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Isabella Bank Corporation Commences a Modified Dutch Auction Tender Offer to Repurchase up to $20,000,000 of its Common Stock
MT. PLEASANT, Mich., Sept. 1, 2021 /PRNewswire/ -- Isabella Bank Corporation (OTCQX: ISBA), (the "Corporation" or "Isabella") announced today that it has
About this update from Isabella Bank Corporation
[{"type":"text","content":"MT. PLEASANT, Mich., Sept. 1, 2021 /PRNewswire/ -- Isabella Bank Corporation (OTCQX: ISBA), (the \"Corporation\" or \"Isabella\") announced today that it has commenced a modified \"Dutch auction\" tender offer (the \"Tender Offer\") to purchase for cash up to $20,000,000 of shares of its common stock (the \"Common Stock\") at a price per share not less than $23.00 and not greater than $27.00, less any applicable withholding taxes and without interest. The maximum purchase price of $27.00 represents a 14.89% premium over the last reported sale price of the Common Stock of $23.50 per share on August 31, 2021. The Tender Offer will expire at 5:00 p.m., New York City time, on October 13, 2021, unless extended or terminated.\n\"In June, we completed a successful $30 million subordinated debt raise to assist us with market growth, provide additional capital and enable us to continue our stock buyback program,\" said Jae A. Evans, President & CEO of Isabella Bank Corporation. \"This tender offer gives us the ability to repurchase common stock and provide an opportunity for our shareholders to liquidate their shares and potentially receive a premium over the closing price as of August 31, 2021.\" \nIf the Tender Offer is fully subscribed, the Corporation will purchase between 740,741 shares and 869,565, or between 9.32% and 10.94%, respectively, of the Corporation's outstanding Common Stock. Any shares tendered may be withdrawn prior to expiration of the Tender Offer. Shareholders that do not wish to participate in the Tender Offer do not need to take any action. \nA modified \"Dutch auction\" tender offer allows shareholders to indicate how many shares of Common Stock and at what price within the range described above they wish to tender their shares. Based on the number of shares tendered and the prices specified by the tendering shareholders, the Corporation will determine the lowest per-share price that will enable it to acquire up to $20,000,000 of Common Stock. All shares accepted in the Tender Offer will be purchased at the same price even if tendered at a lower price.\nTo tender shares of Common Stock, shareholders must follow the instructions described in the \"Offer to Purchase\" and the \"Letter of Transmittal\" that the Corporation is filing with the U.S. Securities and Exchange Commission (the \"SEC\"). These documents cont...