Bank of McKenney (OTC Pink: BOMK) and CCB Bankshares, Inc. (OTC Pink: CZYB), parent company of Citizens Community Bank, announce receipt of regulatory approvals from the Commonwealth of Virginia State Corporation Commission and The Federal Reserve Bank of Richmond for the previously announced proposed merger of equals between the two banks. The merger is subject to approval by both shareholder groups and is expected to close before the end of the year. CCB shareholders will receive 0.935 shares of McKenney stock under the proposed agreement.
"We are very pleased to receive the regulatory approvals in a timely manner which will help us maintain our goal of closing the merger during the fourth quarter," stated Richard M. Liles, President and CEO of McKenney. "We look forward to creating a high-quality bank that will continue to serve its communities with broader product offerings and increased lending capacity."
"Employees of both banks have been working well together to ensure a smooth transition during the merger," commented James R. Black, President and CEO of CCB. "We are excited with the opportunity of bringing two neighboring community banks together for the benefit of all stakeholders; our customers, our shareholders and our communities. This merger allows us to leverage our resources in ways neither bank could achieve on its own."
The combined bank is expected to have approximately $442 million in assets, $344 million in loans and $381 million in deposits based on reported financial information as of June 30, 2017. It will be headquartered in Prince George County, Virginia in a facility that will consolidate management and operations now housed in five different locations. There will be 13 full-service offices and one loan production office located in southeastern Virginia and northern North Carolina.
About Bank of McKenney
Bank of McKenney is a full-service community bank headquartered in McKenney, Virginia with seven branches serving southeastern Virginia. The bank has been dedicated to serving its communities for over 100 years and offers a full suite of banking services to individuals and businesses. For more information and additional financial data, please visit www.bankofmckenney.com.
About CCB Bankshares, Inc.
CCB Bankshares, Inc. is a Virginia state chartered bank holding company headquartered in South Hill, Virginia and parent company to Citizens Community Bank. It operates six branches, three in southcentral Virginia and three in northern North Carolina, as well as a loan production office in Clarksville, Virginia. For more information and additional financial data, please visit www.myccb.bank.
