FIG Partners Has Now Completed 33 M&A Transactions
Totaling More Than $2.3 Billion In Transaction Value Since 2015
ATLANTA, Feb. 21, 2017 — West Town Bancorp, Inc. (OTC:WTWB), the parent company of West Town Bank & Trust, and Sound Banking Company (OTC:SNBN) have announced a definitive merger agreement.
Sound Banking Company (Sound Bank) will merge with West Town Bank & Trust (West Town).
FIG Partners served as financial advisor to West Town Bancorp. FIG Principal John Schramm was the lead banker.
“The combined bank offers a unique and highly attractive community bank franchise in contiguous markets in Eastern North Carolina that will expand branch access for the bank’s customers,” said Eric Bergevin, President and Chief Executive Officer of West Town and WTBT. “Sound Bank’s traditional community banking franchise rooted with a strong core deposit base will also complement West Town’s substantial fee income business driven by our national SBA/USDA and residential lending platforms. We look forward to working with the Sound Bank team to operate a larger organization in a cost effective way, which we feel will increase profitability and shareholder value, while better serving our customers with a larger branch network and access to more products and services.”
Under the terms of the agreement, shareholders of Sound Bank will receive a combination of cash and stock valued at $24.6 million based on West Town’s closing price of $23.00 as of February 16, 2017. Each share of Sound Bank common stock will be converted at closing of the merger into the right to receive either $12.75 in cash or 0.60 shares of West Town common stock. Sound Bank shareholders will have the opportunity to elect between West Town common stock, cash or a combination of West Town stock and cash.
More information from West Town Bancorp is available here.
To learn more about FIG Partners, visit www.figpartners.com.