First Community Financial Partners, Inc. Completes Repurchase of $7.3 million of Preferred Stock & $5.5 million Private Place...
October 01 2013 - 5:13PM
Business Wire
First Community Financial Partners, Inc. (OTCBB: FCMP) (“First
Community”), repurchased $7.3 million of its outstanding $12.5
million Series B Cumulative Perpetual Preferred Stock. The 7,324
preferred shares, with a liquidation preference of $1,000 per
share, were repurchased at a cost of $5.3 million resulting in a
gain attributable to common shareholders of $2.0 million. “We
continue to look for opportunities to enhance the value of our
shareholders' investment in First Community,” said Roy C. Thygesen,
First Community CEO. “The substantial shareholder gains realized
through the transactions completed yesterday are a product of this
initiative,” he added.
In connection with the repurchase, First Community closed a
private placement of $5.5 million principal amount of 8.625%
Subordinated Notes due 2021 (the "Notes"). The Notes were issued in
denominations of $1,000 and integral multiples thereof to an
affiliate of EJF Capital LLC, the holder of certain First
Community's Series B Cumulative Perpetual Preferred Stock, and
certain officers and directors of the Company. The proceeds of the
private placement were used to fund the repurchase of the Series B
Cumulative Perpetual Preferred Stock.
The Notes issued in the private placement were not registered
with the Securities and Exchange Commission under the Securities
Act of 1933, as amended (the “Act”), and were issued pursuant to an
exemption from registration under Regulation D of the rules
promulgated under the Act.
About First Community Financial Partners, Inc.: The bank
holding company was formed following the organization of First
Community Bank of Joliet to participate with local business leaders
from other near west and southwest suburban communities to charter
additional banks focused on commitment to their communities. Within
five years, First Community Bank of Plainfield, First Community
Bank of Homer Glen/Lockport, Burr Ridge Bank and Trust and new
branches of First Community Bank of Joliet located in Channahon and
Naperville opened their doors, following the proven model of local
investors, board members and bankers. Over the years, the reception
by local businesses and professional firms has proven that small
and midsized businesses respond to the personal approach of a bank
that is owned and operated by experienced bankers who are invested
in and concerned for the future of their community.
About First Community Financial Bank: With assets
approaching $1 billion, First Community Financial Bank is a wholly
owned banking subsidiary of First Community Financial Partners,
Inc., with locations in Joliet, Plainfield, Homer Glen, Channahon,
Naperville and Burr Ridge. The combined result of four recently
merged subsidiary bank charters, the bank remains dedicated to its
founding principles by being actively involved in the communities
it serves and providing exceptional personal service through
experienced local professionals.
Special Note Concerning Forward-Looking
Statements
Any statements other than statements of historical facts,
including statements about management’s beliefs and expectations,
are forward-looking statements and should be evaluated as such.
These statements are made on the basis of management’s views and
assumptions regarding future events and business performance. Words
such as “estimate,” “believe,” “anticipate,” “expect,” “intend,”
“plan,” “target,” “project,” “should,” “may,” “will” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements (including oral representations) involve
risks and uncertainties that may cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. These risks and
uncertainties include the ability of First Community and its wholly
owned bank subsidiary to realize the synergies from the recent
merger of its non-wholly owned bank subsidiaries, as well as a
number of other factors related to the businesses of First
Community and its wholly owned bank subsidiary, including: risks
associated with the First Community’s possible pursuit of
acquisitions; economic conditions in First Community’s, and its
wholly owned bank subsidiary’s service areas; system failures;
losses of large customers; disruptions in the relationship with
third party vendors; losses of key management personnel and the
inability to attract and retain highly qualified management and
personnel in the future; changes in the extensive governmental
legislation and regulations governing banking; high costs of
regulatory compliance; the impact of legislation and regulatory
changes on the banking industry; and liability and compliance costs
regarding banking regulations. These and other risks and
uncertainties are discussed in more detail in First Community’s
filings with the Securities and Exchange Commission, including
First Community’s Annual Report on Form 10-K filed on March 15,
2013.
Many of these risks are beyond management’s ability to control
or predict. All forward-looking statements attributable to First
Community, and its wholly owned bank subsidiary or persons acting
on behalf of each of them are expressly qualified in their entirety
by the cautionary statements and risk factors contained in this
communication. Because of these risks, uncertainties and
assumptions, you should not place undue reliance on these
forward-looking statements. Furthermore, forward-looking statements
speak only as of the date they are made. Except as required under
the federal securities laws or the rules and regulations of the
Securities and Exchange Commission, First Community does not
undertake any obligation to update or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
First Community Financial Partners, Inc.Roy C. Thygesen – Chief
Executive Officer(815) 725-0123
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