Brief: SmartFinancial To Buy Entegra Financial For About $158.2 Mln

SmartFinancial

15/01/2019 22:17

Jan 15 (Reuters) - Entegra Financial Corp  ENFC.O :
    * SMARTFINANCIAL, INC. AND ENTEGRA FINANCIAL CORP. ANNOUNCE
TRANSFORMATIVE MERGER OF EQUALS
    * SMARTFINANCIAL INC - DEAL FOR VALUED AT APPROXIMATELY
$22.36 PER
SHARE OF ENTEGRA COMMON STOCK
    * SMARTFINANCIAL - EACH SHARE OF ENTEGRA OUTSTANDING
IMMEDIATELY
PRIOR TO MERGER TO BE CONVERTED INTO RIGHT TO GET 1.215 SHARES
OF CO'S COMMON STOCK
    * SMARTFINANCIAL INC - DEAL FOR APPROXIMATELY $158.2 MILLION
    * SMARTFINANCIAL INC - DEAL PROJECTED TO GENERATE MORE THAN
20%
EARNINGS PER SHARE ACCRETION IN FIRST FULL YEAR
    * SMARTFINANCIAL INC - ENTEGRA PRESIDENT & CEO ROGER D.
PLEMENS IS
EXPECTED TO JOIN COMBINED BANK AS PRESIDENT OF CAROLINAS
    * SMARTFINANCIAL INC - TANGIBLE BOOK VALUE DILUTION FROM
DEAL IS
EXPECTED TO BE EARNED BACK IN LESS THAN 2.5 YEARS
    * SMARTFINANCIAL INC - SMARTBANK, ENTEGRA BANK ENTERED
SEPARATE
BANK MERGER AGREEMENT PROVIDING FOR MERGER OF ENTEGRA BANK WITH
AND INTO SMARTBANK
    * SMARTFINANCIAL INC - ENTEGRA CFO DAVID BRIGHT & CHIEF
OPERATING
OFFICER RYAN SCAGGS EXPECTED TO ASSUME SAME ROLES WITH COMBINED
CO
    * SMARTFINANCIAL INC - COMBINATION IS AN ALL-STOCK
TRANSACTION
    * SMARTFINANCIAL -  ENTEGRA SHAREHOLDERS TO ALSO RECEIVE ONE
NON-TRANSFERRABLE CVR FOR EACH SHARE OF ENTEGRA STOCK HELD PRIOR
TO DEAL IN A CERTAIN CASE
    * SMARTFINANCIAL INC -  FIVE ENTEGRA DIRECTORS ARE EXPECTED
TO
JOIN PRO FORMA BOARDS OF COMBINED CO WHICH WOULD HAVE 17 MEMBERS

Source text for Eikon:  ID:nGNX7zDLWd 
Further company coverage:  ENFC.O 

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