Atlantic Bank Announces Filing of Public Offering of Subsidiary Preferred Stock.BOSTON--(BUSINESS WIRE)--Nov. 3, 1998--Atlantic Bank (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATLB) (the "Bank") announced today that its subsidiary, Atlantic Preferred Capital Corporation (the "Company"), has filed a registration statement with the Securities and Exchange Commission in connection with the proposed issuance of $30.0 million of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Under certain limited circumstances stock of the Company would be exchanged for preferred stock of the Bank. Atlantic Preferred Capital Corporation was established on March 20, 1998 for the purpose of acquiring and holding real estate mortgage assets secured primarily by commercial and multi-family properties. The Company anticipates that substantially all of its loan acquisitions will be from the Bank. The Company intends to operate in a manner that will permit it to be taxed as a real estate investment trust for federal income tax purposes, and as such expects that its preferred stock dividend will be deductible for income tax purposes. Further, a percentage of the proceeds from the sale of the preferred stock is expected to be included in the Bank's capital under relevant regulatory capital guidelines. A written prospectus for the offering may be obtained from the Company at 101 Summer Street, Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New 02110. A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events or financial performance. These statements are only predictions and actual events or results may differ materially. Investors should refer to the documents that the Bank files from time to time with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and that the Company will file with the Securities and Exchange Commission, specifically the cautionary statement identifying certain factors that could effect future results included in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial section of Atlantic Bank's most recent Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
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