Community Financial Shares, Inc., (the “Company”) (OTCQB: CFIS), the
parent company of Community Bank-Wheaton/Glen Ellyn (the “Bank”),
announced today that the Company has entered into subscription
agreements with certain accredited investors pursuant to which the
Company will issue 2,837,000 shares of common stock at a purchase price
of $1.00 per share in a private placement offering for aggregate
proceeds of $2.8 million. The issuance of the shares of common stock to
the investors is subject to the non-dilution rights afforded to certain
stockholders of the Company pursuant to the Securities Purchase
Agreement, dated as of November 13, 2012, by and between the Company and
the stockholders identified therein.
“We are very pleased to announce this capital raise and the continued
expression of investor confidence in the Company,” said Donald H.
Wilson, the Chairman, President and Chief Executive Officer of the
Company and the Bank. “The proceeds from this private placement
offering, in addition to the proceeds from the previously announced
rights offering, complete the planned capital infusion program and will
enable us to further serve the needs of individuals and businesses in
our markets.”
The Company currently anticipates that the transaction will be
consummated in the third quarter of 2013.
FIG Partners LLC served as placement agent to the Company in connection
with the private placement offering.
About Community Financial Shares, Inc.
Community Financial Shares, Inc. is a bank holding company,
headquartered in Glen Ellyn, Illinois, whose wholly-owned subsidiary,
Community Bank-Wheaton/Glen Ellyn, is a state-chartered commercial bank
insured by the FDIC. The Bank provides banking services common to the
industry, including but not limited to, demand, savings and time
deposits, loans, mortgage loan origination for investors, cash
management, electronic banking services, internet banking services
including bill payment, Community Investment Center services, and debit
cards. The Company’s common stock is quoted on the OTCQB under the
symbol “CFIS.” More information can be obtained by visiting the
Company’s web site at www.cbwge.com
(which is not a part of this press release).
Cautionary Statement About Forward-Looking
Statements
Certain statements made in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are
statements that include projections, predictions, expectations, or
beliefs about events or results or otherwise are not statements of
historical facts, such as statements regarding the purpose, timing,
consummation and consequences of the transactions described herein,
including the rights offering. Although the Company believes that its
expectations with respect to such forward-looking statements are based
upon reasonable assumptions within the bounds of its existing knowledge
of its business and operations, there can be no assurance that actual
results, performance or achievements of the Company will not differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual events or results to differ
significantly from those described in the forward-looking statements
include, but are not limited to those described in the cautionary
language included under the headings “Risk Factors” and “Management's
Discussion and Analysis of Financial Condition and Results of
Operations” in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2012 and other filings made with the SEC.
Cautionary Statement About the Private
Placement Offering
The private placement offering involves the sale of securities in
private transactions that will not be registered under the Securities
Act of 1933, as amended, and will be subject to the resale restrictions
promulgated thereunder. Such securities being sold in the private
placement may not be offered or sold absent registration or an
applicable exemption from registration. This news release does not
constitute an offer to sell or a solicitation of an offer to buy any
securities, nor shall there be any sale of securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
Copyright Business Wire 2013