Northern Star Financial, Inc. Announces Decision to Rescind Plans for Issuance of Warrants and Approval of Two-for-One Stock Spl
18 Marzo 2010 - 3:29PM
Marketwired
Northern Star Financial, Inc. (OTCBB: NSBK), the parent company of
Northern Star Bank, reported today that its Board of Directors has
rescinded the Company's previously announced plans to issue five
year warrants to shareholders of record as of December 31, 2009 to
purchase additional shares of the Company's common stock at a price
of $1.00 per share. Also today, the Company announced its decision
approving a two-for-one split of the Company's outstanding common
stock as of April 9, 2010.
Northern Star's President and Chief Executive Officer Thomas
Stienessen said, "Shareowners will receive an additional share of
stock for every share they own on the record date of the split.
Hopefully this split will increase the Company's market
capitalization and liquidity and attract new long-term investors
who intend to prosper together with existing shareholders and the
Company."
The Company operates as a bank holding company whose subsidiary
provides financial services. Northern Star Bank's business is that
of a financial intermediary and consists primarily of attracting
deposits from the general public and using such deposits, together
with borrowings and other funds, to make secured and unsecured
loans to business and professional concerns and mortgage loans
secured by residential real estate and other consumer loans. The
Bank operates two full-service offices that are located in Mankato
and St. Cloud, Minnesota.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING INFORMATION AND
ACTUAL RESULTS MAY DIFFER.
Statements that Northern Star Financial may publish, including
those in this announcement that are not strictly historical, are
"forward-looking" statements made under the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are inherently unreliable and actual
results may vary. Factors which could cause actual results to
differ from these forward-looking statements include changes in the
competitive marketplace, changes in the interest rate environment,
economic conditions, outcome of pending litigation, risks
associated with credit quality and other factors discussed in the
Company's filings with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact: Thomas Stienessen Chief Executive Officer (507)
387-2265
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