CIB Marine Bancshares, Inc. Completes $18 Million Redemption of Preferred Stock

Rhea-AI Summary

CIB Marine Bancshares has successfully completed the $18 million initial redemption of preferred stock, redeeming approximately 49.7% of its Series A and B shares at $825 per share. This transfer was executed on October 29, 2021, through Computershare Trust Company, N.A. Shareholders who have not yet submitted their shares are encouraged to do so. The company operates ten banking offices and five mortgage loan offices across Illinois, Wisconsin, and Indiana. Further details can be accessed on their official website.

Positive

• Completed $18 million redemption of preferred stock.
• Approximately 49.7% of Series A and B shares redeemed.

Negative

• None.

BROOKFIELD, Wis., Nov. 01, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that it has completed the $18 million Initial Redemption of its preferred stock on a pro-rata basis, at $825 per share, pursuant to its Second Amended and Restated Articles of Organization. Effective October 29, 2021, CIB Marine transferred the necessary funds to its redemption agent, Computershare Trust Company, N.A., and approximately 49.7% of CIB Marine’s Series A and Series B Preferred shares were redeemed pursuant to the Notice of Redemption and Letter of Transmittal dated October 15, 2021. Any preferred shareholders who have not yet tendered their shares, are encouraged to do so as soon as possible. Questions specific to the redemption process may be directed to Computershare at (800) 546-5141. For any other questions, please contact CIB Marine’s Shareholder Relations Manager, Ms. Elizabeth Neighbors, at (262) 695-4342 or Elizabeth.Neighbors@cibmarine.com.

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

• operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
• economic, political, and competitive forces affecting CIB Marine’s banking business;
• the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
• the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

FAQ

What was the amount of the preferred stock redemption by CIB Marine Bancshares?

CIB Marine Bancshares completed an $18 million redemption of its preferred stock.

When did CIB Marine redeem its preferred stock?

The redemption of preferred stock was completed on October 29, 2021.

What percentage of preferred shares were redeemed by CIB Marine?

Approximately 49.7% of CIB Marine's Series A and Series B preferred shares were redeemed.

Who should shareholders contact regarding the redemption process?

Preferred shareholders are advised to contact Computershare Trust Company for inquiries about the redemption process.

Where can I find more information about CIB Marine Bancshares?

More information about CIB Marine Bancshares can be found on their official website, www.cibmarine.com.