El Centro, CA - 
(NewMediaWire) - October 26, 2021 - CMUV
Bancorp (OTCQB: CMUV) (the “Company”) announced that its
tender offer to purchase up to 459,052 shares of its common stock at a price
per share of $13.05 expired on October 15, 2021. A total of 461,503
shares, or 20.1%, of the Company’s outstanding shares of common stock were
validly tendered and accepted.
In addition, the Company
successfully issued $7,500,000 in subordinated debt in an institutional private
placement. Performance Trust Capital Partners, LLC acted as placement
agent. A portion of the proceeds of the new debt will be used to fund the
purchase of the shares of common stock tendered, with the excess after expenses
to be used for general corporate purposes. Principal is due on October
26, 2031, and the debt is not redeemable for the first five years except in the
event of certain unusual events. Interest only is payable prior to the
due date. The interest rate is fixed for the first five years at 3.625%
and thereafter floats based on the 90-Day Average SOFR + 2.63%.
“On behalf of the Board of
Directors, we could not be more pleased with the results of both the tender
offer and the raising of the subordinated debt. The success of this strategic
endeavor could not have been accomplished without the tremendous effort by the
teams at Performance Trust, the Breakwater Law Group, and Duane Morris LLP,
which acted as legal counsel to Performance Trust.”
About CMUV Bancorp
CMUV Bancorp is the parent
company of Community Valley Bank which began operations on October 1, 2007. CVB
was started by a group of local small business owners with the idea of bringing
community banking back to the Imperial Valley. CVB had an original plan to
provide individualized banking to the business community; local people, making
local decisions to help businesses grow and prosper. For more information,
visit www.yourcvb.com.
Forward-Looking Statements
Certain statements in this
press release are "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act of 1943, as amended, and CMUV Bancorp intends for such forward-looking
statements to be covered by the safe harbor provisions for forward looking
statement contained in the Private Securities Litigation Reform Act of 1995.
CMUV Bancorp cautions readers that a number of important factors could cause
actual results to differ materially from those in the forward‐looking
statements. These factors include the effects of the COVID-19 pandemic and
related government actions on CVB and its customers, loan losses, economic
conditions and competition in the geographic and business areas in which CVB
operates, the effects of bank mergers and acquisitions in CVB’s markets, CVB’s
ability to attract and retain key employees, system failures and internet
security, inflation, fluctuations in interest rates, legislation and
governmental regulation, including government regulation affecting the ability
of CVB to pay dividends. Forward-looking statements involve significant risks
and uncertainties and actual results may differ materially from those
presented, either expressed or implied, in this news release. You should
not place undue reliance on forward‐looking statements and CMUV Bancorp
undertakes no obligation to update those statements whether as a result of
changes in underlying factors, new information, future events or otherwise.
Jon A. Edney
7603521889
mediarelations@yourcvb.com
