TIB Financial Corp. Announces Expiration of Rights Offering
21 Janeiro 2011 - 12:49AM
TIB Financial Corp. (Nasdaq:TIBB) (the "Company") announced today
that the subscription period of its previously announced
subscription rights offering to purchase up to 1,488,792 shares of
its common stock expired at 5:00 p.m., New York City time, on
January 18, 2011. The subscription rights offering was limited to
shareholders of record as of July 12, 2010. Holders to whom
subscriptions rights were issued exercised rights to purchase
approximately 533,029 shares of common stock for an aggregate
purchase price of approximately $8.0 million.
As a result of the subscription rights offering, the Company
will meet the continued listing requirements for The NASDAQ Capital
Market. Although the increase in the number of shares held by
the public was not sufficient for the Company to meet the continued
listing requirements for the NASDAQ Global Select Market, the
Company may request that the NASDAQ transfer the Company's shares
to The NASDAQ Capital Market or grant the Company an extension to
meet the continued listing requirements of The NASDAQ Global Select
Market.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
About TIB Financial Corp.
Headquartered in Naples, Florida, TIB Financial Corp. is a
financial services company with approximately $1.7 billion in total
assets and 27 full-service banking offices throughout the Florida
Keys, Homestead, Naples, Bonita Springs, Fort Myers, Cape Coral and
Venice. TIB Financial Corp. is also the parent company of Naples
Capital Advisors, Inc., a registered investment advisor with
approximately $184 million of assets under advisement.
TIB Financial Corp., through its wholly owned subsidiaries, TIB
Bank and Naples Capital Advisors, Inc., serves the personal and
commercial banking and investment management needs of local
residents and businesses in its market areas. The companies'
experienced professionals are local community leaders, who focus on
a relationship-based approach built around anticipating specific
customer needs, providing sound advice and making timely decisions.
To learn more about TIB Bank and Naples Capital Advisors, Inc.,
visit www.tibbank.com and www.naplescapitaladvisors.com,
respectively.
The TIB Financial Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7275
Forward-looking Statements
Except for historical information contained herein, the
statements made in this press release constitute "forward-looking"
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of
1934. Such statements involve certain risks and uncertainties,
including statements regarding the Company's strategic direction,
prospects and future results. Certain factors, including those
outside the Company's control, may cause actual results to differ
materially from those in the "forward-looking" statements,
including economic and other conditions in the markets in which the
Company operates; risks associated with the continued listing of
our securities, acquisitions, competition, seasonality and the
other risks discussed in our filings with the Securities and
Exchange Commission, which discussions are incorporated in this
press release by reference.
CONTACT: TIB Financial Corp.
Chris Marshall, Chief Financial Officer
(704) 554-5901
Stephen J. Gilhooly, Treasurer
(239) 659-5876
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