Civic BanCorp Announces Rights Plan.OAKLAND, Calif.--(BUSINESS WIRE)--Nov. 12, 1996--The board of directors of Civic 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 : CIVC CIVC Comite Interprofessionnel du Vin de Champagne (French) ) announced today that it has adopted a shareholder rights plan and declared a dividend distribution of one preferred share purchase right for each outstanding share of the company's common stock. The record date for the distribution is Nov. 22, 1996. Each preferred share purchase right will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: shareholders to buy one one-hundredth of a share of the company's series A 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. at an exercise price of $35. Each one one-hundredth of a share of such preferred stock is intended to be the economic equivalent on one share of common stock. The rights will be exercisable only after a person or group acquires 10% or more of the outstanding common stock or announces a tender offer, the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of which would result in ownership by a person or group of 10% or more of the outstanding common stock, unless the board of directors has approved the transaction in advance. In addition, upon the occurrence of certain events, (i) the holders of rights would be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to purchase either common stock or securities of an acquiring entity at half market value, or (ii) the board of directors may, at its option, exchange part or all of the rights for shares of common stock. Prior to the acquisition by a person or group of 10% or more of the outstanding common stock, the rights are redeemable Redeemable Eligible for redemption under the terms of an indenture. for $0.001 per right at the option of the board of directors. The rights will expire on Oct. 31, 2006. Herbert C. Foster, president and chief executive officer, stated that, "The adoption of the shareholders rights plan is part of an ongoing effort by the board to protect and maximize the value of the shareholders' investment in the company and to give them the optimum opportunity to participate in the long-term value of the company." Civic BanCorp is based in Oakland. It is the holding company for CivicBank of Commerce, an independent community bank with assets of approximately $275 million at Sept. 30, 1996. CONTACT: Civic Bancorp, Oakland Herbert C. Foster, 510/836-6500 http://www.civicbank.com |
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