Blackhawk Bancorp Announces Extension of Tender Offer to Repurchase Shares of its Common Stock

Rhea-AI Summary

Blackhawk Bancorp (OTCQX:BHWB) has extended the expiration date for its tender offer to buy back up to 500,000 shares of common stock at $32.00 per share, now ending on May 12, 2021. The extension allows shareholders more time to consider the offer, with shares able to be withdrawn anytime before the new deadline. The Board of Directors has approved this tender offer but has not provided any recommendation on whether shareholders should participate.

Positive

• Tender offer extension allows shareholders more time to make informed decisions.
• The company actively engages in share repurchase, indicating confidence in its value.

Negative

• No specific financial metrics or strategic changes were disclosed to assure investors.

BELOIT, WI / ACCESSWIRE / May 6, 2021 / Blackhawk Bancorp, Inc. (OTCQX:BHWB) (the "Company") announced today that it has extended the expiration date of its previously announced tender offer to purchase up to 500,000 shares of its common stock at a price per share of $32.00. The offer has been extended from May 7, 2021 to May 12, 2021 to ensure that all shareholders have ample time to consider and respond to the offer. Shares must be tendered prior to the new expiration date and may be withdrawn at any time prior to May 12, 2021.

The Board of Directors of the Company has approved the tender offer. However, neither the Company nor its Board of Directors is making any recommendation to its shareholders as to whether to tender or refrain from tendering their shares. Shareholders must make their own decisions as to whether to tender their shares and, if so, how many shares to tender.

About Blackhawk Bancorp
Blackhawk Bancorp, Inc. is headquartered in Beloit, Wisconsin and is the parent company of Blackhawk Bank. The combined entity operates eleven full-service banking centers and a dedicated commercial office, which are located in Rock County, Wisconsin and the Illinois counties of Winnebago, Boone, McHenry, Lake, and Kane. The Company's footprint stretches along the I-90 corridor from Janesville, Wisconsin to Elgin, Illinois and into the Northwest collar counties of the Chicagoland area. The company offers a variety of value-added consultative services to its business customers and their employees related to the financial products it provides.

Forward-Looking Statements
When used in this communication, the words "believes," "expects," "likely", "would", and similar expressions are intended to identify forward-looking statements. The company's actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company's markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of "critical accounting policies"; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

Further information is available on the company's website at www.blackhawkbank.com.

Blackhawk Bancorp, Inc.
Todd J. James, Chairman & CEO
tjames@blackhawkbank.com

Matthew McDonnell, SVP & CFO
mmcdonnell@blackhawkbank.com

Phone: (608) 364-8911

SOURCE: Blackhawk Bancorp, Inc.

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https://www.accesswire.com/645564/Blackhawk-Bancorp-Announces-Extension-of-Tender-Offer-to-Repurchase-Shares-of-its-Common-Stock

FAQ

What is the new expiration date for Blackhawk Bancorp's tender offer?

The new expiration date is May 12, 2021.

How many shares is Blackhawk Bancorp looking to repurchase in their tender offer?

Blackhawk Bancorp is looking to repurchase up to 500,000 shares.

What is the price per share for the Blackhawk Bancorp tender offer?

The price per share is set at $32.00.

Why did Blackhawk Bancorp extend the tender offer?

The extension was made to give all shareholders ample time to consider and respond to the offer.

Is Blackhawk Bancorp providing recommendations on the tender offer?

No, the company and its Board of Directors are not making any recommendations regarding the tender offer.