TIB Financial Corp. Announces Record Date Of July 12, 2010 For Rights Offering

NAPLES, Fla., July 6, 2010 (GLOBE NEWSWIRE) -- TIB Financial Corp. (Nasdaq:TIBB), parent company of TIB Bank and Naples Capital Advisors, Inc., leading financial services providers servicing the greater Naples, Bonita Springs and Fort Myers area, South Miami-Dade County, the Florida Keys and Sarasota County, today announced that the record date for the rights offering announced on June 29, 2010 in connection with the investment agreement with North American Financial Holdings, Inc. ("NAFH") will be July 12, 2010. The agreement with NAFH provides that as promptly as practicable following the closing of NAFH's share purchase, and subject to compliance with all applicable law, the Company will distribute to each holder of record of Common Stock the right to purchase 10 shares of Common Stock at a purchase price of $0.15 per share as of the close of business on July 12, 2010. Each shareholder of record will receive 10 rights for each share of Common Stock held by such shareholder on the record date, provided that (i) the maximum number of shares of Common Stock with respect to which such rights, in the aggregate, may be exercised is 149,000,000 shares and (ii) no shareholder will be permitted to exercise any rights to the extent that immediately following such exercise, such shareholder (alone or acting in concert with any other holder of Common Stock) would own, control or have the power to vote in excess of 4.9% of the outstanding shares of Common Stock (assuming the conversion in full of the NAFH preferred stock). The rights offering will not contain any oversubscription round or a backstop by any shareholder, including NAFH. Completion of the rights offering will be conditioned upon the consummation of the NAFH investment and the approval by the Company's shareholders of the increase in the Company's authorized shares of Common Stock as contemplated by the NAFH agreement. 

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