California First National Bancorp Announces Final Results of Tender Offer.Company Purchases 1,300,000 Shares of its Common Stock at $13.00 per Share IRVINE, Calif. -- California First National Bancorp (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 :CFNB CFNB California First National Bancorp ) ("CalFirst Bancorp" or the "Company") today announced the final results of its modified Dutch auction Dutch Auction An auction where the price on an item is lowered until it gets its first bid, and then the item is sold at that price. Notes: The U.S. Treasury (and other countries) uses a Dutch auction when it sells securities. tender offer to purchase up to 1,300,000 shares of its common stock, which expired at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Wednesday, August 20, 2008. Based on the final count by the depositary for the tender offer, an aggregate of 1,431,621 shares of common stock were properly tendered and not withdrawn at a price of $13.00 per share. The Company has accepted for purchase an aggregate of 1,300,000 shares, resulting in a proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor of approximately 90.8% of the shares tendered. The shares purchased by the Company in the tender offer represent approximately 11.4% of the shares outstanding as of the expiration of the tender offer on August 20, 2008. With completion of the tender offer, CalFirst Bancorp has approximately 10,140,725 shares of common stock outstanding. The depositary will promptly pay the purchase price of $13.00 per share for shares accepted for purchase. All shares tendered and delivered but not purchased due to proration or rounding adjustments will be returned promptly to shareholders. The self-tender offer was made pursuant to an Offer to Purchase and Letter of Transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. , each dated July 21, 2008 and filed with the Securities and Exchange Commission on Schedule TO, as subsequently amended on August 4, 2008 and August 21, 2008. The information agent and depositary for the tender offer is Mellon Investor Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . All questions regarding the tender offer may be directed to the Information Agent at (888) 838-0120. About California First National Bancorp California First National Bancorp is a bank holding company with leasing and bank operations based in Orange County, California Orange County is a county in Southern California, United States. Its county seat is Santa Ana. According to the 2000 Census, its population was 2,846,289, making it the second most populous county in the state of California, and the fifth most populous in the United States. . California First Leasing Corporation leases and finances computer networks and other high technology assets through a centralized marketing program designed to offer cost-effective leasing alternatives. California First National Bank is a FDIC-insured national bank that gathers deposits using telephone, the Internet, and direct mail from a centralized location, and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of assets leased by third parties. |
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