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Central Bancompany signs definitive merger agreement with Liberty Bancorp for USD103.7m.

M2 EQUITYBITES-April 11, 2019-Central Bancompany signs definitive merger agreement with Liberty Bancorp for USD103.7m


Central Bancompany Inc revealed on Wednesday that it has signed a definitive merger agreement to acquire Liberty Bancorp Inc (OTC-Pink:LBCP), the holding company for BankLiberty.

Under the terms of this agreement BankLiberty will be merged into Central Bancompany's affiliate bank, Central Bank of the Midwest, headquartered in Lee's Summit, Missouri, USA.

The transaction, with a total value of USD103.7m, is subject to the receipt of all required state and federal regulatory approvals, the approval of Liberty's shareholders and the satisfaction of customary closing conditions. Pursuant to the agreement, Liberty common shareholders will receive USD42.00 in cash for each share of Liberty common stock they hold and option holders will receive cash equal to the difference between USD42.00 per share and the exercise price of their in-the-money options.

When the transaction closes in the third quarter of 2019 Central Bank of the Midwest is expected to have combined assets of USD2.3bn total, with USD1.7bn in loans and USD1.9bn in deposits. The addition of 13 branches will bring the total number of Central Bank branches to 46, reaching 25 communities in greater Kansas City and Lawrence, and upon completion of the acquisition, customers of Central Bank will have access to over 150 branches and a network of ATMs under the dogwood logo and through the MoneyPass network.

In connection with the definitive agreement, Central signed voting agreements with the members of Liberty's board of directors and these parties have agreed to vote their shares in favour of the deal.

Serving as financial adviser on the transaction to Liberty is Raymond James & Associates Inc and Kilpatrick Townsend & Stockton LLP as legal adviser.

Central Bancompany, based in Missouri, is a more than USD13bn bank holding company with 13 full-service community banks and more than 250 locations in several states. Its family of banks are The Central Trust Bank, Central Bank of Boone County, Central Bank of Lake of the Ozarks, Central Bank of Moberly, Central Bank of the Ozarks, Central Bank of Warrensburg, Central Bank of Audrain County, Central Bank of St Louis, Jefferson Bank of Missouri, Central Bank of the Midwest, Central Bank of Oklahoma, Central Bank of Branson and Central Bank of Sedalia. Affiliate companies include Central Trust Company, Central Technology Services, Central Investment Advisors, Central Mortgage Company and Central Travel.

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Publication:M2 EquityBites (EQB)
Date:Apr 11, 2019
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