STURGEON BAY, Wis.,
April 1, 2016 /PRNewswire/
-- Baylake Corp. (NASDAQ:BYLK), the parent company for Baylake
Bank, is pleased to announce that on April
1, 2016, its Board of Directors declared a special dividend
of $0.40 per share on the Company's
common stock. The dividend is payable on April 25, 2016 to shareholders of record on
April 18, 2016. This dividend
is to be paid prior to closing as permitted in the Agreement and
Plan of Merger Agreement with Nicolet Bankshares, Inc. dated
September 8, 2015. All required
regulatory approvals have been received for the merger, and special
meetings for both companies' shareholders to approve the merger are
scheduled for April 12, 2016.
Assuming receipt of the requisite shareholder approvals and
satisfaction of the remaining customary closing conditions, a
closing date of April 29, 2016 is
being targeted.
Through Baylake Bank, Baylake Corp. provides a variety of
banking and financial services from 23 financial centers located
throughout Northeast Wisconsin, in
Brown, Door, Kewaunee, Manitowoc, and Outagamie Counties.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements contained in this release are considered
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements may be
identified by the use of forward-looking words or phrases such as
"anticipate," "believe," "could," "expect," "intend," "may,"
"planned," "potential," "should," "will," "would" or the negative
of those terms or other words of similar meaning. Such
forward-looking statements in this release are inherently subject
to many uncertainties arising in Baylake Corp.'s operations and
business environment. These uncertainties include general economic
conditions, in particular, relating to: (1) the merger of the
businesses of Baylake Bank and Nicolet
Bank, including the effects, costs and timing of
integration; (2) the expected growth opportunities and cost savings
from the merger transaction may not be fully realized or may take
longer to realize than expected; (3) revenues following the merger
transaction may be lower than expected as a result of losses of
customers or other reasons, including issues arising in connection
with integration of the two banks; (4) consumer demand for the
bank's products and services; (5) changes in asset quality and
credit risk; (5) the cost and availability of capital; (6) customer
acceptance of the combined company's products and services; (7)
customer borrowing, repayment, investment and deposit practices;
(8) the introduction, withdrawal, success and timing of business
initiatives; (9) the impact, extent, and timing of technological
changes; (10) severe catastrophic events in Baylake's or Nicolet's
geographic area; (11) a weakening of the economies in which the
combined company will conduct operations may adversely affect its
operating results; (12) the U.S. legal and regulatory framework,
including those associated with the Dodd Frank Wall Street Reform
and Consumer Protection Act, could adversely affect the operating
results of the combined company; (13) the interest rate environment
may compress margins and adversely affect net interest income; and
(14) competition from other financial services companies in the
companies' markets could adversely affect operations. Shareholders,
potential investors and other readers are urged to consider these
factors carefully in evaluating the forward-looking statements and
are cautioned not to place undue reliance on such forward-looking
statements. Such uncertainties and other risks that may affect the
company's performance are discussed further in Part I, Item 1A,
"Risk Factors," in the Company's Form 10-K, for the year ended
December 31, 2015 filed with the
Securities and Exchange Commission on March
4, 2016. The company undertakes no obligation to make any
revisions to the forward-looking statements contained in this news
release or to update them to reflect events or circumstances
occurring after the date of this release.
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SOURCE Baylake Corp.