Pelican Financial, Inc. Shareholders Approve Merger with Stark Bank Group, Ltd.
31 März 2006 - 7:41PM
PR Newswire (US)
ANN ARBOR, Mich. and NAPLES, Fla., March 31 /PRNewswire-FirstCall/
-- Shareholders of Pelican Financial, Inc. (AMEX:PFI), the holding
company for Pelican National Bank, approved the principal terms of
an agreement to merge PFI with SBG II, Ltd., a wholly owned
subsidiary of Stark Bank Group, Ltd. of Fort Dodge, Iowa, Charles
C. Huffman, Pelican's Chairman and CEO, announced today. Pelican
National Bank, headquartered in Naples, Fla., is a full-service
community bank serving the consumer and commercial sectors from
locations in Naples, Bonita Springs, Cape Coral and Fort Myers,
Florida. Stark Bank Group Ltd., headquartered in Fort Dodge, Iowa,
is the holding company for First American Bank, which operates 16
branch offices and reported assets in excess of $1 billion. First
American Bank is also a full-service community bank, specializing
in commercial and small business lending and treasury management.
According to the terms of the agreement, shareholders of Pelican
Financial, Inc. will receive $6.00 for each common share held,
subject to potential reductions for certain costs incurred by PFI
and minus an escrow of $0.20 per share to cover possible
liabilities from the expected sale of certain marine loans. Final
regulatory approval has been received and the deal is expected to
close by April 30, 2006. Safe Harbor. This news release contains
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and
are subject to risks and uncertainties, which could cause actual
results to differ materially from those described in the forward-
looking statements. Among these risks are regional and national
economic conditions, competitive and regulatory factors,
legislative changes, mortgage- interest rates, cost and
availability of borrowed funds, our ability to sell mortgages in
the secondary market, and housing sales and values. These risks and
uncertainties are contained in the Corporation's filings with the
Securities and Exchange Commission, available via EDGAR. The
Company assumes no obligation to update forward-looking statements
to reflect occurrences or unanticipated events or circumstances
after the date of such forward-looking statements. DATASOURCE:
Pelican Financial, Inc. CONTACT: Howard Nathan of Pelican
Financial, Inc., +1-800-765-5562; Ken Aschom of Stark Bank Group,
Ltd., +1-239-596-4111; or Mike Marcotte of Marcotte Financial
Relations, +1-248-656-3873
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