BISMARCK, N.D., Feb. 16, 2012 /PRNewswire/ -- BNCCORP, INC.
("BNC" or the "Company") (OTC Markets: BNCC), today announced that
it has received subscription agreements executed by prospective
investors pursuant to which the Company expects to receive
aggregate gross proceeds of up to $17,020,000 from the private placement of newly
issued shares of the Company's common stock. The closing of
the offering is subject to obtaining all required regulatory
approvals and the satisfaction of other customary closing
conditions and is not anticipated to close until the second or
third quarter of 2012.
Upon closing of the offering, the Company expects to issue up to
9,200,000 shares of common stock at a price of $1.85 per share. The Company intends to use
the net proceeds from the offering for general corporate purposes,
which we anticipate will include, subject to obtaining required
regulatory approvals and the availability of additional borrowings,
the repayment of accrued and unpaid dividends and interest on our
outstanding preferred stock and trust preferred securities and the
redemption of all of our outstanding preferred stock.
Sandler O'Neill + Partners, L.P. has acted as financial advisor
to the Company in connection with the offering.
The securities offered by the Company in this offering have not
been registered under the Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. This press release does not
and shall not constitute an offer to sell or the solicitation of
any offer to buy any securities of the Company.
About the Company
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 15 locations. BNC also conducts mortgage banking
from 12 locations in Illinois,
Kansas, Nebraska, Missouri, Minnesota and Arizona.
Additional Information
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sales of securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful under the
securities laws of any such state or jurisdiction.
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.
