CCFNB Bancorp, Inc. completed the acquisition of Muncy Bank Financial, Inc. in a merger of equals transaction.
The merger agreement was unanimously approved by the boards of directors of both companies. The deal is subject to approval of both companies? shareholders, regulatory approvals, effectiveness of the registration statement and other customary closing conditions. Customers of both institutions will continue to receive the extraordinary service and customer experience they have been accustomed to. As on August 30, 2023, CCFNB has received the regulatory approvals and waivers from the Pennsylvania Department of Banking and Securities, the Federal Deposit Insurance Corporation and the Federal Reserve Bank of Philadelphia necessary to complete the transaction and is now expected to close on November 11, 2023. On October 3, 2023, CCFNB and MBF shareholders approved the merger.
The Kafafian Group, Inc. is acting as financial advisor and provided a fairness opinion to CCFNB Bancorp, Inc. with Dean H. Dusinberre of Stevens & Lee serving as legal counsel to CCFNB Bancorp, Inc. Griffin Financial Group is serving as financial advisor and provided a fairness opinion to Muncy Bank Financial, Inc. with Kimberly J. Decker of Barley Snyder serving as its legal counsel. D.F. King & Co., Inc. acted as proxy solicitor to CCFNB, and will receive a fee of $13,000. CCFNB paid TKG a fee of $50,000 upon the rendering of TKG?s written fairness opinion and will pay fee of $325,000 upon closing of the merger. MBF has paid Griffin a fairness opinion fee of $125,000, and the remaining fee of $506,000 is payable at, and contingent upon, the closing of the transaction. American Stock Transfer & Trust Company LLC acted as exchange agent to CCFNB. Griffin and Barley Snyder acted as due diligence providers to Muncy Bank. Kafafian and Stevens & Lee acted as due diligence providers to CCFNB. Georgeson is the proxy solicitation agent for Muncy Bank Financial and will receive a fee of $16,500 for its services.
CCFNB Bancorp, Inc. (OTCPK:CCFN) completed the acquisition of Muncy Bank Financial, Inc. (OTCPK:MYBF) in a merger of equals transaction on November 11, 2023. In connection with the mergers, effective November 11, 2023, CCFNB changed its name to Muncy Columbia Financial Corporation and First Columbia Bank changed its name to Journey Bank.