American Financial Holdings, Inc. Announces Preliminary Allocation of Merger Consideration.Business Editors NEW BRITAIN New Britain, city, United States New Britain, industrial city (1990 pop. 75,491), Hartford co., central Conn.; settled c.1686, inc. 1871. The tin shops and brassworks in the city were established in the 18th cent. , Conn.--(BUSINESS WIRE)--Jan. 7, 2002 American Financial Holdings, Inc. (Nasdaq: AMFH), the holding company for American Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , announced today the preliminary allocation of consideration that stockholders of American Bank of Connecticut (AMEX AMEX See: American Stock Exchange :BKC BKC Burger King Corporation BKC Bible Knowledge Commentary BKC Burgess Kershaw Consultants BKC Bethany Korean Church BKC Backup Catalog BKC BatchKennisCentrum (Dutch: Batch Knowledge Centre) BKC Backup Copy ) would receive in the merger, after giving effect to elections made by stockholders by the election deadline and the proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. and allocation methods in the merger agreement. Based on information provided by American Financial's exchange agent, American Bank stockholders who elected to receive cash will have their elections honored. It is anticipated that American Bank stockholders who elected to receive all American Financial stock and American Bank stockholders who elected to receive a combination of cash and American Financial common stock will receive a combination of cash and American Financial common stock based on the proration formula in the merger agreement. Those American Bank stockholders who did not submit election forms will be sent a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. indicating the procedure for such stockholders to submit their American Bank stock certificates and to receive the merger consideration payable to them. The merger is expected on or about January 18, 2002. American Financial Holdings, Inc. is the holding company for American Savings Bank, which was established in 1862. American Savings operates 17 branches in 12 communities throughout central Connecticut. Following the acquisition, American Savings will double its branch size to 34 and will operate in nine additional communities. More information can be found on the Company's website: www.americanfinancialholdings.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion