BNCCORP, INC. Announces Redemption of Series B Preferred Stock

Nov 20, 2015, 14:06 ET from BNCCORP, INC.

BISMARCK, N.D., Nov. 20, 2015 /PRNewswire/ -- BNCCORP, INC. (OTCQX: BNCC) (the "Company") announced today that it is redeeming the 1,005 outstanding shares of the Company's 9% Fixed Rate Cumulative Perpetual Preferred Stock, Series B ("Series B Preferred Stock"). On November 19, 2015, the Company completed the previously announced redemption of the outstanding shares of the Company's Series A Preferred Stock.

The redemption of the Series B Preferred Stock is expected to be completed on December 21, 2015. The redemption price for the shares of Series B Preferred Stock is the stated liquidation preference amount of $1,000 per share or an aggregate $1,005,000, plus accrued and unpaid dividends aggregating approximately $9,000.

The Company has sought and received approval for the redemption of the Series B Preferred Stock from its regulator. 

This news release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of BNC. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management are generally identifiable by the use of words such as "expect", "believe", "anticipate", "plan", "intend", "estimate", "may", "will", "would", "could", "should", "future" and other expressions relating to future periods. Examples of forward-looking statements include, among others, statements we make regarding our belief that we have exceptional liquidity, our expectations regarding future market conditions and our ability to capture opportunities and pursue growth strategies, our expected operating results such as revenue growth and earnings, and our expectations of the effects of the regulatory environment on our earnings for the foreseeable future.  Forward-looking statements are neither historical facts nor assurances of future performance.  Our actual results and financial condition may differ materially from those indicated in the forward-looking statements.  Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to: the impact of current and future regulation; the risks of loans and investments, including dependence on local and regional economic conditions; competition for our customers from other providers of financial services; possible adverse effects of changes in interest rates, including the effects of such changes on mortgage banking revenues and derivative contracts and associated accounting consequences; risks associated with our acquisition and growth strategies; and other risks which are difficult to predict and many of which are beyond our control. In addition, all statements in this news release, including forward-looking statements, speak only of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.

 

SOURCE BNCCORP, INC.



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