AFBI - Atlanta Postal Credit Union to buy Affinity Bank
2024-05-30 16:56:16 ET
- Affinity Bancshares ( NASDAQ: AFBI ) said Thursday that Atlanta Postal Credit Union, along with its subsidiary Center Parc Credit Union, will buy Affinity Bank and its unit, National Association.
- The transaction is structured as a purchase and assumption agreement whereby APCU will acquire Affinity Bank by purchasing substantially all assets and assuming all liabilities in an all-cash transaction.
- APCU will pay Affinity Bank an aggregate amount estimated to provide Affinity with sufficient cash to have $22.50 per share in cash available for distribution to its shareholders.
- Following the closing of the transaction, Affinity and Affinity Bank will liquidate, dissolve, and distribute their remaining assets to Affinity shareholders.
- APCU and its unit will continue to operate Affinity Bank’s locations in Newton County and Northwest Atlanta.
- The agreement was unanimously approved by the boards of APCU and Affinity.
- The transaction is expected to close during Q4 of 2024 or Q1 of 2025.
- Press Release .