Pavilion Bancorp, Inc. Announces Final Results of Tender Offer
May 27 2005 - 10:04AM
PR Newswire (US)
Pavilion Bancorp, Inc. Announces Final Results of Tender Offer
ADRIAN, Mich., May 27 /PRNewswire-FirstCall/ -- Pavilion Bancorp,
Inc. ("Pavilion Bancorp") (OTC:PVLN) (BULLETIN BOARD: PVLN)
announced the final results of its tender offer to purchase 128,832
shares of its common stock. The tender offer, which was
oversubscribed, expired at 5:00 p.m., Eastern time, on May 20,
2005. Based upon the final count by the depositary of the tender
offer, 193,279 shares of common stock were properly tendered and
not withdrawn. Pavilion Bancorp has accepted for purchase and will
promptly pay for 128,832 shares of common stock at a purchase price
of $66.00 per share, and the total cost, excluding fees and
expenses incurred in connection with the offer, will be
approximately $8.5 million. After giving effect to the conditional
and odd lot tenders, the final proration factor to be applied to
the tender offer is approximately 64.34%. Odd lot shares properly
tendered will not be subject to proration. Payment for shares
accepted for purchase and the return of all other shares tendered
but not accepted for payment will be made promptly by American
Stock Transfer and Trust Company, the depositary for the tender
offer. Following the purchase of 128,832 shares pursuant to the
tender offer, there will be 730,674 shares of Pavilion Bancorp
common stock issued and outstanding. Any questions with regard to
the tender offer may be directed to the Dealer Manager/Information
Agent for the offer, Donnelly Penman & Partners, at the
toll-free telephone number (866) 440-2482. Pavilion Bancorp, Inc.,
headquartered in Adrian, Michigan is a financial services company
with assets of $259.3 million and eight banking offices located in
southeastern Michigan. Pavilion Bancorp, Inc. through its
subsidiary the Bank of Lenawee provides a full range of banking
services to commercial businesses and individuals. The Bank of
Lenawee makes business and personal loans and offers a variety of
deposit products, including checking, savings, money market
accounts and certificates of deposit. DATASOURCE: Pavilion Bancorp,
Inc. CONTACT: Pamela S. Fisher, Corporate Secretary of Pavilion
Bancorp, Inc., +1-517-266-5054 Web site:
http://www.pavilionbancorp.com/
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