Integrated Financial Holdings, Inc. Declares Special Dividend of its Ownership Interest in Dogwood State Bank
Rhea-AI Summary
Integrated Financial Holdings, Inc. (OTCQX: IFHI) has announced a special stock dividend of its ownership in Dogwood State Bank to IFHI common shareholders. The distribution is set for September 23, 2024, with a record date of September 9, 2024. Based on current figures, shareholders are expected to receive approximately 0.4673 shares of Dogwood common stock for each IFHI share owned. This ratio may change depending on the number of IFHI shares outstanding on the record date. No fractional shares will be distributed; instead, cash will be provided in lieu of fractional shares. IFHI advises shareholders to consult financial or tax advisors regarding the implications of this special dividend.
Positive
- Distribution of valuable Dogwood State Bank shares to IFHI shareholders
- Potential for increased shareholder value through ownership in two separate entities
Negative
- Reduction in IFHI's assets and potential future earnings from Dogwood State Bank
- Possible tax implications for shareholders receiving the special dividend
RALEIGH. N.C., Aug. 28, 2024 (GLOBE NEWSWIRE) -- Integrated Financial Holdings, Inc. (OTCQX: IFHI) (the “Company” or “IFHI”), the financial holding company for West Town Bank & Trust and Windsor Advantage, LLC, announced today that its board of directors has approved distribution of a special stock dividend to its common stock shareholders of all of the shares of common stock of Dogwood State Bank (“Dogwood”) owned by IFHI. The distribution of the Dogwood shares will be made to all IFHI shareholders of record as of September 9, 2024 (the “Record Date”). The distribution of the Dogwood shares is expected to take place on September 23, 2024 (the “Distribution Date”), to IFHI shareholders as of the Record Date. The distribution will take place in the form of a pro rata dividend of Dogwood shares.
The distribution ratio with respect to the number of shares of Dogwood common stock that will be paid per share of IFHI common stock will be determined on the Record Date. Such ratio will be calculated by dividing the number of shares of Dogwood common stock owned by IFHI on the Record Date by the number of shares of IFHI common stock outstanding on such date. Based on the number of shares of IFHI common stock outstanding on August 27, 2024, and the number of shares of Dogwood’s common stock owned by IFHI as of such date, the approximate distribution ratio to IFHI shareholders as of the Record Date would be 0.4673 shares of Dogwood common stock for each share of IFHI common stock owned. This ratio is subject to change based on any changes in the number of IFHI shares of common stock outstanding between such date and the Record Date.
No fractional shares of Dogwood common stock will be distributed. Instead, IFHI shareholders will receive cash in lieu of any fraction of a share of Dogwood stock that they otherwise would have received.
IFHI shareholders are encouraged to consult their own financial and/or tax advisors regarding the specific implications of the special dividend of Dogwood shares.
ABOUT INTEGRATED FINANCIAL HOLDINGS, INC.
Integrated Financial Holdings, Inc. is a financial holding company based in Raleigh, North Carolina. The Company is the holding company for West Town Bank & Trust, an Illinois state-chartered bank. West Town Bank & Trust provides banking services through its full-service office located in the greater Chicago area. The Company is also the parent company of Windsor Advantage, LLC, a loan service provider that offers community banks and credit unions with a comprehensive outsourced U.S. Small Business Association (“SBA”) 7(a) and U.S. Department of Agriculture (“USDA”) lending platform. The Company is registered with and supervised by the Federal Reserve. West Town Bank & Trust’s primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC. For more information, visit https://ifhinc.com/.
Important Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements. These statements can be identified by the use of words such as “would,” "expect," "anticipate," "estimate," "believe," “intend,” “plan,” variations of these words, and other similar expressions. Forward-looking statements in this release include statements by IFHI regarding its expectations concerning the expected timing, completion and amount of the distribution of the special dividend of Dogwood stock to IFHI shareholders and related matters. The expectations expressed or implied in these forward-looking statements may not turn out to be correct. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of IFHI and on the information available to management at the time this release was prepared. Readers should not place undue reliance on forward-looking statements, which speak only as of the date of this release. IFHI does not undertake to update, and expressly disclaims any duty to update, its forward-looking statements, whether as a result of circumstances or events that arise after the date such statements are made, new information, or otherwise.
Contact: Steve Crouse, 919-861-8018
FAQ
What is the special dividend announced by Integrated Financial Holdings (IFHI)?
When is the record date for IFHI's special dividend of Dogwood State Bank shares?
What is the distribution date for IFHI's Dogwood State Bank shares?
How many Dogwood State Bank shares will IFHI shareholders receive per IFHI share?
Will IFHI distribute fractional shares of Dogwood State Bank?
