Alpine Banks of Colorado announces shareholder approval of forward stock split

GLENWOOD SPRINGS, Colo., April 11, 2025 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), announced yesterday its shareholders voted to approve amended and restated Articles of Incorporation to affect the following actions, among other things:

• Increase the total authorized shares of common stock that the Company is authorized to issue from 15,100,000 to 30,000,000.

• Increase the authorized shares of the Class A common stock from 100,000 to 15,000,000.

• Effect a forward stock split of the outstanding shares of the Class A common stock by a ratio of 150-for-1.

• Provide that holders of Class A common stock and Class B common stock shall be entitled to share equally in dividends and other distributions on a per share basis based upon the number of shares issued and outstanding.

• Provide that each one share of Class B common stock shall be entitled to one vote.

• Provide that each one share of Class A common stock shall be entitled to 20 votes.

• Provide that unless otherwise required by law, the Class A common stock and Class B common stock will vote together as a single class on all matters, including the election of directors.

• Provide that a majority of the total voting power of the outstanding shares of common stock entitled to vote shall constitute a quorum at any meeting of shareholders.

• Provide that the approval of certain corporate actions requires the approval of more than 66 2/3% of the voting power of the outstanding shares of common stock entitled to vote.
  

The amended and restated Articles of Incorporation and the related stock split of the Class A common stock will become effective upon the effective date specified in the filing with the Colorado Secretary of State which Alpine anticipates will occur on May 1, 2025.

The 150-for-1 stock split of Alpine’s Class A common stock will be executed in the form of a stock dividend of 149 additional shares of Class A shares for every one Class A share issued and outstanding to shareholders as of the close of business on the record date of April 22, 2025. After the close of business on May 1, 2025, Alpine’s transfer agent, Equiniti Trust Company, LLC, will distribute to shareholders of record on the record date a book entry statement in lieu of a share certificate, which will represent the additional number of Class A shares to be received as a result of the stock split. Holders of Class A shares do not need to exchange their existing stock certificates if they hold shares in certificate form.