SPRINGFIELD, Mo., April 17, 2024 (GLOBE NEWSWIRE) -- Systematic Savings Bank ("Systematic" or "Bank") (OTC:SSSB), today announced the signing of a definitive agreement to be acquired by Arlo Financial Holdings, Inc. ("Arlo") a Springfield, Missouri based corporation that was formed by an investor group led by Mark Bybee. The purchase price of Systematic is cash consideration of approximately $14 million, or $23.00 per share, subject to adjustment as specified in the definitive agreement. In connection with the purchase, Arlo will become the bank holding company for Systematic and it intends to raise at least $25 million of capital.
As of December 31, 2023, Systematic had $64.6 million in total assets, $52.6 million in net loans receivable, $47.2 million in deposits and $10.5 million in total stockholders' equity.
"The Board of Directors and Management of Systematic have done a great job in building a strong Springfield-based community bank" said Bybee. "We believe with our investment the Bank will be even better positioned to grow, serve our customers and create solid returns for our shareholders."
Derek Fraley, Chairman, President and Chief Executive Officer of Systematic said, "This transaction allows us to partner with a local investor group that will continue our focus on providing customers with high quality service as well as maintaining our deep commitment to the community we serve."
The Boards of Arlo and Systematic have approved the transaction, which is subject to, among other conditions, successful completion by Arlo of a private placement capital raise, approval by Systematic's stockholders, regulatory approvals and ...