FIG Has Now Completed 111 M&A Transactions Totaling More Than
$6.8 Billion In Transaction Volume
ATLANTA, Sept. 13, 2018 — Park National Corporation (NYSE AMERICAN:PRK) and CAB Financial Corporation (OTCQX:CABF) have announced a definitive agreement to merge their holding companies and banking subsidiaries.
Park will issue approximately 1.03 million shares of common stock and $28.4 million to acquire CAB. Shareholders of CAB will receive 0.1378 shares of Park common stock and $3.80 in cash for each share of CAB common stock owned.
The total consideration will consist of approximately 80% stock and 20% cash. Based upon Park’s 20-day average closing price of $110.34 through September 7, 2018, the implied per share price is $19.00 with an aggregate transaction value of approximately $141.8 million. The transaction is expected to close during the first half of 2019.
“Park is a high performing, sound, and successful community banking organization,” said Carolina Alliance Bank Chief Executive Officer John Kimberly. “We chose to partner with Park National Bank because its leadership and service values align very closely with ours. Our customers can feel confident that this merger only strengthens our ability to grow with them and continue to do business in the way they have come to expect from Carolina Alliance Bank.”
The FIG team included John Schramm, Principal, and Jerad Comarda, Vice President.
More information is available here.
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