First Commercial Bancorp, Inc. Extends Dividend Exchange Offer.SACRAMENTO, Calif.--(BUSINESS WIRE)--May 13, 1996--First Commercial Bancorp, Inc. ("FCB See DOS FCB. (operating system) FCB - file control block. "), a bank holding company headquartered in Sacramento, announced that its Board of Directors has extended the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of its Dividend Exchange Offering until Friday, June 7, 1996. The Dividend Exchange Offering, which together with the Stock Rights Offering and the Public Offering had been set to expire on Friday, May 10, 1996, offers to certain eligible shareholders of the company the right to receive shares of common stock in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. their right to receive a cash payment of 1992 dividends declared by the company, but not paid, and the related accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. thereof. The Stock Rights Offering and the Public Offering expired on May 10, 1996, in accordance with a previous extension of their expiration by the company. Jim Culleton, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of First Commercial Bank commented that "although the final tabulation tab·u·late tr.v. tab·u·lat·ed, tab·u·lat·ing, tab·u·lates 1. To arrange in tabular form; condense and list. 2. To cut or form with a plane surface. adj. Having a plane surface. of common stock purchased in the Stock Rights Offering has not been completed, the Company is pleased with the response which it has received from its shareholders." He observed that "while the Stock Rights Offering was somewhat confusing, our shareholders have been very understanding and supportive of our efforts." CONTACT: First Commercial Bancorp Inc., Sacramento Donald W. Williams, 916/641-3288 or First Commercial Bank, Sacramento James Culleton, 916/641-3288 |
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