Village Bank hits 14-year high after $120 mln deal with TowneBank

TowneBank

24/09/2024 15:54

(Updates)
    ** Shares of Village Bank and Trust Financial  VBFC.O  jump
~40% to $75.15, hitting their highest since 2010
    ** TowneBank  TOWN.O  agrees to acquire VBFC in $120 mln
deal
    ** Combined entity to have total assets of $17.8 bln,
companies say
    ** TOWN will pay $80.25 per VBFC share in cash, a ~49%
premium to VBFC's last close
        ** TOWN shares dip 1.2% 
  
    ** YTD, as of last close, VBFC has gained 35.5%, while TOWN
jumped 13.6%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))