BISMARCK, N.D., May 31, 2011 /PRNewswire/ -- BNCCORP, INC. (BNC
or the Company) (OTC Markets: BNCC) today announced that on
May 11, 2011, its Board of Directors
approved a resolution to amend the Company's Stockholder Rights
Plan ("the Rights Plan") between the Company and American Stock
Transfer & Trust Company, LLC, as rights agent, to extend the
final expiration date of the Rights Plan by ten years. This
Amendment (Amendment No. 1) has been executed by both the Company
and American Stock Transfer & Trust Company, LLC. The
Rights Plan, as amended, will now expire on May 30, 2021.
The amended rights plan is intended to protect stockholder
interests in the event the Company becomes the subject of a
takeover initiative that the Company's board of directors believes
could deny the Company's stockholders the full value of their
investment. The amended rights plan is intended as a means to guard
against abusive takeover tactics and is not in response to any
particular proposal. This plan does not prohibit the board from
considering any offer that it considers advantageous to its
stockholders.
The Rights Plan, as originally adopted by the Company's Board of
Directors, issued the rights in the form of a dividend on
June 6, 2001, to each common
shareholder of record on May 30,
2001. The rights will be exercised only if a person
acquires, or announces a tender offer that would result in
ownership of 15% or more of the Company's outstanding common stock.
The initial exercise price is $100
per right. A summary of the rights plan can be obtained by written
request.
BNCCORP, INC., headquartered in Bismarck, N.D., is a registered bank holding
company dedicated to providing banking and wealth management
services to businesses and consumers in its local markets. The
Company operates community banking and wealth management businesses
in Arizona, Minnesota and North
Dakota from 17 locations. BNC also conducts mortgage banking
from 10 locations in Iowa,
Kansas, Nebraska, Missouri, Minnesota and Arizona.
This news release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 with respect to the financial condition, results of
operations, plans, objectives, future performance and business of
BNC. Forward-looking statements, which may be based upon beliefs,
expectations and assumptions of our management and on information
currently available to management are generally identifiable by the
use of words such as "expect", "believe", "anticipate", "plan",
"intend", "estimate", "may", "will", "would", "could", "should", or
other expressions. We caution readers that these forward-looking
statements, including, without limitation, those relating to our
future business prospects, revenues, working capital, liquidity,
capital needs, interest costs and income, are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those indicated in the forward-looking statements
due to several important factors. These factors include, but are
not limited to: risks of loans and investments, including
dependence on local and regional economic conditions; competition
for our customers from other providers of financial services;
possible adverse effects of changes in interest rates, including
the effects of such changes on derivative contracts and associated
accounting consequences; risks associated with our acquisition and
growth strategies; and other risks which are difficult to predict
and many of which are beyond our control. In addition, all
statements in this news release, including forward-looking
statements, speak only of the date they are made, and the Company
undertakes no obligation to update any statement in light of new
information or future events.
SOURCE BNCCORP, INC.