2023-08-04 17:14:53 ET
- Eureka Homestead Bancorp ( OTCPK:ERKH ) said on Friday that it would be acquired by Eureka Investor Group in a cash deal valued at $13 million.
- As part of the merger agreement, the company will be permitted to pay a dividend equal to the amount by which adjusted tangible shareholders' equity exceeds $10.0 million.
- The company's shareholders are currently estimated to receive between $20.00 and $22.00 in cash for each share of common stock.
- In addition, the transaction is conditioned on Eureka Investor Group raising at least $43.0 million to fund the purchase price and add additional capital to the resulting organization.
- The transaction is expected to close in the first or second quarter of 2024.
- Press Release .
For further details see:
Eureka Homestead Bancorp to be bought by Eureka Investor Group