Key Developments: CMS Bancorp Inc (CMSB.PH)
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Latest Key Developments (Source: Significant Developments)
Customers Bancorp Inc And CMS Bancorp , Inc Announce Plans To Merge
Customers Bancorp Inc and CMS Bancorp, Inc. announced their execution of a definitive Agreement and Plan of Merger (the "agreement). Under the Agreement, Customers Bancorp will acquire via merger CMS Bancorp and ultimately CMS Bank. The CMS Bancorp acquisition is expected to be mildly accretive to Customers Bancorp's capital, earnings and book value per share within the first six months after closing. The total transaction value is approximately $20.8 million, and the Agreement provides for CMS Bancorp stockholders to receive shares of Customers Bancorp voting common stock based upon an exchange ratio determined at the closing of the transaction, with fractional shares to be cashed out. CMS Bancorp stock will be valued at 95% of CMS Bancorp's common stockholders' equity as of the month end prior to the closing, while Customers Bancorp stock will be valued at 125% of Customer Bancorp's modified stockholder equity as of the month end prior to closing. Based on the March 31, 2012 book value per share of CMS Bancorp and the June 30, 2012 modified stockholders' equity of Customers Bancorp of $11.75 and $13.99, respectively, the exchange ratio would be 0.6383. The actual exchange ratio will likely be different at closing. For these transactions, Customers Bancorp retained Stradley Ronon Stevens & Young, LLP as legal advisor. CMS Bancorp was advised by Sandler O'Neill + Partners, L.P. as financial advisor and Paul Hastings LLP as legal advisor. Full Article
CMS Bancorp, Inc. Announces Resignation Of Thomas G. Ferrara-Form 8-K
CMS Bancorp, Inc. reported in its Form 8-K that On June 20, 2012, Thomas G. Ferrara notified CMS Bancorp, Inc. (the Company) of his intent to resign from the Board of Directors of the Company. His resignation will become effective on June 26, 2012. Full Article
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