FIG Has Now Advised On 25 Whole Bank Transactions Nationwide Totaling Over $1.7 Billion Since 2015
ATLANTA, June 15, 2016 — Farmers & Merchants Bancorp (OTCQX:FMCB) headquartered in Lodi, California, and Delta National Bancorp (OTC Pink:DEBC), headquartered in Manteca, California, have announced a definitive merger agreement.
Delta National Bancorp will merge into Farmers & Merchants Bancorp, and its common shareholders will receive 12,074 shares of Farmers & Merchants Bancorp common stock. Based on the 20-day daily volume weighted average price of Farmers & Merchants Bancorp as of June 6, 2016, the transaction would have a value of $17.30 per Delta National Bancorp common share. Delta National Bancorp’s preferred shareholders will be redeemed for cash. The transaction is expected to close early in the fourth quarter of 2016.
Warren Wegge, President, CEO and Director of Delta National Bancorp said: “Farmers & Merchants Bancorp is the right fit to continue the commitment made by Delta National Bancorp for the past 43 years in our communities. Our customers will have access to many more products and services, together with the additional benefit of a larger lending limit, enabling us to meet all of the needs of our customers and our community. Our shareholders will receive shares of stock in a company with a solid earnings history, further enhanced by the fact that Farmers & Merchants Bancorp is a member of the Dividend Kings as defined by Sure Dividend, having increased annual cash dividends for 50 consecutive years and having paid dividends for 81 consecutive years.”
More information about the merger agreement is available here.
To learn more about FIG Partners, please visit www.figpartners.com.