SOURCE: Northern Star Financial, Inc.

March 18, 2010 10:30 ET

Northern Star Financial, Inc. Announces Decision to Rescind Plans for Issuance of Warrants and Approval of Two-for-One Stock Split

MANKATO, MN--(Marketwire - March 18, 2010) -  Northern Star Financial, Inc. (OTCBB: NSBK), the parent company of Northern Star Bank, reported today that its Board of Directors has rescinded the Company's previously announced plans to issue five year warrants to shareholders of record as of December 31, 2009 to purchase additional shares of the Company's common stock at a price of $1.00 per share. Also today, the Company announced its decision approving a two-for-one split of the Company's outstanding common stock as of April 9, 2010. 

Northern Star's President and Chief Executive Officer Thomas Stienessen said, "Shareowners will receive an additional share of stock for every share they own on the record date of the split. Hopefully this split will increase the Company's market capitalization and liquidity and attract new long-term investors who intend to prosper together with existing shareholders and the Company."

The Company operates as a bank holding company whose subsidiary provides financial services. Northern Star Bank's business is that of a financial intermediary and consists primarily of attracting deposits from the general public and using such deposits, together with borrowings and other funds, to make secured and unsecured loans to business and professional concerns and mortgage loans secured by residential real estate and other consumer loans. The Bank operates two full-service offices that are located in Mankato and St. Cloud, Minnesota.

THIS PRESS RELEASE CONTAINS FORWARD-LOOKING INFORMATION AND ACTUAL
RESULTS MAY DIFFER.

Statements that Northern Star Financial may publish, including those in this announcement that are not strictly historical, are "forward-looking" statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are inherently unreliable and actual results may vary. Factors which could cause actual results to differ from these forward-looking statements include changes in the competitive marketplace, changes in the interest rate environment, economic conditions, outcome of pending litigation, risks associated with credit quality and other factors discussed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Thomas Stienessen
    Chief Executive Officer
    (507) 387-2265