Brief: Summit Financial Group To Acquire Cornerstone Financial Services And Its Unit Cornerstone Bank

Summit Financial

17/09/2019 23:28

Sept 17 (Reuters) - Summit Financial Group Inc  SMMF.O :
    * SUMMIT FINANCIAL GROUP, INC. TO ACQUIRE CORNERSTONE
FINANCIAL
SERVICES, INC. AND ITS WHOLLY-OWNED SUBSIDIARY, CORNERSTONE
BANK, INC.
    * SUMMIT FINANCIAL GROUP INC - DEAL FOR $28.5 MILLION
    * SUMMIT FINANCIAL GROUP INC - TRANSACTION HAS BEEN
UNANIMOUSLY
APPROVED BY EACH COMPANY'S BOARD OF DIRECTORS
    * SUMMIT FINANCIAL GROUP INC - CORNERSTONE SHAREHOLDERS WILL
HAVE
A RIGHT TO RECEIVE CASH, SUMMIT'S COMMON STOCK OR A COMBINATION
OF TWO
    * SUMMIT FINANCIAL GROUP - WILL BUY SHARES OF COMMON STOCK
OF
CORNERSTONE FOR $5,700.00 PER SHARE OR 228 SHARES OF SUMMIT
COMMON STOCK
    * SUMMIT FINANCIAL-CORNERSTONE'S CONSIDERATION RIGHT IS
SUBJECT TO
PRORATION RESULTING IN 50% CASH & 50% STOCK 

Source text for Eikon:  ID:nGNX1hhCTs 
Further company coverage:  SMMF.O 

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