The Aomori Bank, Ltd. entered into an agreement to acquire The Michinoku Bank, Ltd. (TSE:8350) on May 14, 2021. The board meeting for the agreement will be held between October to November 2021 and the shareholders meeting of The Michinoku Bank will be held on December 2021 to January 2022. The Aomori Bank, Ltd. entered into a definitive agreement to acquire The Michinoku Bank, Ltd. on November 12, 2021. As per terms of transaction, The Banks will become wholly owned subsidiary companies resulting from a share transfer and the newly established Joint Holding Company will become the wholly owning parent company resulting from a share transfer 0.46 shares of common stock of the Joint Holding Company will be allotted and delivered for each share of common stock of Michinoku Bank and one share of common stock of the Joint Holding Company will be allotted and delivered for each share of common stock of Aomori Bank. 0.46 shares of class 1 preferred stock of the Joint Holding Company will also be allotted and delivered for each share of class A preferred stock of Michinoku Bank. The number of shares constituting one unit of shares of the Joint Holding Company is planned to be 100 shares. The General Meeting of Shareholders of The Michinoku Bank, Ltd. to be held on January 26, 2022. The New Company intends to list the common stock that it issues on the First Section of the Tokyo Stock Exchange. The New Company will be headquartered in Aomori City, Aomori Prefecture, and its head office will be located at 3-1, Katta 1-Chome, Aomori, Aomori Prefecture. Nagashima Ohno & Tsunematsu acted as legal advisor and Daiwa Securities Co. Ltd. provided fairness opinion to The Aomori Bank, Ltd. The transaction is expected to be completed by April 1, 2022.

The Aomori Bank, Ltd. completed the acquisition of The Michinoku Bank, Ltd. (TSE:8350) for ¥35.8 billion on March 29, 2022.