2023-04-18 08:32:45 ET
- CCFNB Bancorp ( OTCPK:CCFN ) and Muncy Bank Financial ( OTCQB:MYBF ) have agreed to merge in a strategic merger of equals, with the combined company expected to have ~$1.6B in total assets.
- The merger is an all-stock transaction with a deal value of $65.6M.
- Muncy Bank Financial shareholders will receive a fixed exchange ratio of 0.9259 shares of CCFNB for each Muncy share.
- The combined company is estimated to have $1.2B in total deposits, $1B in total loans and $144M in combined shareholders' equity based upon reported year end Dec. 31, 2022, financial statements.
- Muncy Bank Financial will merge with and into CCFNB Bancorp, and Muncy unit The Muncy Bank and Trust Company will merge with and into First Columbia Bank & Trust, CCFNB's banking unit.
- The combined bank is set to be renamed Muncy Columbia Bank.
- The merger is expected to complete in Q4.
- The combined entity's board will consist of eight members from CCFNB and six from Muncy.
- CCFNB President and CEO Lance Diehl will be the chairman, president and CEO of the pro forma CCFNB and executive chairman of Muncy Columbia Bank.
- Muncy Bank Financial Chairman, President and CEO Robert Glunk will be the COO of the pro forma CCFNB and president and CEO of Muncy Columbia Bank.
- Source: Press Release
For further details see:
CCFNB Bancorp, Muncy Bank Financial to merge in strategic merger of equals