Community Bancorp, Inc. and Community National Bank & Trust Reach Definitive Agreement to Purchase Quarry City Savings and Loan Association |
CHANUTE, Kan. and WARRENSBURG, Mo., March 22, 2022 /PRNewswire/ — Community Bancorp, Inc. (“Community Bancorp”), the bank holding company of Community National Bank & Trust (“Community National” and collectively with Community Bancorp, “Community”), a national bank headquartered in social in Chanute, Kansasentered into a definitive agreement with Quarry City Savings and Loan Association (“Quarry City”) (OTC Pink: “QRRY”), a Missouri savings association headquartered in Warrensburg, Missourito acquire Quarry City.
The total cash merger consideration for the transaction, after taking into account all estimated transaction costs on a tax affected basis, is estimated to be $10.37 million, subject to further adjustments provided for in the Final Agreement. Quarry City currently estimates that, without further adjustments, this will result in approximately $25.42 cash consideration per share to current holders of Quarry City common stock. However, the estimated consideration per share may be subject to significant adjustments based on various factors, including, but not limited to, transaction costs. Accordingly, Quarry City shareholders should not assume that they will receive $25.42 per share upon closing of the transaction.
Quarry City operates a full-service banking office in Warrensburg, Missouri. From December 31, 2021Quarry City reported $71.3 million in total balance sheet and total equity of $9.6 million. The proposed transaction will merge Quarry City with and into Community National, with Community National surviving the merger and Quarry City ceasing to exist.
Daniel MildfeltPresident and CEO of Community Bancorp and Community National, said, “We are delighted to have the opportunity to welcome Quarry City, its employees and its customers to Community National. Both institutions share the principles of caring for their employees, the communities they serve and providing high quality products and services to their customers. As two community-minded banks, we are proud to strengthen our local impact and support new markets.”
Steve AndrePresident and CEO of Quarry City, said, “We are delighted to partner with Community National, a leading community bank. The merger will provide our customers with the opportunity to join a much larger, but community-focused banking network. , with expanded products and services, while employees will benefit from the opportunity to work for a growing community bank. Our customers should rest assured that they will continue to see the same friendly faces they always have, except that we will now be able to offer state-of-the-art products and services. This is great news for our community as Community National will continue to maintain our Warrensburg office and the Bank will have significantly greater financial strength. »
The transaction is subject to customary closing conditions, including receipt of approvals from the Federal Reserve Board of Governors, the Office of the Comptroller of the Currency and Quarry City shareholders. We currently expect the transaction to close in the third quarter of 2022.
Quarry City is advised by The Capital Corporation as financial advisor and Luse Gorman, CP as a legal adviser. Community National is advised by Minter & Pollak, LC.
About Community Bancorp and Community National
Community National Bank & Trust is a community bank, headquartered in Chanute, Kansas with 39 locations in Kansas, Missouri and Oklahoma. Community National Bank & Trust offers a wide range of unique products from checking accounts, internet and mobile banking, savings, diversified loans in residential, agricultural, commercial and consumer loans, leasing, commercial cash management and fiduciary services.
About Quarry City Savings and Loan Association
Quarry City is a Missouri-licensed savings association that provides financial services to individuals, families and businesses through its full-service office located at Warrensburg, Missouriwhich is the county seat of Johnson Countylocated in the mid-west Missouri. Quarry City operated continuously in Warrensburg, Missouri since its founding in 1890.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to the business and expected future events or future performance of Quarry City and Community and involve known and unknown risks, uncertainties and other factors that may cause its results, levels of actual activity, performance or achievement. differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Words such as, but not limited to, “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “targets”, “likely” , “will”, “would”, “could”, and similar expressions or phrases identify forward-looking statements. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: fluctuations in market interest rates and loan and deposit prices, adverse changes in the national or regional economy as well as economic conditions in local market areas, including due to the coronavirus pandemic, the ability to complete the transaction and recognize the expected benefits and synergies, the maintaining and developing well-established and valued customer relationships and referral sources, and the acquisition or loss of key production personnel. Although management believes that the assumptions underlying the forward-looking statements are reasonable, any of these assumptions may prove to be incorrect. Therefore, the management of Quarry City or Community cannot guarantee that the results contemplated in the forward-looking statements will be achieved. The inclusion of this forward-looking information should not be construed as a representation by Quarry City or Community or any other person that the contemplated future events, plans or expectations will be achieved. All subsequent written and oral forward-looking statements attributable to Quarry City or the community or anyone acting on their behalf are expressly qualified in their entirety by the caveats above. Forward-looking statements are made as of the date of this press release. Neither Quarry City nor Community undertakes to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
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SOURCE Career City