CIB Marine Bancshares, Inc. Extends Deadline for Holders of Its Trust Preferred Securities to Vote on Reorganization Plan
09 Septembre 2009 - 6:47PM
Marketwired
CIB Marine Bancshares, Inc. (PINKSHEETS: CIBH) today announced
that, due to a clerical error on the part of a third party
fiduciary, certain holders of its trust preferred securities were
informed that the deadline for voting on the holding company's
pre-packaged plan of reorganization is September 15, 2009, rather
than the September 9, 2009 deadline established by the holding
company. Accordingly, in order to avoid confusion and in the
interest of fairness, the holding company has formally extended the
deadline for voting on the plan until September 15, 2009.
"We continue to believe our current restructuring plan is the
best solution for those involved and we remain cautiously
optimistic that voters will agree and we can move forward," said
John Hickey, Jr., chairman and CEO of the holding company.
CIB Marine Bancshares is the holding company for CIBM Bank that
operates as Central Illinois Bank in mid-state Illinois and as
Marine Bank in the Milwaukee area, Indianapolis and Scottsdale. The
bank and its branches are not affected by the holding company's
reorganization effort.
In July 2009, the holding company proposed to exchange all trust
preferred securities for non-cumulative perpetual preferred stock
and to then file a pre-packaged plan of reorganization. With the
extended deadline, outreach and voting on that proposal continues
until September 15, 2009.
This statement contains forward-looking information. Actual
results could differ materially from those indicated by such
information. Information regarding risk factors and other
cautionary information is available in Item 1A of CIB Marine's
Annual Report on Form 10-K for the period ended December 31, 2008
and updated in Item 1A of Part II of CIB Marine's Quarterly Report
on Form 10-Q for the quarter ended June 30, 2009.
CIB Marine Bancshares (QX) (USOTC:CIBH)
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