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| 8-K - TIB FINANCIAL CORP 8-K 12 23 09 - TIB FINANCIAL CORP. | tibb8k122309.htm |
December
23, 2009
Dear
Shareholder:
The last
few months have been an extremely busy time for the company as we prepared for
our planned public offering and continued to address the difficult operating
conditions and highly challenging economic environment. As the end of
the year approaches, we continue to focus on improving our operating results and
resolving non-performing assets. We plan to release our fourth
quarter financial information and our annual report in February. In the
meantime, we want to provide an update on a variety of activities that have
occurred since our last shareholders’ meeting.
As you
may know, we filed a registration statement with the Securities and Exchange
Commission (“SEC”) in August in preparation for our public offering of common
stock. We originally planned to begin the offering process in early
November after the release of our third quarter financial report.
The
offering was delayed due to a routine review by the staff of the SEC of our 2008
Annual Report on form 10K and our 2009 quarterly financial reports on Form
10Q. The financial reports of all publicly owned companies are
periodically reviewed by the SEC. The SEC completed this review
process on December 17 and there were no adjustments to our reported financial
results. As the financial markets traditionally are not receptive to
offerings during the holiday and year-end period, we have withdrawn our
registration statement and intend to pursue our capital efforts once year-end
results are available.
Due to
this unforeseen delay, we have requested an extension of time from the Office of
Financial Regulation of the State of Florida and the FDIC to increase the
capital of TIB Bank required by the Memorandum of Understanding dated July 2,
2009. The Office of Financial Regulation has agreed to the requested
extension of time to April 30, 2010, provided the FDIC also
agrees. We are currently awaiting the FDIC’s response. As
I stated before, we intend to proceed with our capital efforts in the first
quarter of 2010 after we complete our year-end reporting.
While the
operating and economic environment continues to be highly challenging, we are
beginning to see some positive developments in resolving non-performing
assets. During the fourth quarter we have completed the sale of $11.5
million of non-performing assets and we have contracts for the sale of an
additional $3 million.
We
continue to work to strengthen the company and several strategies to improve our
financial performance are producing results:
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The
assumption of deposits of the former Riverside Bank of the Gulf Coast from
the FDIC in February has enabled us to lend more money to new and existing
customers to continue our support of our communities. This
transaction significantly enhanced our market presence in Fort Myers and
Venice, and has provided a strong entrance into the contiguous Cape Coral
and Pine Island markets. As of September 30, 2009, 86% of those
deposits have been retained. The customer base and legacy
deposits have been stabilized, and we are beginning to see an increase in
deposits in these offices.
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In
September, we completed the merger of our Bank of Venice subsidiary into
TIB Bank. This merger will provide further operating cost
savings and improve product and service availability for our Sarasota
County customers.
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We
reduced future operating expenses and improved efficiencies by
consolidating several leased back office facilities into one location in
December.
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Although
2009 has been a difficult year, we continue to operate as a community-focused
financial services company that is locally managed, locally headquartered and
making responsible local decisions to address the financial services needs of
our loyal customers. You can be assured that all employees of the company are
committed and working hard to strengthen the financial condition of the
company. We will continue to keep you as informed as possible as we
proceed with our capital raising efforts. In the interim, we
are appreciative of your support and patronage and hope you will call us if
you have any questions.
Sincerely,
/s/Richard C. Bricker,
Jr. /s/Thomas J. Longe
Richard
C. Bricker,
Jr. Thomas
J. Longe
Chairman
Vice Chairman, CEO and President