BELOIT, WI / ACCESSWIRE / April 23, 2021 / Blackhawk Bancorp, Inc. (OTCQX:BHWB) (the "Company") announced that it has commenced a tender offer to purchase up to 500,000 shares of its common stock at a price per share of $32.00. The tender offer will expire on May 7, 2021, unless extended. Tenders of shares must be made prior to the expiration of the tender offer and may be withdrawn at any time prior to that time. As of March 31, 2021, the Bank had 3,359,613 shares of Common Stock issued and outstanding of 10,000,000 total shares authorized. The 500,000 Shares represent 14.9% of the total number of Shares issued and outstanding as of March 31, 2021.
"Our Company continues to prosper in these challenging times and, although we cannot predict the future, we remain committed to serving our communities and creating value for shareholders," said Todd James, the Company's Chairman and CEO. "However, liquidity for thinly-traded stocks such as Blackhawk's is limited, and we are pleased to be in a position to offer liquidity to shareholders who desire it."
The tender offer is not conditioned upon any minimum number of shares being tendered; however, the tender offer is subject to a number of other terms and conditions as set forth in the Offer to Purchase, the related Letter of Transmittal and other documents, which will be mailed to shareholders of record as of April 19, 2021. The Company intends to fund the purchase of shares tendered by issuing subordinated debt.
The Board of Directors of the Company has approved the tender offer. However, neither the Company nor its Board of Directors is making any recommendation to its shareholders as to whether to tender or refrain from tendering their shares. Shareholders must make their own decisions as to whether to tender their shares and, if so, how many shares to tender. The tender price of $32.00 is a 4.1% premium to the closing price of $30.75 on April 22, 2021.
About Blackhawk Bancorp
Blackhawk Bancorp, Inc. is headquartered in Beloit, Wisconsin and is the parent company of Blackhawk Bank. The combined entity operates eleven full-service banking centers and a dedicated commercial office, which are located in Rock County, Wisconsin and the Illinois counties of Winnebago, Boone, McHenry, Lake, and Kane. The Company's footprint stretches along the I-90 corridor from Janesville, Wisconsin to Elgin, Illinois and into the Northwest collar counties of the Chicagoland area. The company offers a variety of value-added consultative services to its business customers and their employees related to the financial products it provides.
When used in this communication, the words "believes," "expects," "likely", "would", and similar expressions are intended to identify forward-looking statements. The company's actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company's markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which Blackhawk or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of "critical accounting policies"; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.
Further information is available on the company's website at www.blackhawkbank.com.
Blackhawk Bancorp, Inc.
Todd J. James, Chairman & CEO
Phone: (608) 364-8911
Matthew McDonnell, SVP & CFO
SOURCE: Blackhawk Bancorp, Inc.
View source version on accesswire.com: