CIB Marine Bancshares Inc (QX) (CIBH) News

People just getting bored of the dead money? Could CIBH agree to a buyout for less than book value? I know banks aren't currently in favor, but this seems way undervalued.

Yuck. Still, TBV $53.35.

100 shares gets a 6% bump. I'm sure it would be linear, so 10,000 shares traded be a 600% gain. I'll be forced to sell at that point.

It sure will. I want it to be done and over with. I’m sure once the economy takes a turn for the better, we will be in better shape to make things happen.

it will be nice to get those preferreds out of the way.

The redemption of all preferred stock by the end of 2024 remains the top priority for the Company and the
most significant action we can take to build shareholder value. At CIBM Bank, our primary focus is operating
results and safety and soundness, which includes increasing earnings with strategies to improve net interest
margins and operating efficiencies. At our 2022 and 2023 Annual Shareholder meetings, we discussed our
strategic plans for complete redemption of all preferred shares, the timing of those redemptions, potential
challenges, and the many opportunities that follow the redemption process. We have taken important steps
toward our redemption goal, including the 2022 issuance of subordinated debt, and we continue to evaluate
alternative funding sources to supplement current Company cash and future capital distributions from CIBM
Bank (which require regulatory approval), if necessary. Our analysis, provided to shareholders in April,
remains unchanged and we are currently planning the next, and final, redemption to take place in 2024. The
past year is a strong reminder that the banking operating environment is subject to many variables outside of
our control. We will continue to provide our shareholders regular updates regarding the status of and changes,
if any, to our strategic plans.

I have almost 2 percent of the common shares…..why would we want to sell now? I’ve been along for the ride since 1998 or so…….what’s the rush?😜

Chugging along. Banks have been kind of all over the place. At least the ones I follow. Book value is up there and the "responsibility" may be to put up a for sale sign, but I'm not sure that the regulators are going to allow a ton of acquisitions currently, given the failures earlier in the year. Anyone other than me still holding CIBH?
https://www.cibmarine.com/documents/PressRelease_2QFinancials_071823.pdf

Q1 released.

https://finance.yahoo.com/news/cib-marine-bancshares-inc-announces-130000065.html

Good for the climate? Honestly asking, but CIBH still seems to be undervalued.

https://www.cibmarine.com/documents/PressRelease_2022Financials_012023.pdf

CIB Marine Bancshares, Inc. Announces $4.8 Million Redemption of Preferred Stock

BROOKFIELD, Wis., Dec. 07, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) has confirmed the redemption date for its previously announced second redemption of preferred stock pursuant to its Second Amended and Restated Articles of Organization. Effective December 19, 2022, approximately 26.4% of CIB Marine’s Series A Preferred shares will be redeemed, on a pro-rata basis, at $825 per share. The $4.8 million redemption will be funded by the $10 million of sub-debt issued by the Company during the first quarter of 2022. Documentation has been mailed to all preferred shareholders of record by the Company’s redemption agent, Computershare Trust Company, N.A.

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. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

operating, legal, execution, credit, market, security (including cyber), and regulatory risks;

economic, political, and competitive forces affecting CIB Marine’s banking business;

the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and

the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

It is undervalued for sure. I wonder what the floor price will be once the next round of preferred shares are taken out. Thoughts?

Earnings out. A solid "meh". Not bad, not amazing. No explicit mention of book value in the PR. It dropped a little, but stock is still trading well under.

https://www.cibmarine.com/documents/PressRelease_3QFinancials_101422.pdf

So when the additional preferred shares are repurchased and taken out of circulation, how long before the common share price appreciates? What is the anticipated share price at this time? Just curious if anyone has a guess…

Earnings out.

https://www.cibmarine.com/documents/PressRelease_2QFinancials_071522.pdf

New website design. Looks a bit like a template, but it's clean.
They posted Q2 on July 13 last year. And between the 12th and 20th years prior, so likely next week.

Thanks! I was asleep at the wheel…….

Q1 out.

https://www.cibmarine.com/financial_info/documents/PressRelease_1QFinancials_042222.pdf

NITE and MONR are on the bid. This stock is under accumulation for sure. I acquired 300 more yesterday using my dividend from SIRI in my 401k. This will be an interesting three years for sure. Hopefully when all the preferred shares are bough back, we can get a little dividend to reward us for the last 24 years……

My first purchase in 2002 was 500 shares at $25.00/share. That was right before all the “accounting irregularities”. That was also before the 15/1 reverse split. I need $375 a share to break even on those. I’ll take the DCA I have now though.

All time high. Well, at least since I've been following. Brokerage account looking pretty good despite some things I own not looking great. I'll bet XM ROCKS' account is looking phenomenal.

News out about capital offering……

MONR is in the bid again. They typically absorb all the shares that come up for sale based upon my past observations. Someone is trying to scare up some shares on higher volume. We should be over $40.00 by the end of March. Every day that goes by is one day closer to the repurchase of more preferred stock.

TBV $57.06

https://finance.yahoo.com/news/cib-marine-bancshares-inc-announces-183200500.html

17200 shares are wanting to be purchased at $36.50. Not happening…..because anyone that has them knows what they will be worth in the next year or two. Merry Christmas everyone!!!!

News out

CIB Marine Bancshares, Inc. Announces Addition to Board of Directors

BROOKFIELD, Wis., Nov. 19, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced today that Ms. Rhonda Hopps, CFA, has been appointed to its Board of Directors, effective November 18, 2021.

Based in the Company’s Chicagoland market, Ms. Hopps has spent the past decade in executive management of charter schools and youth development organizations on Chicago’s south side and currently serves as the Executive Director of Chicago’s Comer Education Campus, an organization that serves over 2,000 youth annually with a dynamic integration of academics, youth enrichment, and college and career preparation. Prior to her service with charter schools, Ms. Hopps served for more than two decades in a variety of positions within the financial industry, including as Director for Red Mortgage Capital’s Chicago, Illinois office; and Senior Portfolio Manager for Allstate Investments, where she managed up to $4 billion in private placement, project finance, and non-rated municipal investments.

“We are thrilled that Ms. Hopps has agreed to join the Board of Directors of CIB Marine. Her extensive financial skills, decades of corporate finance experience, and passion for serving others are an ideal match for a community bank dedicated to supporting the communities we live and work in,” said Mr. Mark Elste, Chairman of the Board of Directors.

He added, “CIB Marine has sought out new Directors up to a year in advance of any anticipated retirements from the Board to ensure a smooth transition for both incoming and departing members of the Board. Through this process, we have been able to pursue another of our corporate goals: to improve the diversity on our Board while adding members with new perspectives and skills. Ms. Hopps will be a strong addition to our Board and we look forward to her insight and guidance for many years to come.”

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
economic, political, and competitive forces affecting CIB Marine’s banking business;
the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

https://www.globenewswire.com/newsroom/ti?nf=ODM5Nzk1OSM0NTY0NzQ0IzIwODk4NDI=
https://ml.globenewswire.com/media/ZDQ2ZTE0NDktNzU3MC00ODUzLWJjOGEtODIzNjg5ZmVhMDQ0LTExMDE0MTM=/tiny/CIB-Marine-Bancshares-Inc-.png

Source: CIB Marine Bancshares, Inc.
© 2021 GlobeNewswire, Inc.

Do I hear $50? Do I hear book value?

$40!!! No other comment required

Here we go!! All of the trades today were purchases. Nobody selling, everyone buying. Congratulations to those that held……this should continue for four more years.

News out

CIB Marine Bancshares, Inc. Completes $18 Million Redemption of Preferred Stock

BROOKFIELD, Wis., Nov. 01, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced that it has completed the $18 million Initial Redemption of its preferred stock on a pro-rata basis, at $825 per share, pursuant to its Second Amended and Restated Articles of Organization. Effective October 29, 2021, CIB Marine transferred the necessary funds to its redemption agent, Computershare Trust Company, N.A., and approximately 49.7% of CIB Marine’s Series A and Series B Preferred shares were redeemed pursuant to the Notice of Redemption and Letter of Transmittal dated October 15, 2021. Any preferred shareholders who have not yet tendered their shares, are encouraged to do so as soon as possible. Questions specific to the redemption process may be directed to Computershare at (800) 546-5141. For any other questions, please contact CIB Marine’s Shareholder Relations Manager, Ms. Elizabeth Neighbors, at (262) 695-4342 or Elizabeth.Neighbors@cibmarine.com.

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
economic, political, and competitive forces affecting CIB Marine’s banking business;
the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

It was NICE for sure. I always said”not bragging” just saying. I ran this thing up over the years by snagging the shares available on a real thin ask many times. I was the reason we broke a buck, and also was the one that ran it up to $1.99 in March of 2018. Today was a great day. High volume, highest price printed since my first shares were purchased. Bought 500 shares at $25.00/share back in 2002. My first shareholder letter was “dear shareholder, we have to research and restate earnings due a large loss and other “issues”. I appreciate everyone involved in making things right for the common shareholders. I never thought I would have so much wrapped up in a stock, but I have always believed in CIBH and the current management. 30,500 shares long, REAL long!!!!!!

Missed that $38 today. Would have liked to have seen that on my balance. I'm sure CM's account looked pretty amazing. I'm not sneezing at $36.

The CIBH Beast Moans!

You da man Rocks!!!

From the 10/15 notice:
We strongly encourage you to retain your Residual Shares in book entry form to facilitate future redemptions of Preferred Stock expected to occur in a series of transactions over the next three to four years.

Thanks. The more bought back should reflect in more of the book value reflecting in the stock price, imo.

I think it’s up to three more years…..

Only 50.3% left. Does anyone remember the time frame to do so?

Effective October 29, 2021, approximately 49.7% of CIB Marine’s Series A and Series B Preferred shares will be redeemed, on a pro-rata basis, at $825 per share

News

CIB Marine Bancshares, Inc. Announces $18 Million Redemption of Preferred Stock

BROOKFIELD, Wis., Oct. 18, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH) announced the redemption date for its initial redemption of preferred stock pursuant to its Second Amended and Restated Articles of Organization, approved by both common and preferred shareholders in September. Effective October 29, 2021, approximately 49.7% of CIB Marine’s Series A and Series B Preferred shares will be redeemed, on a pro-rata basis, at $825 per share. The $18 million initial redemption will be funded entirely by earnings from CIB Marine’s wholly owned subsidiary, CIBM Bank. Documentation has been mailed to all preferred shareholders of record by the Company’s redemption agent, Computershare Trust Company, N.A..

Mr. J. Brian Chaffin, the Company’s President and CEO, commented, “We are pleased to be able to take this significant step forward in providing liquidity to our preferred shareholders, while building common shareholder value. Pursuant to the plan we outlined at our recent Annual Shareholder Meeting, we look forward to completing the redemption of all preferred shares in the next three or four years.”

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
economic, political, and competitive forces affecting CIB Marine’s banking business;
the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
https://www.globenewswire.com/newsroom/ti?nf=ODM3NDQ5OSM0NDg4MzY3IzIwODk4NDI=
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Source: CIB Marine Bancshares, Inc.
© 2021 GlobeNewswire, Inc.

I do. I also have realized that the management has went to GREAT a lengths to ensure that we will eventually get some return in our investment. I sincerely appreciate that. The next three years should be a piece of cake…
Thanks to all the directors and management that made this possible. There seems to be an appetite for the commons now. I like that!!!

No clue but you must be really happy I know you have alot of shares and have been very patient.

It looks like we may never see this stock in the 20’s again. I wonder if we are going to see another 10-15 percent then the actual transaction takes place. Everything is going the right direction, and the payment for the preferred shares should be made this month. I’m just not sure if the current share price reflects the preferred shares already being removed from the count or not.

News out

OTC Markets Group Welcomes CIB Marine Bancshares, Inc. to OTCQX

NEW YORK, Sept. 27, 2021 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced CIB Marine Bancshares, Inc. (OTCQX: CIBH), a bank holding company for CIBM Bank, has qualified to trade on the OTCQX® Best Market. CIB Marine Bancshares, Inc. upgraded to OTCQX from the OTCQB® Venture Market.

CIB Marine Bancshares, Inc. begins trading today on OTCQX under the symbol "CIBH". U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

Mr. J. Brian Chaffin, President & CEO of CIB Marine Bancshares, Inc. remarked, "We are excited to upgrade CIB Marine to the OTCQX® Best Market. This marks another accomplishment on our path to greater shareholder liquidity and we look forward to having greater visibility to the investing public."

Raymond James & Associates Inc. acted as the company's OTCQX sponsor.

About CIB Marine Bancshares, Inc.
CIB Marine Bancshares, Inc. is a bank holding company with its principal executive offices in Brookfield, Wisconsin, a suburb of Milwaukee. CIB Marine Bancshares, Inc. owns and operates CIBM Bank, which serves communities throughout Central Illinois; Chicago, Illinois; Indianapolis, Indiana; and Milwaukee, Wisconsin through its full-service banking offices. CIBM Bank offers a full array of traditional banking services, including a broad range of loan products, such as commercial loans, commercial real estate loans, commercial and residential construction loans, one-to-four family residential real estate loans, consumer loans, and commercial and standby letters of credit; acceptance of demand, savings and time deposits; commercial paper and repurchase agreements; and other banking services.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.

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Media Contact:
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SOURCE OTC Markets Group Inc.

Not sure. The price has risen quite a bit since the uncertainty was removed about the repurchase. Market
Makers do NOT care about price at all. I would think once the shares are removed from circulation by the repurchase, it would add some value for sure. We are definitely profitable now, which is nice. We have a P/E of 6, and that should change when the preferred are removed because of the conversion ratio that was setup. Once the rest of the shares are repurchased in less than four years, will we be able to get some dividends? Poison pill gone?

No clue. You have been pretty spot on with everything here what are your thoughts?

What are your thoughts on the future price for CIBH? Will it happen up after Friday’s approval, assuming it passes? Is the current price reflecting the valuation already baked in?

Someone has $133,000 burning a hole in their pocket……. Probably should have bought the 4,000 shares at 15.00…..

Thanks!!!

Someone just hit the ask…….please…..??

News out

CIB Marine Bancshares, Inc. Sets Dates for Common and Preferred Shareholder Meetings

Provides Additional Details of Preferred Stock Repurchase Plan
BROOKFIELD, Wis., July 30, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQB: CIBH), has issued a letter to its shareholders providing further details related to its plan to repurchase all outstanding shares of its preferred stock and upcoming shareholder meetings. The shareholder letter is available at: https://www.cibmarine.com/financial_info/documents/ShareholderLetter_072921.pdf.

Additional Annual Meeting materials can be found on CIB Marine’s website at: https://www.cibmarine.com/2021AnnualMeeting.asp.

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this Earnings Release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
economic, political, and competitive forces affecting CIB Marine’s banking business;
the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com



Source: CIB Marine Bancshares, Inc.
© 2021 GlobeNewswire, Inc.

News out

CIB Marine Bancshares, Inc. Announces Details of Plan to Repurchase All Preferred Stock

Press Release | 07/26/2021

BROOKFIELD, Wis., July 26, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQB: CIBH) announced an agreement with Hildene Capital Management, LLC (including their affiliated investment funds, Hildene Opportunities Master Fund, Ltd. and Hildene Opportunities Master Fund II, Ltd., collectively “Hildene”) on a plan for the repurchase and retirement of all preferred stock over the next four years, including an initial repurchase in 2021 of $18 million for roughly half of the currently outstanding preferred stock, at a price of $825 per share.

Implementation of the preferred stock repurchase plan will require amendment of the Company’s Articles of Incorporation. Accordingly, the Company’s proposed Second Amended and Restated Articles of Incorporation will be submitted to all classes of common and preferred shareholders for a vote at separate meetings of such shareholders expected to be held in September of this year.

If the Company’s shareholders approve the Second Amended and Restated Articles of Incorporation, the Company intends to repurchase all shares of preferred stock at $825 per share (a 17.5% discount from the $1,000 per share liquidation preference value) by the end of 2025. The initial repurchase of $18 million of outstanding preferred shares, comprising a pro rata repurchase of Series A and Series B preferred shares from each preferred shareholder, is expected to be concluded by the end of 2021. Following the initial repurchase, the Company intends to engage in periodic repurchases of Series A preferred shares until fully retired, and thereafter Series B preferred shares until fully retired. Subsequent repurchases after the initial repurchase would be in such amounts and at such times as determined by the CIB Marine Board of Directors but are expected to culminate in the repurchase of all preferred stock by the end of 2025. Each repurchase transaction is subject to CIB Marine obtaining all regulatory approvals, including approval from the FDIC, State of Illinois, and Federal Reserve.

The agreement also concludes the proxy contest initiated by Hildene in conjunction with CIB Marine’s upcoming annual meeting of shareholders and aligns the interests of CIB Marine and Hildene in support of the repurchase plan described above. Additional information regarding the agreement and the proposed Second Amended and Restated Articles of Incorporation will be included in the Company’s proxy statement for the rescheduled 2021 Annual Shareholder Meeting.

J. Brian Chaffin, CEO of CIB Marine said, “This agreement represents a significant step forward for the Company in the long process of trying to retire the outstanding preferred stock. We and Hildene are aligned in pursuit of the same goal, and with this agreement, we have a means to achieve that goal.”

The proposal to approve the Second Amended and Restated Articles of Incorporation was not included in either the Company’s white proxy card or Hildene’s blue proxy card issued for the 2021 Annual Shareholder Meeting, which was adjourned until July 29, 2021. Accordingly, the Annual Meeting has been canceled and will be rescheduled for a later date. A new Proxy Statement will be distributed to all shareholders and will include a proposal to approve the Second Amended and Restated Articles of Incorporation. The previously executed proxy cards submitted for the now-canceled Annual Meeting will be voided.

Mark Elste, Chairman of the Board of CIB Marine concluded, “The Board of Directors of CIB Marine greatly appreciates the dedication and hard work put into this process. An agreed means for repurchasing the outstanding preferred stock is a critical issue that needs to be resolved as part of the Company’s strategic capital plan. We thank our shareholders for their input and assistance as we worked through this process. We look forward to working with you in the next phase as we seek common and preferred shareholder approval, followed by the execution of the preferred stock repurchases.”

FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
economic, political, and competitive forces affecting CIB Marine’s banking business;
the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

?FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

Fantastic news! Great job to all involved……..I sincerely appreciate all the hard work every person has done to complete this. To fend off Clutterbuck, the dude from Amcore and his posse, and now the gang from Hildene has not been an easy task. The cool thing is that most people in charge would have just tapped out. Having a couple of common shares myself, I appreciate that fact that the common shares were ALWAYS represented!!!!
Thanks again!!!!