Emclaire Financial, Community First Bancorp have all approvals for mergerStaff Writer | September 23, 2018
Emclaire Financial Corp, the holding company of The Farmers National Bank of Emlenton, and Community First Bancorp, the holding company of Community First Bank, jointly announced that the shareholders of Community First approved and adopted the agreement and plan of merger providing for the merger of Community with and into Emclaire at a special meeting of shareholders held on September 20, 2018.
Merger The two companies will create a bank with approximately $900 million in assets
Under the terms of the merger agreement, Community First will merge with and into Emclaire and immediately thereafter Community First Bank will merge with and into Farmers National.
Shareholders of Community First will receive 1.2008 shares of Emclaire common stock and $6.95 in cash for each share of Community First common stock upon completion of the merger. In addition, each share of preferred stock of Community First Bank will be exchanged for similar shares of preferred stock of Emclaire.
Following completion of the merger, the two banking companies will create a bank with approximately $900 million in total assets providing banking services through 20 locations throughout Western Pennsylvania and in Hancock County, West Virginia. The transaction will strengthen Emclaire’s presence in Clarion and Jefferson counties, Pennsylvania. ■