Sugar Creek Financial Corp., a federal corporation (the “Company”)
(OTCBB: SUGR), announced today that, at separate meetings held on March
31, 2014, the stockholders of the Company and the members of Sugar Creek
MHC (the “MHC”) have approved the Amended and Restated Plan of
Conversion and Reorganization pursuant to which Tempo Bank (the “Bank”)
will convert from the mutual holding company to the stock holding
company form of organization.
The Company also announced today that Sugar Creek Financial Corp., a
Maryland corporation (“New Sugar Creek”), has completed the subscription
and community offerings being conducted in connection with the Bank’s
proposed conversion and reorganization. Based on preliminary figures,
New Sugar Creek received orders for approximately $3.7 million of common
stock, which is slightly below the midpoint of the offering range (which
is $3.75 million). All eligible subscribers and community members who
properly completed and timely submitted a stock order form will be
allocated the number of shares of common stock requested in their stock
order form.
As a result of the conversion, the MHC and the Company will cease to
exist and New Sugar Creek will become the parent holding company of the
Bank and will be wholly owned by public shareholders. The closing of the
conversion and offering and final offering amounts are subject to final
regulatory approval and the satisfaction of customary closing
conditions. The closing is expected to be completed on April 8, 2014.
The shares of common stock of Old Sugar Creek will cease being quoted
under the trading symbol “SUGR” on the OTC Bulletin Board at the close
of trading on or about April 8, 2014. The shares of New Sugar Creek
common stock sold in the offering and issued in the exchange are
expected to begin being quoted on the OTC Bulletin Board on or about
April 9, 2014. It is expected that New Sugar Creek's common stock will
be quoted under the trading symbol “SUGRD” for a period of 20 trading
days after the completion of the offering. Thereafter, the trading
symbol will be “SUGR.”
Sugar Creek Financial Corp. is the parent company of Tempo Bank, a
federally chartered savings bank headquartered in Trenton, Illinois. The
Bank operates two full-service banking offices in Trenton and Breese,
Illinois. At December 31, 2013, the Company had consolidated total
assets of $86.9 million, net loans of $73.8 million, total deposits of
$70.9 million and total stockholders’ equity of $10.3 million.
This release is neither an offer to sell nor a solicitation of an offer
to buy common stock. The shares of common stock of New Sugar Creek are
not savings accounts or savings deposits, may lose value and are not
insured by the Federal Deposit Insurance Corporation or any other
government agency.
This press release contains certain forward-looking statements about the
conversion and reorganization. Forward-looking statements include
statements regarding anticipated future events and can be identified by
the fact that they do not relate strictly to historical or current
facts. They often include words such as “believe,” “expect,”
“anticipate,” “estimate,” and “intend” or future or conditional verbs
such as “will,” “would,” “should,” “could,” or “may.” Forward-looking
statements, by their nature, are subject to risks and uncertainties.
Certain factors that could cause actual results to differ materially
from expected results include delays in consummation of the conversion,
general economic conditions or conditions within the securities markets,
and legislative and regulatory changes that could adversely affect the
business in which the Company is engaged.
Copyright Business Wire 2014