Brief: Peoples Financial Services Corp And FNCB Bancorp Announce Transformational Strategic Merger

FNCB Bancorp

27/09/2023 22:23

Sept 27 (Reuters) - FNCB Bancorp Inc  FNCB.O :
    * PEOPLES FINANCIAL SERVICES CORP. AND FNCB BANCORP, INC.
ANNOUNCE
TRANSFORMATIONAL STRATEGIC MERGER
    * FNCB BANCORP INC - PROPOSED DEAL FOR $129.0 MILLION
    * FNCB BANCORP INC- TRANSACTION IS PROJECTED TO DELIVER 59%
EPS
ACCRETION TO PEOPLES 2025 ESTIMATED EPS
    * FNCB BANCORP INC - TRANSACTION IS PROJECTED TO BE 40+
ACCRETIVE
TO FNCB'S EPS
    * FNCB BANCORP INC- POST-CLOSING OF DEAL, PEOPLES PLANS TO
RAISE
ITS QUARTERLY DIVIDEND TO $0.6175 PER SHARE, OR TO $2.47 PER
SHARE ON AN ANNUAL BASIS
    * FNCB BANCORP INC- COMBINED BANK HOLDING COMPANY'S BOARD OF
DIRECTORS WILL HAVE 16 DIRECTORS
    * FNCB BANCORP INC - CRAIG BEST, PEOPLES' CURRENT CEO WILL
CONTINUE TO SERVE IN THAT ROLE FOR COMBINED BANK HOLDING COMPANY
AND COMBINED BANK
    * FNCB BANCORP INC- COMBINED BANK HOLDING COMPANY'S BOARD
WILL
HAVE EIGHT DIRECTORS FROM PEOPLES AND EIGHT DIRECTORS FROM FNCB
    * FNCB BANCORP INC - GERARD CHAMPI, FNCB'S CURRENT PRESIDENT
&
CEO, WILL SERVE AS PRESIDENT OF COMBINED BANK HOLDING COMPANY
AND COMBINED BANK
    * FNCB BANCORP INC - IT IS EXPECTED THAT AT ONE-YEAR
ANNIVERSARY
OF MERGER CLOSING, CRAIG BEST WILL RETIRE AS CHIEF EXECUTIVE
OFFICER
    * FNCB BANCORP INC - UPON DEAL COMPLETION, FNCB SHAREHOLDERS
TO
GET 0.1460 SHARES OF PEOPLES COMMON STOCK FOR EACH SHARE OF FNCB
COMMON STOCK THEY OWN
    * FNCB BANCORP INC - PRO FORMA POST-MERGER SHAREHOLDER
OWNERSHIP
SPLIT WOULD BE APPROXIMATELY 71% FOR PEOPLES AND 29% FOR FNCB
    * FNCB BANCORP INC- PRO FORMA POST-MERGER SHAREHOLDER
OWNERSHIP
SPLIT WOULD BE APPROXIMATELY 71% FOR PEOPLES AND 29% FOR FNCB.
    * FNCB BANCORP INC- COMBINED BANK WILL OPERATE UNDER
"PEOPLES
SECURITY BANK AND TRUST COMPANY" BRAND
    * FNCB BANCORP INC -  IT IS EXPECTED THAT AT ONE-YEAR
ANNIVERSARY
OF MERGER CLOSING GERARD CHAMPI WILL BE APPOINTED TO CEO OF
COMBINED BANK HOLDING CO

Source text for Eikon:  ID:nPn8Y0b6Ca 
Further company coverage:  FNCB.O 

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