Saigon National Bank Announces Cash Tender Offer
Westminster, CA -- (ReleaseWire) -- 09/30/2015 --Saigon National Bank (the "Bank") today announced that Mr. Hien Quang Do, currently its majority and largest shareholder, has commenced a tender offer to purchase all of the issued and outstanding shares of the Bank's common stock at a cash price of $0.15 per share (the "Tender Offer"). The Tender Offer and withdrawal rights will expire at 5:00 p.m., Pacific Time, on Thursday, October 15, 2015, unless the tender offer is extended or withdrawn in Mr. Do's sole discretion. The Bank has been advised that Mr. Do will purchase all shares properly tendered and not withdrawn, on the terms and subject to the conditions of the Tender Offer. The Tender Offer is not conditioned on any minimum number of shares being tendered but is subject to certain other conditions set forth in the Offer to Purchase, dated September 21, 2015, which has been mailed to shareholders. Changes or updates with respect to the Bank and the Tender Offer, including any extension, amendment or termination of the Tender Offer, will made by public announcement by press release.
The Bank's board of directors has approved the Tender Offer and recommended its acceptance. Shareholders must decide for themselves how many shares, if any, to tender and should consult with their tax and financial advisors before making this decision.
Shareholders with questions concerning the Tender Offer may contact the Depositary or Gary Steven Findley & Associates, 714-630-7136.
This press release is not an offer to purchase securities in any state or jurisdiction in which such offer would be unlawful prior to registration or qualification under the securities law of any such state or other jurisdiction. The Tender Offer is only made pursuant to the terms of the Offer to Purchase, dated September 21, 2015.
Josefina M. Guevara, EVP and Chief Financial Officer
714-338-8700 – Bank main line
About Saigon National Bank
Medium-sized busine The Bank is a national banking association and was established and commenced operations on November 30, 2005. The Bank specializes in providing commercial banking services to small to sses in Orange County and Southern California and maintains a single, full service branch from which it conducts a full range of banking services including: commercial, real estate and consumer lending; deposit products; cash management services; and personal, business and online banking services. The Bank has multi-lingual (Vietnamese, Spanish, Chinese, French and English) officers and staff, Online Banking and a 24 hour Bank telephone banking service with automated response and speech recognition in Vietnamese, Spanish and English. Mr. Hien Quang Do was elected Chairman of the Bank's Board of Directors on September 4, 2015.
For more information, please visit http://www.saigonnational.com
Cautionary statement regarding forward-looking statements:
This press release contains certain forward-looking statements. These forward-looking statements may be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "seeks," "estimates," "future" or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this press release, including among others: (1) developments in financial market and economic conditions; (2) delay or inability in obtaining regulatory approvals; and (3) legislative and regulatory developments; and (4) litigation.
Saigon National Bank
15606 Brookhurst Street, Suite C
Westminster, California 92683