ONEONTA, N.Y., May 25 /PRNewswire-FirstCall/ -- The Wilber Corporation (the "Company"), the holding company for Wilber National Bank, Oneonta, New York, announced today the final results of its modified Dutch auction self-tender offer.
Mr. Douglas C. Gulotty, the Company's President and CEO, announced, "Today the Company's Board of Directors met and determined that all 536,155 shares tendered will be purchased by the Company at a price of $11.40 per share." Under the terms of the Offer, which commenced on April 4, 2006 and expired on May 18, 2006, the Company offered to purchase up to 650,000 shares. Shares could be tendered by holders at any price from $9.90 to $11.40 per share. However, under the Dutch-style auction, all shares, upon final determination by the Company, are to be purchased at the same price. Mr. Gulotty, continued, "We are pleased with these results. Our goal from the onset of the Offer was to optimize the capital structure of our Company and to provide a liquidity opportunity to our shareholders at a fair price, while providing our remaining shareholders with an opportunity to improve future returns. The Company's Board of Directors determined that $11.40 per share was the optimal price at which to purchase the shares for both the tendering shareholders and the remaining shareholders based on the Company's strategic plan and financial objectives."
The Company announced that it has instructed the Depositary to transfer the ownership of the shares tendered and make payment to tendering shareholders on Thursday, June 1, 2006. Under the terms of the Offer, the Company will not need to exercise its odd-lot or proration provisions since all shares tendered will be purchased.
The Company further recommended that if tendering shareholders have any questions regarding the Offer or related settlement, they should contact Sandler O'Neill and Partners, the Dealer Manager / Information Agent for the Offer, at (800) 635-6851.
The Company is a single bank holding company headquartered in Oneonta, New York, serving the financial needs of the communities of the Western Catskills and Eastern Southern Tier of New York. The Wilber Corporation is the parent company of Wilber National Bank, a national bank chartered in 1874 with 20 branch offices located in Otsego, Delaware, Schoharie, Ulster, Chenango and Broome Counties and loan production offices located in Kingston, NY and Syracuse, NY. The Company's common stock trades under the symbol GIW on the American Stock Exchange.
