FIG Partners Served As Financial Advisor To CCB Bankshares In Merger With Bank Of McKenney

FIG Has Now Completed 85 M&A Transactions Totaling More Than
$3.6 Billion In Transaction Value Since Inception

ATLANTA, June 29, 2017 — Bank of McKenney (OTC Pink: BOMK) and CCB Bankshares, Inc. (OTC Pink: CZYB), parent company of Citizens Community Bank, have jointly announced a merger agreement.

CCB Bankshares, Inc. (CCB) and its subsidiary will merge into Bank of McKenney to create a combined entity with approximately $447 million in assets, $344 million in loans, and $390 million in deposits, based on reported financial information as of March 31, 2017.

The combined bank will be headquartered in Prince George County, Virginia, with offices across the south-central area of the state and in North Carolina.

financial advisorUnder the terms of the agreement, CCB shareholders will receive a fixed exchange ratio of 0.935 share of McKenney stock for each share of CCB common stock. Based on the closing price of McKenney stock on June 27, 2017, the transaction represents a value of $12.52 per share of CCB common stock, or $19.0 million in aggregate. McKenney shareholders will own 57.6 percent of the combined entity and CCB shareholders will own 42.4 percent. The all-stock transaction is intended to qualify as a tax-free reorganization for CCB shareholders.

FIG Partners served as financial advisor to CCB. The FIG team included John Schramm, Principal, and Sloan Deerin, Principal.

“This is a tremendous opportunity to have our neighboring community banks with similar cultures and philosophies join together in this transformational merger,” said James R. Black, President and Chief Executive Officer of CCB. “We have a strong team of experienced personnel throughout the organization, and I am honored and proud to lead us in this new endeavor.”

The transaction will be immediately accretive to earnings per share, with a tangible book value dilution payback of approximately three years. The combined bank’s pro forma capital ratios will exceed regulatory well-capitalized guidelines.

Following completion of the transaction, Black will serve as President and Chief Executive Officer and a member of the Board of Directors. Richard M. Liles, President and Chief Executive Officer of McKenney, will serve as Executive Chairman.

The transaction is expected to close in the fourth quarter of 2017. More information is available here.

Since 2003, FIG has been the trusted advisor to community banks and investors. Year to date, FIG has advised on 10 M&A transactions totaling more than $450 million in transaction value.

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