CITIZENS FIRST BANCORP ANNOUNCES RIGHTS OFFERING
CITIZENS FIRST BANCORP ANNOUNCES RIGHTS OFFERING GLEN ROCK, N.J., July 6 /PRNewswire/ -- Citizens First Bancorp, Inc.
(AMEX: CFB), the parent of Citizens First National Bank of New Jersey, today detailed plans to raise more than $53 million in new capital through a rights offering to its common stock shareholders.
Citizens' chairman, Allan D. Nichols, announced the filing of a registration statement with the Securities and Exchange Commission. He expressed the belief that the rights offering could be completed within the next 90 days. According to the registration statement, the subscription price will be $2.50 per share and a total of 21,425,273 rights will be distributed to existing shareholders after the record date has been established. The company's shareholders will have three weeks to exercise their rights. Nichols commented: "Simply stated, existing shareholders will have the opportunity, after receiving the rights, to buy one share of stock for each share already owned. If the shareholders determine not to exercise their rights, the rights may then be traded on the American Stock Exchange. "This is consistent with the plan outlined to shareholders at the annual meeting on May 11th, and this action complies with the capital plan submitted to and approved by the Office of the Comptroller of the Currency earlier this year." Nichols said that the ten directors of Citizens have committed to exercise their rights in the amount of $7.8 million, and will then own approximately 14.6 percent of the outstanding common stock. Two major institutional investors have agreed on a standby basis to purchase up to $13.3 million of the newly issued shares, to the extent not purchased through the exercise of shareholder rights. Citizens has named Ladenburg, Thalmann & Co., Inc., and Keefe, Bruyette & Woods, Inc., as co-managers of the public offering of the remaining shares. Citizens First National Bank is one of northern New Jersey's largest commercial banks, with more than 50 locations in Bergen, Morris, Passaic, Hudson and Ocean counties. As of Dec. 31, 1991, Citizens' assets totaled more than $2.5 billion. This release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities. -0- 7/6/92 /CONTACT: Rodney T. Verblaauw, president of Citizens, 201-670-2200/ (CFB) CO: Citizens First Bancorp, Inc. ST: New Jersey IN: FIN SU: OFR
GK -- NY045 -- 6679 07/06/92 14:34 EDT
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|Date:||Jul 6, 1992|
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