TIB Financial Corp. Announces Extension of Rights Offering
08 January 2011 - 8:08AM
TIB Financial Corp. (Nasdaq:TIBBD) (the "Company") announced today
that it is extending its ongoing subscription rights offering to
give participants additional time to exercise subscription rights
in light of the interruptions in transportation systems during the
recent holiday season. Accordingly, holders of the subscription
rights will now have until 5:00 p.m., New York City time, on
January 18, 2011 to exercise their rights. The rights offering was
originally scheduled to expire on January 10, 2011.
Under the terms of the rights offering, the Company distributed,
at no charge to holders of its common stock as of 4:01 p.m., New
York City time on July 12, 2010, rights to purchase shares of the
Company's common stock at a subscription price of $15.00 per full
share.
If you hold your shares of the Company's common stock in a
brokerage account and wish to exercise your subscription rights,
you should follow the instructions from your broker. If you have
not heard from your broker and you wish to participate in the
rights offering, please contact your broker.
Participants in the Company's Employee Stock Ownership Plan with
401(k) Provisions (the "Plan") who wish to exercise rights held
within the Plan will now have until 5:00 p.m., New York City time,
on January 12, 2011 to deliver their election forms to Ingham
Retirement Group and exercise those rights. Participants in the
Plan who elect to exercise their rights during the extended
offering period must ensure that the total amount of the funds
required for such exercise has been allocated to the Fidelity
Retirement Money Market Fund in their Plan account by 4:00 p.m.,
New York City time, on January 12, 2011. With respect to
participants in the Plan who elected on or prior to January 4, 2011
to exercise their rights, there is no further action necessary to
exercise the rights held in their Plan accounts; funds from your
Plan account will be held separately during the extended offering
period until the expiration of the offering period when rights will
be exercised. No subscription rights held by the Plan will be
exercised if the per share closing price of the Company's common
stock on January 14, as reported by NASDAQ, is not greater than or
equal to the subscription price of $15.00 per share.
Please review the Company's prospectus dated December 17, 2010
for a complete description of all of the terms of the rights
offering. Other than the extension of the expiration date of
the rights offering described above, all of the offering terms
described in the prospectus remain the same and apply during the
extended period of the offering.
Any questions about the rights offering may be directed to
Phoenix Advisory Partners, LLC, our information agent, at (800)
576-4314.
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 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: Phoenix Advisory Partners, LLC
(800) 576-4314
TIB Financial Corp.
Chris Marshall, Chief Financial Officer
(704) 554-5901
Stephen J. Gilhooly, Treasurer
(239) 659-5876
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