BankFinancial Corporation Reports a Change in Board of Directors and a Stock Repurchase Transaction
February 26 2019 - 5:39PM
BankFinancial Corporation (Nasdaq - BFIN) (the “Company”) announced
today that the Company received and accepted the resignation of
John W. Palmer from the Board of Directors of the Company (the
"Board"). The resignation was tendered in connection with a
repurchase of a portion of the shares of the Company held by PL
Capital Advisors, LLC, its affiliated investment funds and certain
other affiliated persons (“PL Capital”).
Mr. Palmer's resignation became effective on
February 26, 2019. Mr. Palmer advised the Company that he has
no disagreement with the Company or the Board, and his resignation
coordinates with the decision of PL Capital to sell to the Company
700,000 shares of the Company’s common stock in a private
transaction pursuant to the Company’s share repurchase
authorization.
Mr. Palmer stated: “Given recent developments in
the equity market for financial institutions, further
diversification into attractive new investment opportunities is
appropriate for PL Capital at this time. Even after this
sale, PL Capital retains a significant investment in BankFinancial,
as we believe the Company is well-positioned to continue its growth
in earnings and franchise value over time.”
Mr. F. Morgan Gasior, Chief Executive Officer of
BankFinancial, stated: “John Palmer has been a thoughtful,
effective Director since 2014, committed to the best interests of
the Company. John provided many valuable insights during his
tenure on the Board, and we look forward to continued engagement
with Mr. Palmer and PL Capital as we expect they will be one of the
Company’s largest institutional shareholders. While the share
repurchase transaction significantly accelerates the execution of
our capital management plan for the year, we expect to continue to
maintain an active Share Repurchase Program in 2019.”
The Company’s SEC Form 8-K filing will be
available today on BankFinancial's website, www.bankfinancial.com
on the “Stockholder Information” page, and through the EDGAR
database on the SEC's website, www.sec.gov.
BankFinancial Corporation is the holding company
for BankFinancial, NA, a national bank providing financial services
to individuals, families and businesses through 19 full-service
banking offices, located in Cook, DuPage, Lake and Will Counties,
Illinois and to selected commercial loan and deposit customers on a
regional or national basis. BankFinancial Corporation's common
stock trades on the Nasdaq Global Select Market under the symbol
BFIN. Additional information may be found at the company's website,
www.bankfinancial.com.
This release includes “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. Such statements may be identified by words such as
"believes," "will," "expects," "project," "may," "could,"
"anticipate," "estimates," "intends," "plans" and similar
expressions. These statements are based upon the current
beliefs and expectations of the Company's management and are
subject to significant risks and uncertainties. A variety of
factors could cause the Company's actual results to differ from
those expected at the time of this release. For a discussion of
some of the factors that may cause actual results to differ from
expectations, please refer to the Company's most recent Annual
Report on Form 10-K as filed with the SEC. Investors are
urged to review all information contained in these reports,
including the risk factors discussed therein. Copies of these
filings are available at no cost on the SEC's web site at
http://www.sec.gov or at http://www.bankfinancial.com.
Forward looking statements speak only as of the date they are made,
and the Company does not undertake to update them to reflect
changes.
For Further
Information Contact: |
|
Shareholder, Analyst and
Investor Inquiries: |
Media
Inquiries: |
Elizabeth A. DoolanSenior Vice President –
ControllerBankFinancial CorporationTelephone:
630-242-7151 |
Gregg T.
AdamsPresident – Marketing &
SalesBankFinancial, NATelephone: 630-242-7234 |
|
|
BankFinancial (NASDAQ:BFIN)
Historical Stock Chart
From Aug 2024 to Sep 2024
BankFinancial (NASDAQ:BFIN)
Historical Stock Chart
From Sep 2023 to Sep 2024