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EXHIBIT (99)-1
THE BANC CORPORATION RAISES $15 MILLION
BIRMINGHAM, Ala., Sept. 13, 2000 /PRNewswire via COMTEX/ -- The Banc
Corporation (Nasdaq: TBNC) announced today that it has recently received $15
million in proceeds from a pooled trust preferred private placement co-managed
by First Tennessee Capital Markets and Keefe, Bruyette and Woods. The $15
million in proceeds was part of a $300 million pool that was distributed on
September 7 in an institutional private placement.
The Banc Corporation has used a portion of the proceeds to retire all of its
outstanding indebtedness under its line of credit and intends to use the
balance of the proceeds as additional capital injections into its principal
subsidiary, The Bank and for other general purposes. Once injected into The
Bank, the proceeds should qualify as Tier I capital for regulatory purposes and
support both The Bank's and The Banc Corporation's planned growth for the
immediate future. James A. Taylor, Chairman, President and CEO of The Banc
Corporation said, "We are very excited about the success of this offering and
the benefits it will bring us. Also, a trust preferred offering increases our
Tier I capital but does not dilute our existing stockholders' ownership."
The Banc Corporation is a financial holding company headquartered in
Birmingham, Alabama. The Corporation's subsidiary, The Bank, headquartered in
Birmingham, Alabama, currently has 22 locations throughout the state of Alabama
and seven locations along the gulf coast and the northern Florida panhandle
which operate as Emerald Coast Bank and C&L Bank.
Statements in this document that are not historical facts are hereby identified
as "forward looking statements" for the purpose of the safe harbor provided by
Section 21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. The Banc Corporation cautions that such "forward
looking statements," wherever they occur in this document or in other
statements attributable to The Banc Corporation are necessarily estimates
reflecting the best judgment of The Banc Corporation's senior management and
involve a number of risks and uncertainties that could cause actual results to
differ materially from those suggested by the "forward looking statements."
Such "forward looking statements" should, therefore, be considered in light of
various important factors set forth from time to time in The Banc Corporation's
reports and registration statements filed with the SEC.
The Banc Corporation disclaims any intent or obligation to update "forward
looking statements."
SOURCE The Banc Corporation
CONTACT: David R. Carter, Executive Vice President and
Chief Financial Officer of The Banc Corporation,
205-324-3503, or fax, 205-327-3479, or email,
[email protected]
(TBNC)
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