Printer Friendly

WEST ONE BANCORP TO ACQUIRE BEN FRANKLIN NATIONAL BANK

 BOISE, Idaho, Nov. 25 ~PRNewswire~ -- West One Bancorp (NASDAQ-NMS: WEST) and Ben Franklin National Bank (OTC Pink Sheets) today announced the signing of a definitive agreement under which West One Bancorp will acquire Ben Franklin National Bank.
 The agreement provides for an exchange of common stock whereby West One Bancorp would acquire all the outstanding common stock of Ben Franklin National Bank. This transaction is based on a purchase price of $5.1 million. On completion of the acquisition, Ben Franklin National Bank will be merged into West One Bank, Washington, an affiliate of West One Bancorp.
 The number of shares of West One Bancorp's common stock to be received by the shareholders of Ben Franklin National Bank will be determined by dividing the purchase price by the average market price of West One Bancorp's stock for 10 consecutive days ending on the 20th trading day preceding the acquisition date. Based on the purchase price of $5.1 million and on the number of shares of Ben Franklin National Bank currently outstanding, the price per share would approximate $34.
 The agreement has been approved by the boards of directors of both companies and is subject to approval of Ben Franklin National Bank's shareholders, the FDIC, the State of Washington and to certain other conditions typically found in transactions of this nature. The transaction is expected to be completed in mid-1993.
 Ben Franklin National Bank is a three-branch, $35-million asset institution serving Pasco, West Pasco and Connell, Wash.
 West One Bancorp is a regional bank holding company headquartered in Boise with $6.8 billion in assets and more than 200 offices and 4,200 employees in Washington, Idaho, Oregon and Utah.
 -0- 11~25~92
 ~CONTACT: Linda Blount-Strauss of West One Bancorp, 208-383-7474; or Lawrence C. Mitson of Ben Franklin National Bank, 509-545-1825~
 (WEST)


CO: West One Bancorp; Ben Franklin National Bank ST: Washington, Idaho IN: FIN SU: TNM

LM -- SE003 -- 1549 11~25~92 14:03 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 25, 1992
Words:327
Previous Article:INSTEEL INDUSTRIES TO CALL DEBENTURES
Next Article:EPA TO CONDUCT CHEMICAL SAFETY AUDITAT ALBRIGHT AND WILSON AMERICAS IN CHARLESTON, S.C.
Topics:


Related Articles
WEST ONE BANCORP ACQUIRES WASHINGTON FEDERAL SAVINGS BANK
WEST ONE BANCORP COMPLETES ACQUISITION OF 38 BRANCHES FROM SECURITY PACIFIC CORP. IN WASHINGTON
WEST ONE BANCORP MERGES WITH YAKIMA VALLEY BANK
WEST ONE BANCORP TO ACQUIRE IDAHO STATE BANK
WEST ONE BANCORP ACQUIRES BEN FRANKLIN NATIONAL BANK
DAUPHIN DEPOSIT CORPORATION TO ACQUIRE VALLEY BANCORP., INC.
WEST ONE BANCORP TO ACQUIRE NATIONAL SECURITY BANK HOLDING COMPANY
TRIANGLE BANCORP, INC. ANNOUNCES MERGER WITH THE VILLAGE BANK
Peoples Bancorp Completes Kentucky Savings Bank Transaction
Premier Financial Bancorp, Inc. Completes Acquisition

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters