UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
January 31, 2020
Civista Bancshares, Inc.
(Exact name of Registrant as specified in its charter)
Ohio | 001-36192 | 34-1558688 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (IRS Employer Identification No.) |
100 East Water Street, P.O. Box 5016, Sandusky, Ohio 44870
(Address of principle executive offices)
Registrants telephone number, including area code: (419) 625-4121
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common | CIVB | NASDAQ Capital Market |
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events
Civista Bancshares, Inc. is sending a letter to its shareholders along with the payment of a first quarter dividend of $0.11 per share. The letter discusses a number of issues that have had an impact on, and are expected to continue to impact, the Company. A copy of the letter as mailed is attached hereto as Exhibit 99.1.
Civista Bancshares, Inc. is a $2.3 billion financial holding company headquartered in Sandusky, Ohio and may be accessed at www.civb.com. The Companys common shares are traded on the NASDAQ Capital Market under the symbol CIVB.
Item 9.01 Financial Statements and Exhibits
(a) | Exhibit 99.1 Letter to Shareholders dated February 1, 2020 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Civista Bancshares, Inc. | ||||||
(Registrant) | ||||||
Date: January 31, 2020 | /s/ Todd A. Michel | |||||
Todd A. Michel, | ||||||
Senior Vice President and Controller |
Exhibit 99.1
February 1, 2020
Dear Shareholder:
We are pleased to enclose (unless you have direct deposit) your February 1, 2020, dividend of $0.11 per common share. 2019 has been a good year and we continue to go through the exercise to balance the retention of capital to be used for growth and the total return (dividend plus stock appreciation) to you, our shareholder. Our stock price as of December 31, 2019 was $24.00 compared to $17.42 on December 31, 2018. This is a 37.77% increase in value year to date.
Our fourth quarter 2019 earnings will be released on February 7, 2020 and earnings will be posted to our corporate website at CIVB.com.
We continue to be focused on increasing earnings and on enhancing the customer experience. We are consistently outperforming our peers as it relates to financial performance and it is our goal to provide a superior value at a competitive price.
At Civista, we strive to differentiate ourselves by providing an exceptional customer experience. We are investing in technology and resources to improve communications, providing customers greater ease in accessing information.
You will be receiving your annual report and proxy by mid-March. In it, I will provide you with more detail and narrative on our 2019 performance. As always, I encourage you to read the material and to vote your shares. Your votes and comments are important. I do look at them.
The annual shareholders meeting is April 21, 2020 at 10 AM at the Firelands Campus, BGSU in Huron, Ohio. We hope to see you there.
If you have questions, a call is always welcomed.
Sincerely,
CEO and President
Cautionary Statement Regarding Forward-Looking Information
Comments made in this letter include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to numerous assumptions, risks and uncertainties. Although management believes that the expectations reflected in the forward-looking statements are reasonable, actual results or future events could differ, possibly materially, from those anticipated in these forward-looking statements. The forward-looking statements speak only as of the date of this letter, and Civista Bancshares, Inc. assumes no duty to update any forward-looking statements to reflect events or circumstances after the date of this letter, except to the extent required by law.