CIB Marine Bancshares, Inc. Completes Redemption of All Preferred Stock
CIB Marine Bancshares (OTCQX: CIBH) has completed a $13.4 million full redemption of all its preferred stock at $825 per share, effective October 31, 2024. The company transferred the funds to its redemption agent, Computershare Trust Company. This strategic move aims to provide liquidity to preferred shareholders while creating value for common shareholders. Preferred shareholders who haven't yet tendered their shares are encouraged to do so. The company operates through CIBM Bank, which has nine banking offices and mortgage loan officers across ten states.
CIB Marine Bancshares (OTCQX: CIBH) ha completato il rimborso totale di 13,4 milioni di dollari di tutte le sue azioni privilegiate a 825 dollari per azione, con effetto dal 31 ottobre 2024. L'azienda ha trasferito i fondi al suo agente di rimborso, Computershare Trust Company. Questa mossa strategica mira a fornire liquidità agli azionisti privilegiati, creando valore per gli azionisti comuni. Gli azionisti privilegiati che non hanno ancora presentato le loro azioni sono incoraggiati a farlo. L’azienda opera attraverso CIBM Bank, che dispone di nove uffici bancari e funzionari per prestiti ipotecari in dieci stati.
CIB Marine Bancshares (OTCQX: CIBH) ha completado un reembolso total de 13.4 millones de dólares de todas sus acciones preferentes a 825 dólares por acción, efectivo desde el 31 de octubre de 2024. La empresa transfirió los fondos a su agente de reembolso, Computershare Trust Company. Este movimiento estratégico tiene como objetivo proporcionar liquidez a los accionistas preferentes mientras crea valor para los accionistas comunes. Los accionistas preferentes que aún no han presentado sus acciones se les anima a hacerlo. La empresa opera a través de CIBM Bank, que cuenta con nueve oficinas bancarias y oficiales de préstamos hipotecarios en diez estados.
CIB Marine Bancshares (OTCQX: CIBH)는 2024년 10월 31일에 모든 우선주를 주당 825달러에 전액 상환하는 1,340만 달러 규모의 상환을 완료했습니다. 회사는 자금을 상환 대행사인 Computershare Trust Company에 이체했습니다. 이 전략적 조치는 우선주 주주에게 유동성을 제공하는 동시에 보통주 주주에게 가치를 창출하는 것을 목표로 합니다. 아직 주식을 제출하지 않은 우선주 주주들은 이를 권장합니다. 이 회사는 10개 주에 걸쳐 9개의 은행 사무소와 주택 담보 대출 담당자를 두고 있는 CIBM Bank를 통해 운영됩니다.
CIB Marine Bancshares (OTCQX: CIBH) a terminé un remboursement total de 13,4 millions de dollars de toutes ses actions privilégiées à 825 dollars par action, effectif au 31 octobre 2024. L'entreprise a transféré les fonds à son agent de remboursement, Computershare Trust Company. Ce mouvement stratégique vise à fournir de la liquidité aux actionnaires privilégiés tout en créant de la valeur pour les actionnaires ordinaires. Les actionnaires privilégiés qui n'ont pas encore présenté leurs actions sont encouragés à le faire. L'entreprise opère à travers CIBM Bank, qui possède neuf agences bancaires et des agents de prêts hypothécaires dans dix États.
CIB Marine Bancshares (OTCQX: CIBH) hat die vollständige Rückzahlung von 13,4 Millionen Dollar aller seiner Vorzugsaktien zum Preis von 825 Dollar pro Aktie zum 31. Oktober 2024 abgeschlossen. Das Unternehmen hat die Gelder an seinen Rückzahlungsagenten, die Computershare Trust Company, überwiesen. Diese strategische Maßnahme zielt darauf ab, den Vorzugsaktionären Liquidität bereitzustellen und gleichzeitig Wert für die Stammaktionäre zu schaffen. Vorzugsaktionäre, die ihre Aktien noch nicht eingereicht haben, werden ermutigt, dies zu tun. Das Unternehmen operiert über die CIBM Bank, die über neun Bankfilialen und Hypothekenberater in zehn Bundesstaaten verfügt.
- Completed full redemption of preferred stock worth $13.4 million
- Strategic move creates value for common shareholders
- Provides immediate liquidity to preferred shareholders
- Significant cash outlay of $13.4 million impacts company's liquidity
BROOKFIELD, Wis., Oct. 31, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that it has completed the
Mr. Brian Chaffin, President & CEO of CIB Marine, commented, “This is an important accomplishment for the Company. In addition to providing liquidity to our preferred shareholders, the redemptions created value for our common shareholders and strategic opportunities for the Company. I want to thank the common shareholders who supported the Company through this process and assisted us in the execution of our disciplined process to reach an outcome that benefitted all stakeholders.”
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 nine banking offices and has mortgage loan officers and/or offices in ten states. 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
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