BELOIT, WI / ACCESSWIRE / May 14, 2021 / Blackhawk Bancorp, Inc. (OTCQX:BHWB) (the "Company"), announced that its offer to repurchase up to 500,000 shares of the Company's common stock expired on May 12, 2021. A total of 525,546 shares, or 15.6%, of the Company's outstanding common stock were validly tendered. Due to the number of shares tendered being just slightly over the maximum number of shares approved for repurchase under the offer, which was 500,000, the Company's board approved an increase to the maximum number of shares to accommodate the repurchase of the additional 25,546 shares.
"We are extremely pleased with the level of shares tendered under this offer and the benefit this transaction provides to our shareholders," said Todd James, the Company's Chairman & CEO. "It allowed those wanting liquidity to sell their shares at a record price, and it will boost earnings per share for continuing shareholders, as the after-tax cost of funding the repurchase is only about 3%."
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.
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