This Week
  • FBI agents have launched a criminal probe involving Bristol Instruments Inc.

  • Dryden Theatre's Malin Kanis hopes to get more young adults in the theater's seats.

  • Doctors and researchers are tapping powerful computers to improve outcomes.

  • Best Lawyers in Rochester guide can help you obtain legal representation.

  • The Business Person of the Year finalists for 2015 are profiled.

  • Ex-Kodak manager Janice Gouldthorpe leads the Genesee Center for the Arts & Education.

Canandaigua National to become private company

Rochester Business Journal
August 29, 2013

Canandaigua National Corp. is close to becoming a private company after accepting 9,658 shares of its common stock at $161 per share and reducing its shareholders to less than 1,200, the bank said in a filing Thursday.

“We are pleased at the success of the tender officer,” President and CEO Frank Hamlin III said in a statement. “We look forward to eliminating the costs of SEC reporting, and fully focusing our attention on our customers, communities, colleagues and shareholders.”

The parent of Canandaigua National Bank and Trust Co. and Genesee Valley Trust Co. announced in a July 1 SEC filing its intention to go private by buying back stock from holders of 99 shares or less as of June 26.

In addition to the per-share price of $161, the tender offer included a $50 bonus payment per shareholder.

The tender officer was designed to reduce the number of shareholders to fewer than 1,200, allowing the company to no longer be subjected to rules and regulations of the Securities Exchange Act of 1934.

The original deadline for the offer was Aug. 12, but was extended after some 6,290 shares had been tendered from 231 holders.
When it becomes private, Canandaigua National will no longer file periodic reports with the SEC, including quarterly earnings and annual reports, and will not be subject to SEC proxy rules or the reporting and audit requirements of public companies adopted under the Sarbanes-Oxley Act of 2002.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment


Not registered? Sign up now!

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google