SUMMIT, N.J., Hilltop Community Bank (OTC Bulletin Board: HTCB.OB), a New Jersey commercial bank, announced that it plans to undertake a secondary public offering of its securities. The Bank seeks to raise between $2,000,000 and $4,000,000 in additional capital by offering units in a simultaneous rights offering and community offering. Each unit will consist of one common share and one warrant to purchase one share of common stock of the Bank. Holders of units will be holders of both the common shares and the warrants and will have the same rights, preferences and privileges as a holder of each security. Shareholders of record as of the close of business on March 17, 2003 will be entitled to participate in the rights offering. Concurrently with the rights offering, the Bank will offer units not subscribed for in the rights offering to members of the general public to whom a copy of the Offering Circular is delivered in a community offering.
For an initial period, the shares of common stock and the warrants will be traded together as a unit. However, after this period, the shares of common stock and the warrants represented by each unit will trade separately. The Bank will apply to have the units and warrants quoted for trading on the OTC Bulletin Board under the symbols "HTCBU.OB" and "HTCBW.OB", respectively.
The offering is expected to commence in late March, 2003.
Hilltop Community Bank is a New Jersey state-chartered commercial bank which commenced operations in Summit, New Jersey on February 7, 2000. The Bank operates as a locally headquartered, community oriented bank engaged in a general commercial banking business. The Bank provides a broad array of consumer and commercial banking services to individuals, businesses, professionals, not for profit organizations and municipalities located in Northern New Jersey. The Bank has offices in Summit and Berkeley Heights and also serves the surrounding communities of Springfield, Westfield, New Providence, Mountainside, Millburn, Watchung and Warren.
This release is neither an offer to sell nor a solicitation of an offer to buy common stock, warrants or units. The offer is made only by the Offering Circular when accompanied by a stock order form. The common stock, warrants and units are not savings accounts or savings deposits, may lose value and are not insured by the Federal Deposit Insurance Corporation or any other government agency. No sale of, offer to sell or solicitation of an offer to buy the common stock, warrants or units shall be made in any state or jurisdiction in which such a sale, offer or solicitation would be unlawful.
The foregoing contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movements in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal and regulatory barriers and structures. Actual results may differ materially from such forward looking statements. The Bank assumes no obligation for updating any such forward looking statements at any time.