Bando McGlocklin restructuring approved.MILWAUKEE--(BUSINESS WIRE)--Dec. 17, 1996--Shareholders of Bando McGlocklin Capital Corporation (NADSAQ:BMCC BMCC bulk milk cell counts. ) today approved resolutions which allow the company to proceed with the formation of InvestorsBank to serve the financial needs of its small business customers. At Bando McGlocklin's annual meeting of shareholders in the Milwaukee Athletic Club, proposals were approved to allow the company and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Bando McGlocklin Small Business Investment Corporation, to deregister as investment companies, and to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. as a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ). George R. Schonath, chairman and chief executive officer of the Pewaukee (Wis.) based company, told shareholders that the change to REIT status is part of an evolution of the company, but does not represent a change in its business activities. "Our objectives remain the same: to finance small business and to maximize our shareholders' return on investment," he said. Schonath said the changes include the surrendering of Bando McGlocklin's license as a small business investment company (SBIC SBIC Small Business Investment Company SBIC Sustainable Buildings Industry Council SBIC Singapore Bioimaging Consortium (Singapore) SBIC School Bus Information Council SBIC Saudi Basic Industries Corporation SBIC Scsi Bus Interface Controller ). "The company's original purpose in registering as an SBIC," explained Schonath, "was to allow the company to borrow from the Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ). Changes in SBA regulations made it impracticable for Bando McGlocklin to borrow from the SBA." "These actions pave the way for the start of InvestorsBank, which will be our major source of funds in the future," said Schonath. "Our plans call for InvestorsBank to open in the first quarter of 1997. In addition to real estate loans to small business, which has been the primary business activity of Bando McGlocklin, InvestorsBank will be able to make machinery and equipment loans, extend lines of credit and provide other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to small business. InvestorsBank also will be positioned to provide financial services to executives of small businesses and to other individuals." Founded in 1980, Bando McGlocklin Capital Corporation and its subsidiaries provide long-term secured loans to finance the growth, expansion and modernization of small businesses in Wisconsin and the Midwest. Certain matters discussed in this press release are "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. " intended to qualify for the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. from liability established by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the company "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe the company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those currently anticipated. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Company news is available 24 hours a day on-line at: http://www.businesswire.com/cnn/bmcc.htm CONTACT: Bando McGlocklin Capital Corporation George R. Schonath or Susan Hauke, 414/523-4300 |
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