NEW BUFFALO, Mich.–(BUSINESS WIRE)–New Bancorp, Inc. (OTC PINK: NWBB) (“New Bancorp”), the holding company of New Buffalo Savings Bank (“New Buffalo”), announced today the completion of the purchase and assumption transaction with Teachers Credit Union (“TCU”), pursuant to which TCU has acquired the assets and assumed the liabilities of New Bancorp and New Buffalo in an all-cash transaction. New Buffalo will now begin the process of liquidating pursuant to federal law. Following the liquidation of New Buffalo, New Bancorp will dissolve pursuant to Maryland corporate law and distribute its remaining assets to its stockholders. The liquidation of New Buffalo and the dissolution of New Bancorp are expected to be completed in approximately 120 days.
New Bancorp will be paid a price of $26.00 per share in the transaction. However, the final price per share to be received by stockholders may be less than $26.00 per share based on the level of post-closing expenses and other factors, which are uncertain at this time and stockholders should not assume that they will receive a price of $26.00 per share upon the liquidation of New Bancorp. The distribution to stockholders is expected to occur in the fourth quarter of 2020. However, the liquidation of New Buffalo and the dissolution of New Bancorp may take longer than anticipated and stockholders will not receive the distribution until this process is substantially completed. The distribution date will be announced approximately 20 days prior to the distribution.
As part of the dissolution process, payments will be made to certain former depositors of New Buffalo pursuant to a liquidation account maintained by New Buffalo.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include statements regarding the anticipated closing date of the transaction and anticipated future plans and expectations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include delays or unanticipated costs in the liquidation of New Buffalo and the dissolution of New Bancorp and other risks and uncertainties, including the financial, economic and other impact of the COVID-19 pandemic, transaction expenses, Except as required by law, New Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
Contacts
Richard C. Sauerman – (269) 469-2222
