Banks

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CIMB Group Holdings Bhd's 60 pct owned indirect subsidiary enters into SPA

Tuesday, 22 Jul 2014 08:00pm EDT

CIMB Group Holdings Bhd:Says CPAM Thailand, 60 pct owned indirect subsidiary entered into conditional share purchase agreement (SPA) with Finansa.In relation to proposed acquisition, for cash consideration of 225 mln Bhat (equivalent to about 22 mln Ringgit).

Codorus Valley Bancorp Inc to acquire Madison Bancorp Inc

Tuesday, 22 Jul 2014 05:01pm EDT

Codorus Valley Bancorp Inc:Says the company and Madison Bancorp Inc jointly announced the signing of a definitive merger agreement pursuant to which it will acquire Madison in an all-cash transaction valued at about $14.4 million, or $22.90 per share.Under the terms of the agreement, each Madison shareholder will receive $22.90 in cash, without interest.

First Merchants Corporation and Community Bancshares, Inc. announce signing of a definitive merger agreement

Tuesday, 22 Jul 2014 08:55am EDT

First Merchants Corp and Community Bancshares Inc:Executes a definitive agreement whereby Community Bancshares will merge with and into First Merchants and its wholly-owned bank subsidiary, Community Bank, will merge with and into First Merchants Bank, N.A.Transaction is expected to be completed in the first quarter of 2015.Combined company will have 107 banking offices in twenty-six Indiana counties, as well as two counties in both Ohio and Illinois.First Merchants' legal advisor was Bingham Greenebaum Doll LLP.

CIT Group to acquire OneWest Bank for $3.4 bln in cash and stock

Tuesday, 22 Jul 2014 06:31am EDT

CIT Group Inc:Enters into a definitive agreement and plan of merger with IMB Holdco LLC, the parent company of OneWest Bank N.A. for $3.4 bln in cash and stock.Expects the transaction to be 20pct accretive to earnings per share in 2016 generating an internal rate of return (IRR) of 15pct.IMB Holdco LLC shareholders will receive $2.0 bln in cash and 31.3 mln shares of CIT Group Inc. common stock currently valued at $1.4 bln assuming a CIT stock price of $44.33.J.P. Morgan Securities LLC is serving as financial advisor to CIT, and Wachtell, Lipton, Rosen & Katz is serving as CIT's legal counsel.Goldman, Sachs & Co., Bank of America Merrill Lynch and Cleary, Gottlieb, Steen & Hamilton LLP represent IMB Holdco LLC. Sullivan & Cromwell is serving as joint regulatory counsel for CIT and IMB Holdco LLC.

Banco Bilbao Vizcaya Argentaria SA announces acquisition of Catalunya Banc, S.A.

Tuesday, 22 Jul 2014 02:00am EDT

Banco Bilbao Vizcaya Argentaria SA:Says that the Management Commission of the Banking Reestructuring Fund has accepted company's bid in the competitive auction for the acquisition of Catalunya Banc, S.A.Says as a consequence, the company has executed a sale and purchase agreement with FROB, by virtue of which FROB will sell up to 100 pct. of the shares of Catalunya Banc to the company for the price of up to 1,187 million euros.

Kuwait Projects Company Holding KSCC receives offer to acquire OSN

Saturday, 19 Jul 2014 08:00pm EDT

Kuwait Projects Company Holding KSCC:Announces that it has received an offer to fully acquire OSN, the pay-TV company.Says the company will evaluate the non-binding offer and present it to the boards to take a decision.

Mackinac Financial Corp to acquire Peninsula Financial Corp

Friday, 18 Jul 2014 04:30pm EDT

Mackinac Financial Corp and Peninsula Financial Corp:Announced the execution of a definitive agreement for Mackinac to acquire Peninsula in a cash and stock transaction for a fixed $13.285 million purchase of $10.50 million of equity.Shareholders of Peninsula will also receive a special dividend immediately prior to close of any equity greater than $10.50 million as specified in the merger agreement.Under the terms of the merger agreement, shareholders of Peninsula will receive a mix of shares of Mackinac common stock and cash for each share of Peninsula common stock.Mix depending on cash/stock elections made by each Peninsula shareholder, provided that the aggregate cash consideration will not exceed 35pct of the total merger consideration.Transaction is expected to close late in the Q3 2014 or early Q4 2014.Total transaction expenses are estimated to be about $2.0 million on an after-tax basis.Merger agreement also provides that Peninsula Bank will be consolidated into mBank.Mackinac was advised by River Branch Capital LLC and the law firm of Honigman Miller Schwartz and Cohn LLP. Peninsula was advised by Wipfli, LLP and the law firm of Godfrey & Kahn.

First South Bancorp Inc 's subsidiary purchases new branch site in Lumberton, North Carolina

Friday, 18 Jul 2014 09:00am EDT

First South Bank:Says it purchase of a new branch site in Lumberton, North Carolina.Purchase of the new branch site was completed on July 14.First South Bank is a subsidiary of First South Bancorp, Inc.Financial terms of the transaction were not disclosed.

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