Citizens Financial Services, the holding company for First Citizens Community Bank (FCCB), has completed the previously announced acquisition of MidCoast Community Bancorp, the holding company for MidCoast Community Bank (MCB).
Under the deal terms, effective immediately, MidCoast has been merged with Citizens and MCB has merged with FCCB, leaving Citizens and FCCB as surviving entities.
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Shareholders who opted to receive all cash or a combination of cash and stock are entitled to receive $6.50 in cash for 55% of MidCoast common stock held.
Additionally, shareholders will also receive 0.1065 shares of Citizens common stock for the remaining MidCoast common stock held along with $61 per share in cash.
However, since the elections were oversubscribed, the remaining shareholders will receive 0.1065 shares of Citizens common stock for each MidCoast common stock held along with $61 per share in cash.
As a result, 75% of MidCoast common stock outstanding was allocated in exchange for Citizens common stock and the remaining 25% were exchanged for cash.
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By GlobalDataUpon closing the merger, Citizens issued 373,356 shares of common stock and now has 3,879,365 shares of common stock outstanding.
Headquartered in Rhode Island, Citizens had $176.7bn in assets as of 31 March 2020.
It offers a suite of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.
