Community First Bancshares, Inc. Completes Merger With ABB Financial Group, Inc.
13 Enero 2020 - 7:30AM
Business Wire
Community First Bancshares, Inc. (NASDAQ: CFBI) (“CFBI”), the
parent company of Newton Federal Bank, announced today that it has
successfully completed its merger with ABB Financial Group, Inc.
(“ABB”), parent company of Affinity Bank, effective the close of
business on January 10, 2020.
William D. Fortson, Jr., Chairman of CFBI, noted, “We are
pleased to announce the completion of our merger with ABB Financial
Group and Affinity Bank. The management teams and employees of
Newton Federal Bank and Affinity Bank have worked tirelessly over
the last several months to prepare for the integration of our
companies. We believe that this transaction will help deliver value
through increased operating scale and a presence in highly
desirable banking markets. The combined strength of our
institutions will allow us to better serve customers across all of
our markets with a wide range of financial products and services,
while maintaining the personal service they expect from their
community bank.”
Under the terms of the merger agreement, ABB common shareholders
will receive cash merger consideration of $7.50 for each share of
ABB. Additionally, ABB’s preferred stock is being redeemed and
ABB’s trust preferred securities are being acquired by CFBI and
canceled.
The completion of the merger has resulted in a bank with
approximately $645 million in total assets.
Edward J. Cooney, the former President and Chief Executive
Officer of ABB and Affinity Bank, has become CEO of CFBI and Newton
Federal Bank and a director of both entities. Johnny Smith of CFBI
will remain President of CFBI and Newton Federal Bank and will
continue to serve on the boards of both entities.
Banks Street Partners, a Performance Trust Company, acted as
financial advisor to CFBI, and Luse Gorman, PC, served as its legal
advisor. RP Financial, LC. provided a fairness opinion to ABB, and
Miller & Martin, PLLC served as its legal advisor.
About Community First Bancshares, Inc.
Community First Bancshares, Inc. (NASDAQ: CFBI) is a federal
corporation based in Covington, Georgia. The company’s banking
subsidiary, Newton Federal Bank, opened in 1928 and currently
operates a full-service office in Atlanta, Georgia, two
full-service offices in Covington, Georgia and loan production
offices in Athens, Georgia and Braselton, Georgia, and a loan
production office serving the Alpharetta and Cumming, Georgia
markets.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements”. In
general, forward-looking statements usually use words such as
“may,” “believe,” “expect,” “anticipate,” “intend,” “will,”
“should,” “plan,” “estimate,” “predict,” “continue” and “potential”
or the negative of these terms or other comparable terminology,
including statements related to the expected returns and other
benefits of the merger to shareholders, expected improvement in
operating efficiency resulting from the merger, estimated expense
reductions resulting from the transactions and the timing of
achievement of such reductions. Forward-looking statements
represent management’s beliefs, based upon information available at
the time the statements are made, with regard to the matters
addressed; they are not guarantees of future performance.
Forward-looking statements are subject to numerous assumptions,
risks and uncertainties that change over time and could cause
actual results or financial condition to differ materially from
those expressed in or implied by such statements.
Factors that could cause or contribute to such differences
include, but are not limited to, the possibility that expected
benefits may not materialize in the time frames expected or at all,
or may be more costly to achieve; that the parties are unable to
implement successful integration strategies; reputational risks and
the reaction of the parties’ customers to the merger; diversion of
management time to merger-related issues; and other factors and
risk influences. Consequently, no forward-looking statement can be
guaranteed. CFBI does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200113005076/en/
Johnny S. Smith President (770) 786-7088
Edward J. Cooney Chief Executive Officer (678) 742-9990
Community First Bancshares (NASDAQ:CFBI)
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