Mifflinburg, Northumberland to combine in strategic merger of equals [Seeking Alpha]
NORTHUMBERLAND BANCORP (NUBC)
Company Research
Source: Seeking Alpha
The all-stock transaction involves a deal value of $34.2M. Northumberland will merge with and into Mifflinburg. Mifflinburg will be renamed Steele Bancorp. Northumberland shareholders will receive a fixed exchange ratio of 1.1850 shares of Mifflinburg for each share they own. Northumberland shareholders are expected to own ~46% of the combined company. The combined company is expected to have ~$1.3B in assets, $1.1B of deposits, $850M in loans and $93M of combined shareholders' equity. Donald Steele, chairman of the boards of Northumberland Bancorp and Norry Bank, will become chairman of the board of Steele Bancorp. Richard Drzewiecki, chairman of the board of Mifflinburg, will become vice chairman of the board of the combined company. Mifflinburg CEO Jeffrey Kapsar will be the president and CEO of Steele Bancorp. Northumberland CEO J. Todd Troxell will be the senior executive vice president and chief administrative officer. The merger agreement was unanimously approved
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