Glenwood Springs, Colo., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine”), the holding company for Alpine Bank, announced today that its shareholders voted to approve amended and restated Articles of Incorporation to increase the number of Alpine’s authorized Class B nonvoting common shares, effect a 150-for-1 stock split of the Class B shares and provide that dividends payable on the Class B shares shall equal 1/150th of any dividends paid on Alpine’s Class A voting shares, among other things. The amended and restated Articles of Incorporation and the related stock split will become effective upon filing with the Colorado Secretary of State which Alpine anticipates will occur on December 1, 2020.
The 150-for-1 stock split of Alpine’s Class B shares will be executed in the form of a stock dividend of 149 additional shares of Class B stock for every one Class B share issued and outstanding to shareholders as of the close of business on the record date of November 23, 2020. After the close of business on December 1, 2020, Alpine’s transfer agent, American Stock Transfer & Trust Company, will distribute to shareholders of record on the record date a book entry statement in lieu of a share certificate, which will represent the additional number of Class B shares to be received as a result of the stock split. Holders of Class B shares do not need to exchange their existing stock certificates. It is currently expected that Alpine’s Class B shares will begin trading on a split-adjusted basis on the OTCQX® Best Market on December 2, 2020.
Alpine currently has approximately 50,317 Class B shares outstanding. After the stock split, the number Class B shares outstanding will increase to approximately 7,547,550 shares. In addition, Alpine’s Class B shares will trade under the symbol “ALPIBD” for 20 business days after effectiveness of the stock split. Alpine’s Class A voting common shares will not be affected by the stock split.
Glen Jammaron, Alpine’s Vice Chairman and President, stated: “Alpine has a strong and stable shareholder base, and we appreciate the large number of long-term, loyal shareholders. We anticipate that this stock split will provide additional liquidity for our Class B shares by making more shares available in the marketplace and making our Class B shares more affordable for investors. We believe that Alpine offers the opportunity to invest in a growing community bank that has consistently offered an attractive cash dividend and solid growth.”
Answers to frequently asked questions about the stock split are available in the Investor Relations section of our website at www.alpinebank.com.
About Alpine Banks of Colorado
Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $5.1-billion, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. With 40 banking offices across Colorado, Alpine Bank employs more than 760 people and serves more than 160,000 customers with personal, business, wealth management, mortgage and electronic banking services. Alpine Bank has a 5-star rating for financial strength by BauerFinancial, Inc., the nation’s leading bank rating firm. The 5-star rating is BauerFinancial’s highest rating for financial institutions. Learn more at www.alpinebank.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact or guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include statements regarding the expected timing and impact of the stock split. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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