Crown Bank Agrees to Acquisition.Business Editors/Banking Writers BRICK, N.J.--(BUSINESS WIRE)--Oct. 4, 2001 Crown Bank, NA announced today the signing of a definitive agreement under which Crown Bank will be acquired by a newly formed holding company owned by Caixa Caixa might mean:
Under the terms of the transaction, which was unanimously approved by Crown Bank's Board of Directors, each share of Crown Bank common stock not owned by Mr. Rodrigues or members of his family will be exchanged for a cash payment. The cash payment will be calculated prior to the closing of the transaction pursuant to a formula based on the book value of Crown Bank. The acquisition, which is subject to certain conditions, including the approval of Crown Bank's shareholders and regulatory approval, is expected to be completed in the fourth quarter of 2001. "We believe that this transaction is a terrific opportunity for our customers and the communities we serve," said Joseph Greer, President and Chief Executive Officer of Crown Bank. "Our affiliation with an international banking organization like CGD, with a presence in over 20 countries, will provide Crown Bank with the opportunity to offer its products and services to CGD's customers in this country as well as the resources to grow and expand Crown Bank's branching network." Mr. Rodrigues was instrumental in the formation and organization of Crown Bank in 1998. Mr. Rodrigues is Crown Bank's largest and most influential shareholder and has guided Crown Bank as Chairman since 1999. Mr. Rodrigues is also extremely visible as a leader in the community of Newark. As a builder/developer, Mr. Rodrigues is active in development of both residential and commercial projects in several states. Through his help and efforts, Mr. Rodrigues has played an important role in the revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. of the City of Newark. CGD is the largest bank and head of the largest financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. group in Portugal, present in over 20 countries and territories with more than 1000 branches. At June 30, 2001, the CGD Group has total assets of $54 billion and total equity of $3.6 billion. CGD is rated Aa3 by Moody's, AA- by Fitch fitch: see polecat. and A+ by Standard & Poor's. Crown Bank has seven offices in New Jersey serving the communities of Ocean City, Linwood, Brick, Elizabeth, Harrison, and Newark. Five of the branch offices are currently opened with two additional offices, one on Ferry Street Ferry Street (Chinese: 渡船街) is a street between Ferry Point and Mong Kok Tsui in Kowloon, Hong Kong. The street was on the shore of old reclamation before the new West Kowloon reclamation in 1990s. in Newark to be opened in October and an office in Harrison to be opened prior to year end 2001. At September 30, 2001, Crown Bank had total assets of $105 million and total deposits of $93 million. |
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