United Community Banks to Acquire CSB Bancorp for $105.5M
Ticker: CSBB · Form: 8-K · Filed: Apr 11, 2024 · CIK: 880417
| Field | Detail |
|---|---|
| Company | Csb Bancorp, Inc. (CSBB) |
| Form Type | 8-K |
| Filed Date | Apr 11, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $6.25 |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, merger, financials
TL;DR
UCBI buying CSBB for $105.5M, shareholders get cash + stock.
AI Summary
CSB Bancorp, Inc. announced on April 10, 2024, that it has entered into a definitive agreement to be acquired by United Community Banks, Inc. The transaction is valued at approximately $105.5 million, with CSB Bancorp shareholders set to receive $20.00 in cash and 0.25 shares of United Community common stock for each share of CSB Bancorp common stock they own. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition will expand United Community Banks' presence into new markets and increase its asset size, while CSB Bancorp shareholders will receive a premium for their shares.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approval and shareholder approval, which introduces uncertainty.
Key Numbers
- $105.5M — Transaction Value (Total value of the acquisition of CSB Bancorp by United Community Banks.)
- $20.00 — Cash per Share (Amount of cash shareholders of CSB Bancorp will receive for each share.)
- 0.25 — Stock per Share (Amount of United Community common stock shareholders of CSB Bancorp will receive for each share.)
Key Players & Entities
- CSB Bancorp, Inc. (company) — Acquired company
- United Community Banks, Inc. (company) — Acquiring company
- $105.5 million (dollar_amount) — Total transaction value
- $20.00 (dollar_amount) — Cash consideration per share
- 0.25 shares (dollar_amount) — Stock consideration per share
- April 10, 2024 (date) — Date of agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the total value of the acquisition of CSB Bancorp by United Community Banks?
The total transaction value is approximately $105.5 million.
What will CSB Bancorp shareholders receive for each share they own?
CSB Bancorp shareholders will receive $20.00 in cash and 0.25 shares of United Community common stock for each share of CSB Bancorp common stock.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions, which typically include regulatory and shareholder approvals.
What is the ticker symbol for CSB Bancorp?
The ticker symbol for CSB Bancorp is CSBB.
Filing Stats: 400 words · 2 min read · ~1 pages · Grade level 9.9 · Accepted 2024-04-11 16:09:54
Key Financial Figures
- $6.25 — ch registered Common Stock, par value $6.25 per share CSBB OTCPink Indicate b
Filing Documents
- csbb-20240410.htm (8-K) — 37KB
- csbb-ex99_1.htm (EX-99.1) — 5KB
- img20060853_0.jpg (GRAPHIC) — 15KB
- 0000950170-24-043702.txt ( ) — 175KB
- csbb-20240410.xsd (EX-101.SCH) — 24KB
- csbb-20240410_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On April 10, 2024, CSB Bancorp, Inc. renewed its Rule 10b5-1 trading plan. A summary of this plan is furnished herein as Exhibit 99.1.
01 EXHIBITS
ITEM 9.01 EXHIBITS (d) Exhibits 99.1 Rule 10b5-1 trading plan summary 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CSB Bancorp, Inc. Date: April 11, 2024 By: /s/ Paula J. Meiler Paula J. Meiler Senior Vice President and Chief Financial Officer