CIB Marine to redeem $18 million preferred shares Oct. 29

By Mary-Katherine Stinson

Lexington, Ky., Oct. 18 – CIB Marine Bancshares Inc. announced it will redeem nearly half its series A and series B preferred stock totaling $18 million on Oct. 29, according to a company news release.

The preferred shares will be redeemed at a discounted $825 per $1,000 share.

The redemption will be funded entirely by earnings from the company’s wholly owned subsidiary CIBM Bank.

This buyback comprises approximately 49.7% percent of the company’s series A and series B preferred stock.

The buyback plan was contingent upon shareholder approval of the second amended and restated articles of incorporation which were accepted by both common and preferred shareholders at the company’s annual meeting in September.

This initial redemption is the first step in the company’s plan to repurchase and fully retire all series A and series B preferred stock in the next three to four years.

Computershare Trust Co., NA is the redemption agent.

CIB Marine is a bank holding company based in Brookfield, Wis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.