Bank of McKenney (OTC Pink: BOMK) announced today completion of its merger with CCB Bankshares, Inc. and its subsidiary, Citizens Community Bank, at the close of business on November 10, 2017. The merger follows the June 2017 signing of a definitive agreement between the two companies. Immediately following the merger, McKenney changed its name to Touchstone Bank. Pursuant to the terms of the merger agreement, the exchange ratio for CCB shareholders receiving Touchstone common stock is 0.9350 shares. Touchstone shares will continue to trade on OTC markets under the ticker symbol BOMK until approval of a new symbol is received.
"We are very pleased to welcome the CCB team as we combine to create Touchstone Bank," said Richard M. Liles, Executive Chairman of Touchstone. "Together, we are well positioned to grow our franchise by becoming the community bank of choice in the markets we serve. Both organizations bring employees with significant experience and deep knowledge of their local markets. We believe this combination will offer us opportunities to continue creating shareholder value by delivering on the competitive advantage that true community banking provides."
James R. Black, President and Chief Executive Officer of Touchstone, stated "We have a wonderful opportunity with this transformational merger to enhance value to our communities, employees and shareholders. A touchstone is a measure of quality, and we intend to become the standard for quality banking throughout the region we serve. This combination provides the geographical presence and scale that allow us to more effectively compete and service our customers. We are committed, more than ever, to the principles and integrity that are the hallmark of community banking."
In connection with the merger and joining the eight directors from McKenney, six directors from CCB were appointed to the Touchstone board: G. Nelson Baird, James R. Black, James A. Butts, III, Norman D. Wagstaff, Jr., Ronald S. Wells and William S. Wilkinson.
Effective upon the merger, Mr. Liles was appointed Chairman of the Board and Executive Chairman and Mr. Wagstaff was appointed Vice Chairman. Mr. Black was appointed President and Chief Executive Officer.
About Touchstone Bank
Touchstone Bank, headquartered in McKenney, Virginia, has 10 commercial banking branches serving its central and southern Virginia markets and three commercial banking branches in its central North Carolina markets. The bank also operates a loan center in Clarksville. This location has received regulatory approval and is expected to become a full-service branch in the first quarter of 2018. Visit www.touchstone.bank for more information.