July 18, 2019 — Corporate America Family Credit Union and Ben Franklin Financial, Inc. (OTC PINK: BFFI) have announced a definitive purchase and assumption agreement.
Illinois-based Corporate America Family Credit Union (CAFCU) will acquire the assets and assume the liabilities of Ben Franklin Financial, Inc., the holding company for Ben Franklin Bank of Illinois, in an all-cash transaction.
As of March 31, 2019, Ben Franklin Bank had $93.2 million in assets and operated two branches, one in Arlington Heights and one in Rolling Meadows, Illinois.
Under terms of the agreement, Ben Franklin Financial stockholders will receive between $10.33 and $10.70 in cash for each share of common stock.
This transaction will be the first time that a federal mutual holding company that converted to a stock holding company following the implementation of the Dodd-Frank Act will have its assets and liabilities sold to a credit union.
C. Steven Sjogren, President and CEO of Ben Franklin Financial, said, “We have spent a long time seeking to maximize stockholder value and believe that we have negotiated an outstanding transaction for our stockholders. We are enthusiastic about our consolidation with Corporate America Family Credit Union as it significantly expands opportunities for our customers, our employees, and our community. Corporate America Family Credit Union has a history of focusing on the financial success of its members, and this collaboration ensures that customer-focused banking will remain in our community.”
More information is available here.
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