StoneCastle Financial Corp. Press Release Announcing Shareholder Vote and Close of Transaction

Posted: 02.12.2020

NEW YORK, Feb. 12, 2020 (GLOBE NEWSWIRE) -- StoneCastle Financial Corp. (NASDAQ: BANX) ("StoneCastle Financial" or the “Company”) today announced that ArrowMark Partners (“ArrowMark”) completed its acquisition of the bank investment platform and assets of StoneCastle Asset Management, LLC, the Company’s former manager, which was previously announced in December 2019.  As a closing condition of the transaction, stockholders at a special meeting of Stockholders held on February 7, 2020 approved a new investment management agreement (“Management Agreement”) between the Company and StoneCastle-ArrowMark Asset Management, LLC (“StoneCastle-ArrowMark” or the “Manager”), a subsidiary of ArrowMark, and elected eight directors, constituting the entire Board of Directors of the Company. In addition, on February 12, 2020, the Company’s Board of Directors elected Sanjai Bhonsle as the Company’s Chief Executive Officer and Chairman of the Board of Directors.   

Read full press release here.