WASHINGTON—Financial-services company Capital City Bank Group Inc. said in a regulatory filing Thursday it expects to take a $992,000 charge in the fourth quarter due to a legal settlement Visa USA reached with American Express Co. last year.
Capital City Bank expects the charge to lower quarterly earnings by 3 cents per share, according to a form the company filed with the Securities and Exchange Commission.
In November, Visa agreed to pay American Express roughly $2.25 billion to settle a lawsuit alleging Visa and MasterCard conspired with lenders to shut out American Express.
Visa has told its member banks, which include Capital City Bank, they must help compensate the credit card issuer for its legal expenses. While Capital City Bank said it does not accept these assertions, it did say it will be required to "recognize certain contingent obligations."
Shares of Capital City Bank Group Inc. fell $1.05, or 3.8 percent, to $26.66 in after-hours trading. Shares rose 72 cents, or 2.7 percent, to $27.71 in the regular session.
