FIG Has Completed 121 M&A Transactions Totaling More Than $8 Billion
ATLANTA, May 21, 2019 — Citizens Holding Company (Nasdaq:CIZN), the parent company of The Citizens Bank of Philadelphia, has announced a definitive merger agreement to acquire Charter Bank.
Based on March 31, 2019 results, the combined company will have approximately $1.2 billion in assets, deposits of $989 million, and gross loans of $569 million. The transaction is expected to close in the fourth quarter of 2019.
Under terms of the agreement, Charter shareholders will receive 0.39417 shares of Citizens’ common stock and $3.615 in cash for each share of Charter common stock. The transaction is valued at $11.85 per share, or $20 million in the aggregate, based on Citizens’ closing price of $20.90 as of May 20, 2019.
Gregory E. Cronin, Chief Executive Officer of Charter, said, “Our Charter Bank Team is enthusiastic to be joining a well-respected community bank with a history of providing exceptional products and services to its markets. We believe that we can better serve our clients in our local communities.”