Bank of Florida Corp. Commences Public Offering
12 Marzo 2010 - 5:30AM
Business Wire
Bank of Florida Corporation (NASDAQ: BOFL) today announced that
it has commenced an offering to sell shares of its common stock in
a public offering to raise at least $45.0 million. The offering
will consist of two components: a rights offering and a
supplemental, best-efforts offering. Kendrick Pierce & Co. is
acting as the dealer manager and lead placement agent for the
offering.
The Company intends to offer approximately 38.9 million shares
through a rights offering, and a supplemental offering of 44.6
million shares of common stock, at a to-be-determined price.
Shareholders of record as of March 8, 2010 will receive three
rights for every share owned. Each right will allow the holder to
purchase one share of common stock. The Company expects to use
approximately $37.0 million of the net proceeds from the offering
to capitalize its subsidiary banks such that they regain
“adequately capitalized” status. In addition, the Company expects
to use a portion of the net proceeds of the offering to redeem any
shares of its outstanding Series B Preferred Stock that are not
converted by the holders of the Series B Preferred Stock according
to its terms.
A registration statement relating to shares of the Company’s
common stock to be sold in the offering has been filed with the
Securities and Exchange Commission (“SEC”) but has not yet become
effective. The registration statement also covers shares of the
Company’s common stock issuable upon conversion of shares of its
Series B Preferred Stock that are not redeemed for cash as
described above. None of the shares of common stock covered by the
registration statement may be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. The registration statement on Form S-1 may be accessed
through the SEC’s website at www.sec.gov. Alternatively, copies of
the prospectus relating to the offering may be obtained from
Kendrick Pierce & Co., at 511 W. Bay Street, Suite 300, Tampa,
Florida 33606 or by telephone at (866) 254-2265.
Bank of Florida Corporation
Bank of Florida Corporation. (Nasdaq: BOFL) is a $1.4
billion-asset multi-bank holding Company located in Naples,
Florida. Bank of Florida Corporation is the parent company for Bank
of Florida - Southwest in Collier and Lee Counties; Bank of Florida
– Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of
Florida – Tampa Bay in Hillsborough and Pinellas Counties; and Bank
of Florida Trust Company, collectively referred to as the
“Company”. Investor information may be found on the Company’s web
site, http://www.bankofflorida.com, by clicking on "Investor
Relations." To receive an email alert of all company press
releases, SEC filings, and events, select the “Email Notification”
section.
Certain of the statements made herein are “forward-looking
statements”, within the meaning and protections of Section 27A
of the Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act.
Forward-looking statements include statements with respect to
our beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates, intentions, and future performance, and
involve known and unknown risks, uncertainties and other factors,
which may be beyond our control, and which may cause the actual
results, performance, capital, ownership or achievements of the
Company to be materially different from future results, performance
or achievements expressed or implied by such forward-looking
statements.
All statements other than statements of historical fact are
statements that could be forward-looking statements. You can
identify these forward-looking statements through our use of words
such as “may,” “will,” “anticipate,” “assume,” “should,”
“indicate,” “would,” “believe,” “contemplate,” “expect,”
“estimate,” “continue,” “plan,” “point to,” “project,” “could,”
“intend,” “target” and other similar words and expressions of the
future. Statements and predictions regarding provisions for loan
losses, levels of the allowance for loan losses, levels of
non-performing loans and assets, migration of loans into
non-performing status and problem loan and asset resolutions
(including foreclosures), and pipelines of assets under management
are forward looking statements. Many of these are not within our
control.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for
the year ended December 31, 2009 filed on the same day under
“Special Cautionary Notice Regarding Forward-Looking Statements”
and “Risk Factors,” and otherwise in our SEC reports and filings,
including the 8-K to which this is an exhibit. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC’s Internet website
at http://www.sec.gov.
Bank of Florida Corporation has filed a registration statement
(including a prospectus) (SEC File Number 333-161252) with the SEC
for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, copies of the prospectus
relating to the offering may be obtained from Kendrick Pierce &
Co., at 511 W. Bay Street, Suite 300, Tampa, Florida 33606 or by
telephone at 1 (866) 254-2265.
We have no obligation and do not undertake to update, revise or
correct any of the forward-looking statements after the date
hereof, or after the respective dates on which any such statements
otherwise are made.
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