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Capitol Federal to acquire Capital City Bancshares

  • Capitol Federal (NASDAQ:CFFN -0.6%) to acquire Capital City Bancshares. Capital City Bank will merge with Capitol Federal.
  • As of March 31, 2018 and excluding purchase accounting, the combined company would have had pro-forma total assets of $9.5B, gross loans of $7.5B, deposits of $5.7B and an equity position of ~$1.4B.
  • The transaction is expected to close by the end of October 2018 subject to regulatory approvals and customary conditions.
  • Subject to the terms of the merger agreement, CCB stockholders will receive 3.725 shares of Capitol Federal's common stock for each of the outstanding shares of their common stock. Based on this fixed exchange ratio, Capitol Federal will issue ~3.0M shares of its common stock, representing ~2.1% of pro forma shares following the merger.
  • Based on Capitol Federal's closing price of $12.64 as of April 27, 2018, this represents a value of $47.08 per CCB common share, and an aggregate deal value of $37.5M.
  • Press Release

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Capitol Federal Financial, Inc.