MT. PLEASANT, S.C., June 26, 2008 (PRIME NEWSWIRE) -- Tidelands Bancshares, Inc. (Nasdaq:TDBK), a bank holding company for Tidelands Bank, established a new Delaware trust subsidiary, Tidelands Statutory Trust II, which completed the sale of $6,000,000 of trust preferred securities on June 20, 2008. Tidelands Statutory Trust II used the proceeds from the sale of the securities to purchase the Company's junior subordinated debt notes due 2038 (the "Debenture"). The net proceeds from the offering will be used by the Company to invest in its subsidiary bank, which intends to use the funds for general working capital purposes. Sandler O'Neill & Partners, L.P. served as financial advisor to Tidelands in this transaction.
Tidelands Bank, listed on the Nasdaq as TDBK, is a full-service, FDIC-insured coastal South Carolina bank. With a focus on entrepreneurs and working professionals, Tidelands offers checking, savings and loan services at its branches currently located in Bluffton, Charleston, Summerville, Mt. Pleasant, Murrells Inlet, and Myrtle Beach, S.C.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as a downturn in the economy, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that future events, plans, or expectations contemplated by our company will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.