CIB Marine Bancshares, Inc. Completes Redemption of All Preferred Stock

Rhea-AI Summary

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.

Positive

• Completed full redemption of preferred stock worth $13.4 million
• Strategic move creates value for common shareholders
• Provides immediate liquidity to preferred shareholders

Negative

• 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 $13.4 million full and final redemption of all of its preferred stock at $825 per share. Effective October 31, 2024, CIB Marine transferred the necessary funds to its redemption agent, Computershare Trust Company, N.A., and all of CIB Marine’s outstanding preferred shares were redeemed pursuant to the Notice of Redemption and Letter of Transmittal dated October 17, 2024.

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

What is the redemption price per share for CIB Marine Bancshares (CIBH) preferred stock?

CIB Marine Bancshares (CIBH) is redeeming its preferred stock at $825 per share.

When did CIB Marine Bancshares (CIBH) complete its preferred stock redemption?

CIB Marine Bancshares completed the preferred stock redemption on October 31, 2024.

How much is the total value of CIB Marine Bancshares (CIBH) preferred stock redemption?

The total value of the preferred stock redemption is $13.4 million.

Which company is handling the redemption process for CIB Marine Bancshares (CIBH)?

Computershare Trust Company, N.A. is serving as the redemption agent for CIB Marine Bancshares.