CIB Marine Bancshares, Inc. Completes $4.8 Million Redemption of Preferred Stock
BROOKFIELD, Wis., Dec. 20, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that it has completed the $4.8 million redemption of its preferred stock on a pro-rata basis, at $825 per share, pursuant to its Second Amended and Restated Articles of Incorporation.
- BROOKFIELD, Wis., Dec. 20, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that it has completed the $4.8 million redemption of its preferred stock on a pro-rata basis, at $825 per share, pursuant to its Second Amended and Restated Articles of Incorporation.
- Effective December 19, 2022, CIB Marine transferred the necessary funds to its redemption agent, Computershare Trust Company, N.A., and approximately 26.4% of CIB Marine’s total outstanding preferred shares (28.5% of outstanding Series A Preferred shares) were redeemed pursuant to the Notice of Redemption and Letter of Transmittal dated December 6, 2022.
- Any preferred shareholders who have not yet tendered their shares, are encouraged to do so as soon as possible.
- CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and two mortgage loan offices in Illinois, Wisconsin and Indiana.