- Bank holding company Bank First Corporation ( NASDAQ: BFC ) has entered into an agreement to acquire 100% shares of HomeTown Bancorp, parent company of HomeTown Bank ( OTC:HMTA ), in a combined stock-and-cash transaction.
- Each HomeTown shareholder will have the option to receive either $29.16 in cash or 0.3962 of a Bank First share in exchange for each share of HomeTown.
- The transaction, with approval received from both the boards, is subject to customary proration and allocation procedures, in a way that no less than 70% of HomeTown shares receive stock consideration and no greater than 30% receives cash consideration.
- The aggregate consideration for the transaction, expected to close in Q4, will be ~$124M.
- HomeTown President & CEO Tim McFarlane will assume the role of president and join the Bank First, N.A., board. Also, McFarlane will be nominated to the BFC board.
- Piper Sandler & Co. was a financial advisor to Bank First, while Alston & Bird LLP served as legal counsel. Reinhart Boerner Van Deuren, s.c. served as legal counsel to HomeTown.
- Source: Press Release
For further details see:
Bank First Corporation to acquire 100% shares of HomeTown Bancorp