Cision PR Newswire
Sugar Creek Financial Corp. Announces Dissolution Distribution to Stockholders
News provided bySugar Creek Financial Corp
Jan 24, 2023, 1:07 PM ET
TRENTON, Ill., Jan. 24, 2023 /PRNewswire/ -- Sugar Creek Financial Corp. (the "Company") (OTC Expert Market: SUGR) today announced that its Board of Directors has approved and declared a cash dissolution distribution of $17.29 per share, payable to stockholders of record as of the close of business on February 10, 2023. The dissolution distribution is expected to be paid on or about February 14, 2023.
The Company is the former holding company of Tempo Bank. In June 2022, Scott Credit Union, Edwardsville, IL, purchased substantially all of Tempo Bank's assets and assumed substantially all of Tempo Bank's liabilities, including all deposit liabilities. The Company is in the process of dissolving and winding up its business, which is expected to take up to three years. In accordance with the Plan of Dissolution and Complete Liquidation approved by the Company's stockholders, the Company intends to donate any residual funds remaining after the wind up is completed, which are expected to be nominal, to one or more charitable organizations.
The Company anticipates that its common stock will be removed from the OTC Expert Market on or about February 14, 2023. The Company cannot guarantee the exact removal date and does not intend to provide notice of removal once effective.
The Company has appointed Computershare, Inc. ("Computershare"), its transfer agent, to serve as paying agent for the dissolution distribution. Stockholders who hold shares of Company common stock in book entry form at Computershare will receive checks for their cash distribution, and their shares will be cancelled. Stockholders who hold shares through a broker or other DTC-registered nominee will receive their cash distribution directly into their account at the broker or other nominee, and their shares will be cancelled. Stockholders who hold certificated shares will receive a Letter of Transmittal from Computershare with instructions on how to return their certificates in exchange for payment of the cash distribution.
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SOURCE Sugar Creek Financial Corp