CFOK - Community First to acquire SFB Bancorp

Community First Bancorporation ([[CFOK]] +3.4%), parent company of Community First Bank ([[CFHW]]), and SFB Bancorp ([[SFBK]] +60.7%), parent company of Security Federal Bank, inked a definitive agreement for Community First to acquire SFB in a cash transaction.Combined company will have ~$575M of assets and 12 offices serving South Carolina, North Carolina and Tennessee.Transaction expected to close in 1Q21.SFB's shareholders will receive cash of ~$8.3M or $33/share of common stock held by them; a special dividend on its outstanding common stock of ~$2.8M or $11/share will be paid by SFB.Merger expected to be immediately accretive to Community First's EPS.

For further details see:

Community First to acquire SFB Bancorp