Bank of Florida Corporation Commences Marketing of its Common Stock Offering
April 19 2010 - 8:00AM
Business Wire
Bank of Florida Corporation (NASDAQ: BOFL) announced today that
it offering and accepting subscriptions for shares of its common
stock after the Securities and Exchange Commission declared the
Company's registration statement effective on April 13, 2010.
Bank of Florida is accepting subscriptions for up to 84.4
million shares of common stock, at $0.85 per share. The offering is
intended to raise $71.8 million in gross proceeds for the
Company.
Of the 84.4 million shares, 38.9 million shares are being made
available to Company stockholders of record as of March 8, 2010.
Each such stockholder will receive nontransferable rights to
purchase three shares of Bank of Florida common stock for each
share owned as of that date. If a stockholder fully exercises his
or her subscription rights, then the stockholder may also subscribe
to purchase additional shares. Concurrently with the rights
offering, Bank of Florida is also offering to sell an additional
45.6 million shares of its common stock to the public in a
supplemental offering.
Subscription rights will expire at 5:00 p.m., Eastern Time, on
May 10, 2010, and the supplemental offering will terminate at 5:00
p.m., Eastern Time, on May 21, 2010, unless either or both offering
periods are extended until no later than July 30, 2010.
The Company has retained Kendrick Pierce & Co. Securities,
Inc. as the exclusive placement agent and dealer manager in the
offering. Copies of the prospectus can be obtained from Kendrick
Pierce by calling 1 (866) 254-2265 ext. 209.
Bank of Florida Corporation
Bank of Florida Corporation. (Nasdaq: BOFL) is a $1.4
billion-asset multi-bank holding Company located in Naples,
Florida. Bank of Florida Corporation is the parent company for Bank
of Florida - Southwest in Collier and Lee Counties; Bank of Florida
– Southeast in Broward, Miami-Dade and Palm Beach Counties; Bank of
Florida – Tampa Bay in Hillsborough and Pinellas Counties; and Bank
of Florida Trust Company, collectively referred to as the
“Company”. Investor information may be found on the Company’s web
site, http://www.bankofflorida.com, by clicking on "Investor
Relations." To receive an email alert of all company press
releases, SEC filings, and events, select the “Email Notification”
section.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Certain statements in this press release
may contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, which statements
generally can be identified by the use of forward-looking
terminology, such as “may,” “will,” “expect,” “estimate,”
“anticipate,” “believe,” “target,” “plan,” “project,” or “continue”
or the negatives thereof or other variations thereon or similar
terminology, and are made on the basis of management’s plans and
current analyses of Bank of Florida Corporation, its business and
the industry as a whole. These forward-looking statements are
subject to risks and uncertainties, including, but not limited to,
economic conditions, competition, interest rate sensitivity and
exposure to regulatory and legislative changes. The above factors,
in some cases, have affected, and in the future could affect Bank
of Florida Corporation financial performance and could cause actual
results for fiscal 2010 and beyond to differ materially from those
expressed or implied in such forward-looking statements. Bank of
Florida Corporation does not undertake to publicly update or revise
its forward-looking statements even if experience or future changes
make it clear that any projected results expressed or implied
therein will not be realized.
Bank of Florida Corporation has filed a registration statement
(including a prospectus) (SEC File Number 333-161252) with the SEC
for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for
more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web
site at www.sec.gov. Alternatively, copies of the prospectus
relating to the offering may be obtained from Kendrick Pierce &
Co., at 511 W. Bay Street, Suite 300, Tampa, Florida 33606 or by
telephone at 1 (866) 254-2265.
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