Brief: Choiceone Financial Services And County Bank Corp. Announce Merger

ChoiceOne Financial Services

25/03/2019 19:59

March 25 (Reuters) - County Bank Corp  CBNC.PK :
    * CHOICEONE FINANCIAL SERVICES AND COUNTY BANK CORP.
ANNOUNCE
MERGER OF EQUALS
    * COMBINATION WILL CREATE AN APPROXIMATELY $1.3
BILLION-ASSET BANK
HOLDING COMPANY
    * PROPOSED DEAL FOR APPROXIMATELY $50.96 PER SHARE OF COUNTY
COMMON STOCK
    * PROPOSED DEAL FOR $89.0 MILLION IN AGGREGATE
    * EACH SHARE OF COUNTY COMMON STOCK WILL BE CONVERTED INTO
RIGHT
TO RECEIVE 2.0632 SHARES OF CHOICEONE COMMON STOCK
    * AS PART OF COMPLETING DEAL, EXPECTED THAT CHOICEONE WILL
DECLARE
AND PAY A SPECIAL DIVIDEND OF $0.60/ SHARE TO CHOICEONE HOLDERS
    * DEAL PROJECTED TO GENERATE ABOUT 14% EPS ACCRETION IN
FIRST FULL
YEAR
    * TANGIBLE BOOK VALUE DILUTION DUE TO DEAL WILL BE EARNED
BACK IN
ABOUT THREE YEARS
    * UPON COMPLETION OF DEAL, CHOICEONE SHAREHOLDERS WILL OWN
ABOUT
50.1% & COUNTY SHAREHOLDERS WILL OWN ABOUT 49.9% OF COMBINED CO
    * BOARD OF COMBINED CO TO BE COMPRISED OF 14 DIRECTORS,
CONSISTING
OF 7 DIRECTORS DESIGNATED BY CHOICEONE & 7 DIRECTORS DESIGNATED
BY COUNTY
    * COMBINED CO WILL BE LED BY KELLY POTES AS CEO

Source text for Eikon:  ID:nPn3YxJCDa 
Further company coverage:  CBNC.PK 

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