BISMARCK, N.D., March 23, 2017 /PRNewswire/ -- BNCCORP, INC. (BNC or the Company) (OTCQX Markets: BNCC), which operates community banks and wealth management businesses in North Dakota, Arizona and Minnesota, and has mortgage banking offices in Illinois, Kansas, Missouri, Minnesota, Arizona and North Dakota, today reported that Michael M. Vekich has joined BNC's Board of Directors and is expected to stand for re-election to BNC's Board of Directors at the Company's 2017 Annual Meeting of Stockholders.
Timothy J. Franz, the BNC's President and Chief Executive Officer, said, "We are looking forward to welcoming Mike to BNC's Board of Directors. He brings extensive business, financial and banking industry experience to the board as the Company continues to focus on growing the value of BNC for its shareholders. We think that he will be a fine addition to the board as an independent director."
PL Capital Advisors, LLC and its affiliates (collectively, the "PL Capital Group"), an investment firm which owns approximately 9.7% of the Company's outstanding stock, had previously provided notice to the Company of its intent to nominate Mr. Vekich for election to the Company's board of directors at the Company's 2017 Annual Meeting of Stockholders. The PL Capital Group has agreed to vote its shares in support of all of the Company's nominees for election at the Company's 2017 and 2018 Annual Meetings of Stockholders and to abide by certain standstill provisions until 30 days before the end of the notice period for director nominations at the 2019 Annual Meeting of Stockholders. Under certain circumstances, the agreement may be terminated before that date. The complete agreement between BNC and PL Capital will be posted on the Company's website at www.bnccorp.com.
About Michael M. Vekich:
Mr. Vekich is the chief executive officer of Vekich Chartered, management advisors specializing in strategic planning, and was from 2000-2010 Executive Chairman, President and Chief Executive Officer of Skyline Exhibits, designers of trade show exhibits. In 2016, Mr. Vekich was appointed by the Governor of Minnesota to serve as Acting Director of the Minnesota State Lottery as it seeks a new director and he is currently Chair of the Board of Trustees of Minnesota State Colleges and Universities.
Mr. Vekich has significant prior experience serving as a board member of a number of banking companies including HF Financial Corp. (Chair) and Tradition Capital Bank. He received a Bachelor of Arts Degree in Accounting and Business Administration from the University of Minnesota and is a Certified Public Accountant.
This news release contains forward-looking statements. Forward looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors-many of which are beyond the Company's control-could cause actual results to differ significantly from those described in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. In addition, all statements in this press release, including forward-looking statements, speak only as of the date they are made and the Company undertakes no obligation to update any statement in light of new information or future events.
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SOURCE BNCCORP, INC.