CNB Bank Shares & Jacksonville Bancorp (NASDAQ:JXSB) have entered into a definitive merger agreement whereby Jacksonville Bancorp will merge with and into CNB Shares. The transaction has an aggregate deal value of ~$61.6M.
The acquisition is expected to close in the Q218. and is subject to Jacksonville Bancorp shareholder approval, regulatory approval, and other conditions as set forth in the merger agreement.
Post merger, Jacksonville Savings Bank, the wholly-owned subsidiary of Jacksonville Bancorp, will merge with and into CNB Bank & Trust, the wholly-owned subsidiary of CNB Shares.
Under the terms of the merger agreement, shareholders of Jacksonville Bancorp will receive $33.70 in cash for each share of Jacksonville Bancorp common stock.
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