Community Bankshares Inc. -SC- Announces Completion of Acquisition of Ridgeway Bancshares Inc.Business Editors Community Bankshares Inc., (AMEX AMEX See: American Stock Exchange :SCB ScB abbr. Latin Scientiae Baccalaureus (Bachelor of Science) ), today completed its acquisition of Ridgeway, South Carolina Ridgeway is a town in Fairfield County, South Carolina, United States. The population was 328 at the 2000 census. Geography Ridgeway is located at (34.305777, -80.961390)GR1. based Ridgeway Bancshares, Inc., the holding company parent of the Bank of Ridgeway, South Carolina's oldest state chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission . The $21.5 million merger is valued at $537.50 per Ridgeway share, based on Community Bankshares' closing price Friday, June 28 of $17.50. Ridgeway shareholders will receive an aggregate of one million shares of Community Bankshares common stock plus $4 million cash. The merger increases Community Bankshares' total shares outstanding to 4.3 million. Ridgeway, with $79.2 million in assets, operates three banking offices in the northeastern Columbia, South Carolina Columbia is the state capital and largest city of South Carolina. As of 2006, estimates for the population of the city proper is 122,819[1]. Columbia is the county seat of Richland County, but a small portion of the city extends into Lexington County. metropolitan area. Along with its recent acquisition of Community Resource Mortgage, a residential mortgage company headquartered in Columbia, Community Bankshares will now be able to offer a broad range of community banking services in the Columbia metropolitan area. Community Bankshares' common stock is traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the ticker symbol SCB. Community Bankshares Inc., based in Orangeburg, South Carolina Orangeburg, also known as "The Garden City," is the largest city and county seat of Orangeburg County, South Carolina, United States. The population was 12,765 at the 2000 census. The population has steadily declined since the 1950s. , is the holding company for Florence National Bank, Sumter National Bank, Orangeburg National Bank, Bank of Ridgeway and Community Resource Mortgage, Inc. This press release contains forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements relate to anticipated revenues, gross margins, earnings, and growth of the market for our services and products. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: uncertainties associated with market acceptance of and demand for the company's services and products, impact of competitive products and pricing, dependence on third party suppliers, and uncertainties associated with the development of technology. Investors are directed to the company's 2001 annual report, which is available from the company without charge for a more complete description of the company's business. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion