SANDUSKY, Ohio, Oct. 23, 2019 /PRNewswire/ -- Civista
Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced today that it
will redeem all of its issued and outstanding 6.50% Noncumulative
Redeemable Convertible Perpetual Preferred Shares, Series B and the
corresponding depositary shares, each representing a
1/40th ownership interest in a Series B Preferred Share
(the "Depositary Shares"). The Depositary Shares are
currently traded on the NASDAQ Capital Market under the symbol
"CIVBP" (CUSIP No. 178867206).
All outstanding Depositary Shares will be redeemed on
December 20, 2019 (the "Redemption
Date") at a redemption price of $25.00 per Depositary Share (the "Redemption
Price"). As of September 30,
2019, a total of 395,929 Depositary Shares were issued
and outstanding.
On December 16, 2019, a dividend
in the amount of $0.40625 per
Depositary Share will be paid in cash to holders of record as of
the close of business on November 26,
2019. Unless Civista defaults in the payment of the
Redemption Price, no further dividends will be declared or paid on
the Depositary Shares on or after the Redemption Date and all
rights with respect to the Depositary Shares will cease and
terminate, except for the right of holders to receive payment of
the Redemption Price, without interest.
In lieu of redemption, at any time prior to 5:00 p.m. (EDT) on December 19, 2019, holders of Depositary Shares
may convert any or all of their Depositary Shares into Common
Shares of Civista. Holders electing to convert their
Depositary Shares are entitled to receive 3.196931 Common
Shares for each Depositary Share, together with the cash payable
with respect to any fractional shares.
Record holders of the Depositary Shares will receive a notice of
redemption and letter of transmittal from Civista's transfer agent,
American Stock Transfer & Trust Company ("AST"), with
instructions for Depositary Shares to be redeemed or, in the
alternative, converted into common shares of Civista.
Questions on matters relating to the redemption or conversion of
the Depositary Shares should be directed to AST at (877) 248-6417
(toll-free) or (718) 921-8317.
About Civista Bancshares, Inc.:
Civista
Bancshares, Inc. is a $2.2 billion
financial holding company headquartered in Sandusky, Ohio. The Company's banking
subsidiary, Civista Bank, operates 37 locations in Northern,
Central and Southwestern Ohio,
Southeastern Indiana and
Northern Kentucky.
Civista Bancshares, Inc. may be accessed at www.civb.com.
The Company's common shares are traded on the NASDAQ Capital
Market under the symbol "CIVB". The Company's depositary
shares, each representing a 1/40th ownership interest in
a Series B Preferred Share, are traded on the NASDAQ Capital Market
under the symbol "CIVBP".
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SOURCE Civista Bancshares, Inc.