Edgewater Bancorp, Inc. Announces Dissolution and Estimated Distribution of Assets

ST. JOSEPH, Mich., Sept. 02, 2021 (GLOBE NEWSWIRE) -- Edgewater Bancorp, Inc. (“Edgewater”) (OTCPK: EGDW), announced today that it has voluntarily dissolved under Maryland law and is now winding up its operations and preparing to distribute assets, consisting solely of cash, to its stockholders. As of the date of this press release, we estimate that stockholders will receive a total of between $41.00 and $43.44 for each share of Edgewater common stock that they own. It is expected that distributions will be made on or about November 9, 2021. We intend to notify stockholders of the amount per share to be distributed by issuing a press release prior to making distributions.

Edgewater stockholders who own shares of Edgewater stock in the form of an Edgewater printed stock certificate must prove their interest in Edgewater’s assets by returning their printed stock certificates to our transfer agent, Computershare, to be exchanged for shares of Edgewater stock in “book-entry” form (i.e. without a stock certificate). Edgewater stockholders who own Edgewater stock in the form of printed stock certificates have been mailed instructions on how to return their stock certificates to Computershare. To avoid a delay in receiving your distribution for your interest in Edgewater’s assets, you must return your printed stock certificate(s) to Computershare so that the certificates are received by November 2, 2021. Edgewater stockholders who own shares of Edgewater stock in book-entry form or through a broker or other nominee need not take any additional action to prove their interest in Edgewater’s assets. You may contact Computershare at 1 (800) 368-5948 if you have any questions. When calling Computershare, you will need to provide your 10-digit account number for Edgewater stock that begins with a “C” or your social security number (if it is on file with Computershare).

Edgewater’s common stock continues to be quoted on the OTC Pink marketplace. Upon making distributions to stockholders, we anticipate that Edgewater’s shares will be removed from the OTC Pink marketplace and that further trading will not be permitted. There can be no guarantee when Edgewater’s shares will be removed from the OTC Pink marketplace, or that trading in Edgewater stock will not be terminated, without notice, prior to the date on which distributions are made to stockholders.

Contact: Coleen Rossman, CFO

Telephone: 269-982-4176