FIG Has Now Advised On 29 Whole Bank Transactions Nationwide
Totaling Over $1.8 Billion Since 2015
ATLANTA, Nov. 16, 2016 — the little bank, Inc. (OTCQX: LTLB), and Union Banc Corp., the parent company of Union Bank & Trust Company, have announced a definitive merger agreement.
Union Banc Corp. (Union) shareholders will receive stock based on a fixed exchange ratio of 0.8843 share of the little bank, Inc. (LTLB) common stock for each share of Union common stock.
Under terms of the agreement, Union will merge with LTLB in a stock transaction valued at approximately $30.6 million, or $11.94 per share, based upon the closing price of LTLB common stock on November 14, 2016.
LTLB shareholders will own approximately 60% of the combined bank and Union shareholders will own approximately 40%. The combined bank’s Board of Directors will include 11 board members from LTLB and seven board members from Union.
The combined bank will be headquartered in Greenville, NC, and will operate under the Union Bank brand name. The bank will have approximately $665 million in total assets, $480 million in total loans and $550 million in total deposits based upon reported amounts as of September 30, 2016. It will have branches in 15 locations, including the Cary, Raleigh, Greenville and Wilmington markets, as well as key markets in eastern and central North Carolina.
Rob Jones, President and Chief Executive Officer of LTLB, will continue to serve in that role in the combined bank. John Burns, President and Chief Executive Officer of Union, will serve as EVP and Chief Banking Officer. Crawford Knott, Chairman of Union’s Board of Directors, will become Vice Chairman of the combined bank’s Board of Directors.
“Union Bank has a proud tradition of serving its local communities and the greater Research Triangle as an independent community bank,” said Burns. “We were not actively considering a partnership until we met Rob and his team at the little bank. We soon realized how much our banks have in common and that together, we could continue our respective community bank traditions while capitalizing on the benefits that come with being a larger bank.”
The transaction is expected to close in the second quarter of 2017. More information about the agreement is available here.