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CIB Marine Bancshares reports bank holding company developments for CIBM Bank, including operating results, loan and deposit trends, net interest margin, mortgage banking performance, and credit-loss commentary. The bank operates offices in Illinois, Wisconsin, and Indiana and maintains mortgage loan officers and/or offices across six states.
Recurring CIBH news also covers common stock repurchase authorizations, regulatory capital references, board composition, annual meeting matters, and updates tied to the company’s OTCQX-traded common stock.
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.
CIB Marine Bancshares (OTCQX: CIBH) announced an initial redemption of preferred stock set for October 29, 2021. Approximately 49.7% of Series A and B Preferred shares will be redeemed at $825 per share, totaling about $18 million, financed through earnings from CIBM Bank. This move aims to enhance liquidity for preferred shareholders while creating value for common shareholders. CIB Marine plans to complete the redemption of all preferred shares within the next three to four years, as outlined at the recent Annual Shareholder Meeting.
CIB Marine Bancshares, Inc. (CIBH) reported unaudited results for the nine months and quarter ending September 30, 2021. Net income was $5.6 million for the nine-month period, down from $5.9 million in 2020, with quarterly net income at $2.1 million, compared to $3.4 million the prior year. Return on average assets decreased to 0.99%. Common stock tangible book value increased to $56.14 per share. Non-interest income fell by $2.9 million, while loan quality improved, leading to a $0.7 million reversal of loan loss provisions. Additionally, CIBH's Preferred Stock Redemption Plan is set for October, redeeming $18 million in shares.
CIB Marine Bancshares, Inc. (OTCQB: CIBH) announced the approval of its Second Amended and Restated Articles of Incorporation during its Annual Common Shareholder Meeting on September 24, 2021. Over 95% of common and 100% of preferred shareholders voted in favor. The company will proceed with an $18 million redemption of pro-rata preferred shares at $825 per share, a 3% discount to carrying value. Additionally, all four board candidates were reelected for another three-year term, aiming to enhance shareholder value.
CIB Marine Bancshares (OTCQB: CIBH) announced a detailed plan for the repurchase of all outstanding preferred stock. The company has issued a letter to shareholders outlining the plan and providing additional meeting materials, available on its website. This action is part of CIB Marine's strategy to enhance shareholder value. The forward-looking statements included in the release highlight risks related to operations, market conditions, and regulatory factors that may impact the company's financial performance.
CIB Marine Bancshares has announced a strategic agreement with Hildene Capital Management for the repurchase of all preferred stock over four years, starting with an initial repurchase of $18 million in 2021. The shares will be bought back at $825 each, representing a 17.5% discount on their liquidation preference value. Shareholder approval for the Second Amended and Restated Articles of Incorporation is required, with the rescheduled annual meeting set for September 2021. This initiative aims to align interests and conclude a proxy contest, thereby enhancing shareholder value.
CIB Marine Bancshares, Inc. (CIBH) reported strong financial results for the first half of 2021, with net income of $3.5 million, up from $2.5 million last year. The company saw a return on average assets improvement to 0.94% and increased tangible book value to $54.19 per share. Net interest income rose by $1.2 million for the six months due to a decline in interest-bearing liabilities. Meanwhile, checking and savings deposits grew by $31.1 million and $22.2 million, respectively. However, mortgage banking revenues declined in Q2 compared to last year, reflecting a shift in refinance activity as interest rates rise.
CIB Marine Bancshares plans to adjourn its Annual Meeting of Shareholders from May 19 to July 29, 2021, to facilitate a Repurchase Plan targeting their preferred stock. The company is conducting a Section 382 analysis, finalizing an agreement with Hildene Capital Management, and preparing amended Articles of Incorporation for regulatory approval. Shareholders should expect a potential rescheduling of the meeting and are advised that all submitted proxies remain valid. CEO J. Brian Chaffin expresses confidence in meeting necessary prerequisites by the rescheduled date.
CIB Marine Bancshares, Inc. (OTCQB: CIBH) announced a plan with Hildene Capital Management to repurchase all preferred stock over the next four years. The Annual Meeting of Shareholders has been postponed to May 19, 2021, to allow for regulatory approvals and finalization of the agreement. The postponement may lead to further rescheduling if a third proxy proposal is added to approve an amendment necessary for the Repurchase Plan. CEO J. Brian Chaffin emphasized the significance of this agreement for maximizing shareholder value.
CIB Marine Bancshares proposed a $17 million preferred stock repurchase plan at $775 per share. This was in response to a competing offer from Hildene Opportunities Master Fund, which demanded $850 per share. Shareholder feedback has been positive, urging the company to retire the preferred stock for future growth. However, negotiations with Hildene reached a standstill as critical issues remained unresolved. The company remains committed to its repurchase plan, emphasizing that the $850 per share offer may not be available again after pursuing alternative growth plans.