CIB Marine Bancshares Achieves Significant Financial Milestone
CIB Marine Bancshares Achieves Successful Redemption
In a notable achievement, CIB Marine Bancshares, Inc. (OTCQX: CIBH) has completed the redemption of all its preferred stock, amounting to $13.4 million. Each share was redeemed at a price of $825, marking a significant step forward for the company.
Funding the Redemption Process
On the determined date, CIB Marine transferred the requisite funds to its redemption agent, Computershare Trust Company, N.A. The redemption process was executed smoothly under the stipulated Notice of Redemption and Letter of Transmittal dated earlier in the month.
Insights from Leadership
Mr. Brian Chaffin, President & CEO of CIB Marine, emphasized the importance of this accomplishment. He stated, "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." His acknowledgment of the common shareholders' support highlights the collaborative effort in reaching this successful outcome.
Encouraging Shareholder Participation
The company encourages any preferred shareholders yet to tender their shares to complete the process at their earliest convenience. For specific inquiries about the redemption, Computershare can be contacted directly. For general questions, shareholders are invited to reach out to Ms. Elizabeth Neighbors, CIB Marine’s Shareholder Relations Manager.
About CIB Marine Bancshares
CIB Marine Bancshares operates as the parent company for CIBM Bank, which maintains nine banking locations and provides mortgage loan services across ten states. This extensive network positions CIB Marine to serve a diverse clientele effectively.
Looking Ahead for CIB Marine
The successful redemption of preferred stock is not just a milestone but also opens new avenues for future growth and stability in the company’s operations. Mr. Chaffin’s remark underscores the shared success with all stakeholders, indicating a strong commitment to enhancing shareholder value through disciplined financial strategies.
Important Contact Information
For additional inquiries related to CIB Marine's operations, interested parties are encouraged to contact J. Brian Chaffin at (217) 355-0900 or via email at brian.chaffin@cibmbank.com. The company remains committed to maintaining open lines of communication with its investors.
Frequently Asked Questions
What was the total amount involved in the redemption of preferred stock?
The total amount redeemed was $13.4 million, with shares priced at $825 each.
Who is the CEO of CIB Marine Bancshares?
Mr. Brian Chaffin serves as the President and CEO of CIB Marine Bancshares, Inc.
How can shareholders get more information about the redemption process?
Shareholders with questions about the redemption process should contact Computershare or Elizabeth Neighbors, the Shareholder Relations Manager.
What services does CIB Marine Bancshares offer?
CIB Marine Bancshares, through CIBM Bank, offers various banking services, including mortgage loans, across multiple states.
Where can I find more information about CIB Marine Bancshares?
Additional information and updates about the company can be found on their official website.
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