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CIB Marine Bancshares, Inc.

           2021 Special Meeting of Preferred Shareholders



September 24, 2021

Special Meeting of Preferred Shareholders: 11:30am (local)

Sheraton Milwaukee Brookfield Hotel

375 S. Moorland Road

Brookfield, Wisconsin

Teleconference*: (800) 437-2398

Confirmation Code: 6581971



CIB Marine’s Second Amended and Restated Articles of Incorporation have been approved.

CIB Marine’s common and preferred shareholders voted to approve the adoption of the Amended & Restated Articles of Incorporation at their respective meetings held on September 24, 2021.  Of votes cast, 95% common and 100% preferred were in favor of adoption of the amended articles.  This action clears the way for the commencement of preferred stock mandatory redemptions as outlined in the Proxy Statements issued in connection with the meetings.  

All four of the Company’s candidates nominated to its Board of Directors were also reelected.  Messrs. Mark Elste, Mark Henderson, Charles Mires, and Ron Rhoades will all serve an additional three-year term.

The Company will now move forward with the $18 million initial redemption of pro-rata preferred shares, which is expected to occur in October.  All redemptions will be at a price of $825 per share, for both A and B shares, which is a 3% discount to the carrying value, and a 17.5% discount to liquidation preference value. 


Meeting Materials

Date Posted
Document Description
September 24, 2021 Press Release
September 24, 2021 Special Meeting - Final Voting Results
August 13, 2021 Proxy Statement
July 29, 2021 Shareholder Letter
July 26, 2021 Press Release





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