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Pavilion Bancorp, Inc. Announces Final Results of Tender Offer
ADRIAN, Mich., May 27 /PRNewswire-FirstCall/ -- Pavilion Bancorp, Inc.
("Pavilion Bancorp") (OTC:PVLN) (BULLETIN BOARD: PVLN) announced the final
results of its tender offer to purchase 128,832 shares of its common stock.
The tender offer, which was oversubscribed, expired at 5:00 p.m., Eastern time,
on May 20, 2005.
Based upon the final count by the depositary of the tender offer, 193,279
shares of common stock were properly tendered and not withdrawn. Pavilion
Bancorp has accepted for purchase and will promptly pay for 128,832 shares of
common stock at a purchase price of $66.00 per share, and the total cost,
excluding fees and expenses incurred in connection with the offer, will be
approximately $8.5 million. After giving effect to the conditional and odd lot
tenders, the final proration factor to be applied to the tender offer is
approximately 64.34%. Odd lot shares properly tendered will not be subject to
proration. Payment for shares accepted for purchase and the return of all
other shares tendered but not accepted for payment will be made promptly by
American Stock Transfer and Trust Company, the depositary for the tender offer.
Following the purchase of 128,832 shares pursuant to the tender offer, there
will be 730,674 shares of Pavilion Bancorp common stock issued and outstanding.
Any questions with regard to the tender offer may be directed to the Dealer
Manager/Information Agent for the offer, Donnelly Penman & Partners, at the
toll-free telephone number (866) 440-2482.
Pavilion Bancorp, Inc., headquartered in Adrian, Michigan is a financial
services company with assets of $259.3 million and eight banking offices
located in southeastern Michigan. Pavilion Bancorp, Inc. through its
subsidiary the Bank of Lenawee provides a full range of banking services to
commercial businesses and individuals. The Bank of Lenawee makes business and
personal loans and offers a variety of deposit products, including checking,
savings, money market accounts and certificates of deposit.
DATASOURCE: Pavilion Bancorp, Inc.
CONTACT: Pamela S. Fisher, Corporate Secretary of Pavilion Bancorp,
Inc., +1-517-266-5054
Web site: http://www.pavilionbancorp.com/