Baylake Corp. Receives NASDAQ Stock Exchange Listing Approval
STURGEON BAY, Wis., Oct. 29, 2013
STURGEON BAY, Wis., Oct. 29, 2013 /PRNewswire/ --Baylake Corp. (the
"Company") (BYLK), holding company for Baylake Bank (the "Bank"), which
provides full service banking and financial services from 22 locations in
Northeast and Central Wisconsin, today announced that its common stock has
been approved for listing on the NASDAQ Capital Market exchange under the
ticker symbol "BYLK." Trading on NASDAQ is expected to begin on November 4,
2013. Until that date, the Company's common stock will continue trading on
the OTCQB under its current ticker "BYLK."
Robert J. Cera, President and CEO, stated: "We believe making the transition
to NASDAQ is a logical step in our ongoing strategy to enhance the Company's
visibility and facilitate investors' access to Baylake's common stock. We have
been a full SEC-reporting corporation for several years, and a NASDAQ listing
offers the opportunity to leverage our transparent reporting practices. We
feel the potential for increased trading liquidity, the opportunity to be
included on indices that require exchange membership, increased market maker
involvement and meeting NASDAQ's rigorous review and listing standards help
establish Baylake for the future."
The Company reported 21% year-over-year earnings growth during the first nine
months of fiscal 2013, continued reduction in non-performing assets, increased
capital strength, and improved productivity resulting from ongoing branch
network rationalization to focus its resources on markets with the greatest
growth opportunities. In addition to planned investment in growth
opportunities, the Company's commitment to building shareholder value has
included a recent $0.01 increase in the quarterly cash dividend to $0.07 per
common share and a 400,000 share common stock repurchase authorization.
Baylake Corp., headquartered in Sturgeon Bay, Wisconsin, is the bank holding
company for Baylake Bank. Through Baylake Bank, Baylake Corp. provides a
variety of banking and financial services from 22 financial centers located
throughout Northeast and Central Wisconsin, in Brown, Door, Green Lake,
Kewaunee, Manitowoc, Outagamie and Waushara Counties. The Company also has a
49.8% equity ownership stake in United Financial Services (UFS), a data
processing services provider.
The following appears in accordance with the Private Securities Litigation
Reform Act of 1995:
This news release contains forward-looking statements about the financial
condition, results of operations and business of Baylake Corp. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or words of similar meaning, or
future or conditional verbs such as "would," "should," "could" or "may."
Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors, many of which are beyond the control of
Baylake Corp., could cause actual conditions, events or results to differ
significantly from those indicated by the forward-looking statements. These
factors, which are described in this press release and in the annual and
quarterly reports filed by Baylake Corp. with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2012 under "Item 1A. Risk Factors," include certain credit,
market, operational, liquidity and interest rate risks associated with the
company's business and operations. Other factors include changes in general
business and economic conditions, developments (including collection efforts)
relating to the identified non-performing loans and other problem loans and
assets, world events (especially those which could affect our customers'
tourism-related businesses), competition, fiscal and monetary policies and
Forward-looking statements speak only as of the date they are made, and
Baylake Corp. does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the forward-looking
statements are made.
SOURCE Baylake Corp.
Contact: Robert J. Cera, President & CEO, Baylake Bank, 920.743.5551, ext.
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