HopFed Bancorp Inc's Subsidiary Heritage Bank To Acquire Tennessee-based Sumner Bank & Trust
HopFed Bancorp Inc announced that it has entered into a definitive agreement to acquire Sumner Bank & Trust, based in Gallatin, Tennessee (Sumner). HopFed has agreed to pay approximately $14.3 million in cash, or $10.04 per share, to purchase all of the common stock and common stock equivalents of Sumner, including common stock that would be issued upon the conversion of Sumner's convertible preferred stock upon a change of control (subject to adjustments). Subject to Sumner's shareholder and regulatory approval, the companies anticipate the transaction will close in the third quarter of 2013.
Latest Key Developments in Banks
- Share this
- Digg this