Brief: Community First Bancshares To Acquire ABB Financial Group

Affinity Bancshares

20/08/2019 18:18

Aug 20 (Reuters) - Community First Bancshares Inc  CFBI.O :
    * COMMUNITY FIRST BANCSHARES, INC. EXECUTES MERGER AGREEMENT TO ACQUIRE ABB
FINANCIAL GROUP, INC.
    * COMMUNITY FIRST BANCSHARES INC - ABB SHAREHOLDERS WILL RECEIVE CASH MERGER
CONSIDERATION OF $7.50 FOR EACH SHARE OF ABB
    * COMMUNITY FIRST BANCSHARES INC - INCLUDING CONSIDERATION RECEIVED BY ABB
OPTION
HOLDERS, TRANSACTION IS VALUED AT APPROXIMATELY $40.3 MILLION
    * COMMUNITY FIRST BANCSHARES INC - AGREED TO ACQUIRE ABB AND ITS WHOLLY
OWNED BANK
SUBSIDIARY, AFFINITY BANK, IN AN ALL-CASH TRANSACTION
    * COMMUNITY FIRST BANCSHARES INC - DEAL IS EXPECTED TO BE MEANINGFULLY
ACCRETIVE
TO CFBI'S 2020 EARNINGS PER SHARE, EXCLUDING ONE-TIME MERGER COSTS
    * COMMUNITY FIRST BANCSHARES INC - JOHNNY SMITH OF CFBI WILL REMAIN
PRESIDENT OF
CFBI AND NEWTON FEDERAL BANK
    * COMMUNITY FIRST BANCSHARES INC - UPON COMPLETION OF TRANSACTION, ED COONEY
WILL
BECOME CEO OF CFBI
    * COMMUNITY FIRST BANCSHARES INC - JOHNNY SMITH WILL CONTINUE TO SERVE ON
BOARDS
OF CFBI AND NEWTON FEDERAL BANK
    * COMMUNITY FIRST BANCSHARES INC -  UPON COMPLETION OF TRANSACTION, ED
COONEY WILL
ALSO BECOME CEO OF NEWTON FEDERAL BANK
    * COMMUNITY FIRST BANCSHARES INC -  ED COONEY WILL ALSO BECOME A DIRECTOR OF
CFBI
AND NEWTON FEDERAL BANK UPON COMPLETION OF TRANSACTION

Source text for Eikon:  ID:nBw40JFjna 
Further company coverage:  CFBI.O 

 ((Reuters.Briefs@thomsonreuters.com;))