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Bermuda Commercial Bank Approves Proposed Restructuring

Hamilton, Bermuda – 18 September, 2012 – The Bermuda Commercial Bank Limited (“BCB” or the “Bank”; Ticker: BCB.BH) is pleased to announce that at the Bank’s Special General Meeting held earlier today, the Merger Agreement between BCB, BNL I Limited and Bermuda National Limited was unanimously approved and adopted. Shareholders interested in 5,931,905 Shares in BCB representing approximately 84.11 per cent. of the Bank’s issued share capital voted in favour of the resolution.

 

It is proposed that the restructuring of the Bank will be completed on or around 1 October 2012. The expected timetable of principal events is set out below:

           

EXPECTED TIMETABLE OF PRINCIPAL EVENTS          

           

  • Last day of dealings in, and for registrations of transfers of, BCB Shares is 24 September, 2012;
  • Effective Time of Merger - 12.01 a.m. on 1 October, 2012;
  • Cancellation of admission to trading on the Bermuda Stock Exchange (the “BSX”) of BCB Shares - 1 October, 2012;
  • Admission of, and commencement of dealings in, BNL Shares on the BSX - 1 October 2012.

Michael Collier, the chairman of BCB commented, “We are pleased that the Bank’s Shareholders have voted overwhelmingly in favour of the restructuring. The BCB directors believe that this marks an exciting development for the Bank and offers its shareholders the ability to participate in a diversified and expanding financial services group.”

 

Defined terms in this announcement have the same meaning as in the Bank’s Circular to Shareholders dated 31 August 2012.

 

Bermuda Commercial Bank Limited is one of Bermuda’s four licensed banks, established in 1969 and regulated by the Bermuda Monetary Authority.  It is Bermuda’s only bank focused purely on corporate and private wealth clients, offering a range of bespoke financial solutions.  BCB’s website is www.bcb.bm and its shares are publicly traded and listed on the Bermuda Stock Exchange bsx.com (Ticker: BCB.BH).  BCB’s share price is available on the BSX and on Bloomberg and is published daily in the Royal Gazette.

 

Bermuda Commercial Bank Media Contacts:

 

Horst Finkbeiner, Director & COO   

Tel:  441-299-2873                                                                 

Email:  hfinkbeiner@bcb.bm  

 

Carrie Thatcher, Marketing and Communications Manager

Tel:  441-299-2884

Email:  cthatcher@bcb.bm