minus total cost, including both explicit and implicit costs.
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Operations research Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Emergency operations center An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Item response theory In psychometrics, item response theory (IRT) (also known as latent trait theory, strong true score theory, or modern mental test theory) is a paradigm for the design, analysis, and scoring of tests, questionnaires, and similar instruments measuring abilities, attitudes, or other variables. It is a theory of testing based on the relationship between individuals' performances on a test item and the test takers' levels of performance on an overall measure of the ability that item was designed to measure.
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Lupin the 3rd Part I: The Classic Adventures Lupin the 3rd Part I: The Classic Adventures is a Japanese anime television series produced by TMS Entertainment. It is the first television anime series adaptation of the Lupin III manga created by Monkey Punch.
Banking Regulation Act, 1949 The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966.
Yield curve In finance, the yield curve is a graph which depicts how the yields on debt instruments - such as bonds - vary as a function of their years remaining to maturity. Typically, the graph's horizontal or x-axis is a time line of months or years remaining to maturity, with the shortest maturity on the left and progressively longer time periods on the right.
Dividend tax A dividend tax is a tax imposed by a jurisdiction on dividends paid by a corporation to its shareholders (stockholders). The primary tax liability is that of the shareholder, though a tax obligation may also be imposed on the corporation in the form of a withholding tax.
Universal Declaration of Human Rights The Universal Declaration of Human Rights (UDHR) is an international document adopted by the United Nations General Assembly that enshrines the rights and freedoms of all human beings. Drafted by a UN committee chaired by Eleanor Roosevelt, it was accepted by the General Assembly as Resolution 217 during its third session on 10 December 1948 at the Palais de Chaillot in Paris, France.
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Risk Factors
FIRST NATIONAL BANCSHARES INC/ FL/ ITEM 1A RISK FACTORS We have entered into an Agreement to merge with Whitney Holding Corporation
entered into an agreement to merge with Whitney Holding Corporation (Nasdaq: WTNY)
Under the terms of the merger agreement, each shareholder of First National will receive approximately dlra34dtta64 per share in Whitney common stock and/or cash
The aggregate cash available for all shareholders is limited to 35prca of the total transaction value of approximately dlra120cmam000cmam000
The transaction is subject to the approval of the shareholders of First National Bancshares and the appropriate regulatory agencies and other customary closing conditions
Whitney Holding Corporation is a dlra9dtta4 billion bank holding company headquartered in New Orleans
It is the parent of Whitney National Bank which was established in 1883
It has offices throughout the five-state Gulf Coast region stretching from Houston, Texas, across southern Louisiana and the coastal region of Mississippi, to central and south Alabama, the panhandle of Florida, and the metropolitan area of Tampa, Florida
Subsequent to the execution of the merger agreement, hurricanes Katrina and Rita hit the Gulf Coast
Whitney was impacted by hurricane Katrina and to a lesser extent by hurricane Rita
As a result of those storms, Whitney assessed the damage to its facilities and expensed the deductibles associated with its insurance coverage during the third quarter
Whitney stated in its September 30 quarterly financial filings with the SEC that it expects to incur some continuing storm-related expenses for the next several quarters, which are expected to be substantially covered by insurance
While it is too early to assess with precision the storms’ ultimate effect on loan collections, Whitney made an evaluation of its loan portfolio at the end of the third quarter
As a result of its loan portfolio evaluation, Whitney provided for its best estimate of losses inherent in the portfolio as of quarter end
Whitney will continue to evaluate its loan portfolio quarterly and make appropriate adjustments to its allowance for loan losses
The hurricanes, while affecting Whitney’s stock price, will not impact the financial value of the transaction to First National shareholders, assuming Whitney stock continues to trade at dlra28dtta29 or above
A special meeting of the shareholders to vote on the merger with Whitney has been set for April 6, 2006, and a proxy statement/prospectus was mailed out to shareholders on March 8, 2006
The proxy statement/prospectus fully describes the proposed transaction
Other risk factors relating to the transaction are detailed in the proxy statement/prospectus under the section captioned “RISK FACTORS” 7 _________________________________________________________________ [38]Table of Contents There is intense and significant competition in the financial services sector
Our ability to achieve strong financial performance and a satisfactory return on investment to shareholders depends on attracting and retaining customers for traditional banking services
In addition to other commercial banks and depository institutions, our competitors now include securities dealers, brokers, mortgage bankers, investment advisors and finance and insurance companies who seek to offer one-stop financial services to their customers that may include services that banks have not been able or allowed to offer to their customers in the past
The increasingly competitive environment is a result primarily of changes in regulation, changes in technology and product delivery systems and the accelerating pace of consolidation among financial services providers
The risk of non-repayment of loans is inherent in commercial banking
Such nonpayment could have an adverse effect on the Company’s earnings and our overall financial condition as well as the value of our common stock
Management attempts to reduce the Bank’s credit exposure by carefully monitoring the concentration of its loans within specific industries and through loan application and approval procedures
However, there can be no assurance that such monitoring and procedures will reduce such lending risks
Credit losses can cause insolvency and failure of a financial institution and, in such event, its shareholders could lose their entire investment
We are engaged in a heavily regulated industry, therefore any changes in governmental laws, regulations or policies could limit our future growth
Any changes to federal banking laws and regulations may negatively impact our earnings and profitability
We are subject to extensive state and federal regulation, supervision, and legislation that govern almost all aspects of our operations
These laws may change from time to time and are primarily intended for the protection of consumers, depositors and the deposit insurance funds
In addition, the Company’s earnings are affected by the monetary policies of the Board of Governors of the Federal Reserve
These policies, which include regulating the national supply of bank reserves and bank credit, can have a major effect upon the source and cost of funds and the rates of return earned on loans and investments
The Federal Reserve influences the size and distribution of bank reserves through its open market operations and changes in cash reserve requirements against member bank deposits
The Gramm-Leach-Bliley Act regarding financial modernization that became effective in November, 1999 removed many of the barriers to the integration of the banking, securities and insurance industries and is likely to increase the competitive pressures upon the Bank
We cannot predict what effect such Act and any presently contemplated or future changes in the laws or regulations or their interpretations would have on us, but such changes could be materially adverse to our financial performance
For a more information on this subject, see the section under Part I, Item 1 of this Form 10-K captioned “Supervision and Regulation
” Our profitability is directly related to interest rates, therefore any changes in these rates may adversely affect our earnings and financial condition
Changes in interest rates affect our operating performance and financial condition in diverse ways
Our profitability depends in substantial part on our “net interest spread,” which is the difference between the rates we receive on loans and investments and the rates we pay for deposits and other sources of funds
Our net interest spread will depend on many factors that are partly or entirely outside our control, including competition, federal economic, monetary and fiscal policies, and economic conditions generally
Historically, net interest spreads for other financial institutions have widened and narrowed in response to these and other factors, which are often collectively referred to as “interest rate risk
” For more information regarding the Company’s exposure to interest rate risk, see the section under Part II, Item 7 of this Form 10-K captioned “Liquidity and Interest Rate Sensitivity Management
” Our ability to pay dividends is subject to regulatory limitations
The Company currently pays no cash dividends to shareholders, and management has no intention of doing so prior to the completion of the merger with Whitney
As a general matter, dividends are subject to determination and declaration by our board of directors, which takes into account many factors
The declaration of dividends by us on our common stock is subject to the discretion of our board and to applicable state and federal regulatory limitations
The Company’s ability to pay dividends on its common stock depends on its receipt of dividends from the Bank
The Bank is subject to restrictions and limitations in the amount and timing of the dividends it may pay to the Company
Additional discussion of the Company’s ability to pay dividends is found under Part I, Item 1 of this Form 10-K in the section captioned “Supervision and Regulation
” 8 _________________________________________________________________ [39]Table of Contents Our internal operations are subject to a number of risks
We are subject to certain operations risks, including, but not limited to, data processing system failures and errors, customer or employee fraud and catastrophic failures resulting from terrorist acts or natural disasters
We maintain a system of internal controls to mitigate against such occurrences and maintain insurance coverage for such risks that are insurable, but should such an event occur that is not prevented or detected by our internal controls, uninsured or in excess of applicable insurance limits, it could have a significant adverse impact on our business, financial condition or results of operations