Centrue Financial Corporation Announces Sale of Branches
27 Enero 2016 - 3:15PM
Centrue Financial Corporation (the “Company” or “Centrue”)
(NASDAQ:CFCB), parent company of Centrue Bank (the “Bank”),
announced today that the Bank has entered into an agreement to sell
its Fairview Heights branch to Town and Country Bank, a subsidiary
of Town and Country Financial Corporation (OTC Pink:TWCF).
Centrue also announced today that the Bank has
entered into an agreement to sell its Aviston and St. Rose branches
to First National Bank in Carlyle, a subsidiary of First National
Bancorporation in Carlyle, IL.
Both sales are expected to be completed by the
end of the second quarter, pending regulatory approval.
Commenting on the sales, Bank President &
CEO, Kurt R. Stevenson, noted that the divestitures were
"consistent with our strategic business plan and the overarching
objective to deploy capital into areas that yield the greatest
opportunity to strengthen franchise value. The sale of the
Fairview Heights, Aviston and St. Rose branches allows us to gain
greater efficiencies in our core markets and to focus our sales
efforts in those anchor communities."
The buyers will be paying a blended deposit
premium of approximately 4.0% for the deposits held through the
branches acquired, will be purchasing the fixed assets of these
branches at net book value for an aggregate of approximately $5.1
million and will acquire an aggregate of approximately $13.0
million of loans of these branches at par. Town and Country
Bank will acquire approximately $13.0 million in deposits, $7.9
million in loans and the office at 303 Fountains Pkwy, Fairview
Heights, Illinois, while First National Bank in Carlyle will
acquire approximately $46.3 million in deposits, $5.1 million in
loans and the offices at 101 S. Page St., Aviston, Illinois and
18001 St. Rose Rd., Breese, Illinois. Had the transactions
closed on December 31, 2015, the total premium to Centrue’s
stockholders would have been approximately $2.4 million on a
pre-tax basis.
Centrue Bank was advised in these transactions
by Boenning & Scattergood, Inc. as financial advisor and Howard
& Howard Attorneys PLLC as legal counsel.
About the Company
Centrue Financial Corporation is a regional
financial services company headquartered in Ottawa, Illinois and
devotes special attention to personal service. The Company serves a
market area which extends from the far western and southern suburbs
of the Chicago metropolitan area across Central Illinois down to
the metropolitan St. Louis area.
Further information about the Company is
available at its website at http://www.centrue.com.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
This release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Act of 1934
as amended. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995 and is including this statement for
purposes of these safe harbor provisions. Forward-looking
statements, which are based on certain assumptions and describe
future plans, strategies, and expectations of the Company, are
generally identified by the use of words such as "believe,"
"expect," "intend," "anticipate," "estimate," or "project" or
similar expressions. The Company’s ability to predict
results, or the actual effect of future plans or strategies, is
inherently uncertain. Factors which could have a material
adverse effect on the operations and future prospects of the
Company and the subsidiaries include, but are not limited to,
changes in: interest rates; general economic conditions;
legislative/regulatory changes; monetary and fiscal policies of the
U.S. government, including policies of the U.S. Treasury and the
Federal Reserve Board; the quality and composition of the loan or
securities portfolios; demand for loan products; deposit flows;
competition; demand for financial services in the Company’s market
areas; the Company’s implementation of new technologies; the
Company’s ability to develop and maintain secure and reliable
electronic systems; and accounting principles, policies, and
guidelines. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements.
Contact:
Daniel R. Kadolph
Chief Financial Officer
Centrue Financial Corporation
daniel.kadolph@centrue.com
(815) 431-2838
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