First Community Financial Partners, Inc. Announces Rescission of Board Resolution
November 22 2013 - 3:30PM
First Community Financial Partners, Inc. (OTCBB:FCMP) ("First
Community" or the "Company"), the holding company for First
Community Financial Bank (the "Bank"), announced today that the
Board of Directors of the Company has rescinded a board resolution
dated October 19, 2011, which required the Company to obtain the
written approval of the Federal Reserve Bank of Chicago (the
"Federal Reserve") prior to: (1) the declaration or payment of
corporate dividends; (2) any increase in debt; or (3) the
redemption of Company stock. The Federal Reserve notified the
Company on November 14, 2013 it had no objections to the Company
rescinding the board resolution.
"This action reflects the continuing improvement in the
financial condition of the Company," said Roy C. Thygesen, Chief
Executive Officer. "The merger of our subsidiary banks and
subsequent lifting of the Bank's Memoranda of Understanding in
August of this year further demonstrate the steps management has
taken to improve the asset quality and efficiencies of the Company.
The Board recognized this and believed the board resolution adopted
on October 19, 2011 was no longer warranted."
About First Community Financial Partners, Inc.:
First Community Financial Partners, Inc., headquartered in Joliet,
Illinois, is a bank holding company whose common stock trades on
the OTC Bulletin Board (OTCBB:FCMP). First Community Financial
Partners, Inc. has one bank subsidiary, First Community Financial
Bank.
About First Community Financial Bank: First
Community Financial Bank, based in Plainfield, Illinois, is a
wholly owned banking subsidiary of First Community Financial
Partners, Inc., with locations in Joliet, Plainfield, Homer Glen,
Channahon, Naperville and Burr Ridge, Illinois. The Bank is
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; the impact of legislation and regulatory
changes on the banking industry, including the implementation of
the Basel III capital reforms; 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.
CONTACT: Roy C. Thygesen, CEO (815) 725-0123
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