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Commercial banks

CFX Corporation Completes Acquisition of Orange Savings Bank

Strategic Insights

— 2 min read

CFX Corporation, a bank holding company headquartered in Keene, New Hampshire, has successfully completed the acquisition of Orange Savings Bank, a Massachusetts-chartered savings bank, as of April 28, 1995. The acquisition was part of a definitive agreement signed on July 26, 1994, following the required regulatory approvals and shareholder approval. As a result of the acquisition, Orange Savings Bank's shareholders received a conversion ratio of .8075 shares of CFX common stock per outstanding share, resulting in the issuance of 584,963 shares of CFX common stock. Additionally, holders of Orange stock options will receive options to purchase 65,447 shares of CFX common stock in exchange. The combined entity now has assets totaling $865,148,000, with 22 full-service offices, 2 loan production offices, and 51 automated teller and remote service banking locations in New Hampshire and Massachusetts.

Key Takeaways:

  • CFX Corporation completed the acquisition of Orange Savings Bank on April 28, 1995, following a definitive agreement signed on July 26, 1994.
  • Each of Orange's 724,412 outstanding shares of common stock was converted into .8075 shares of CFX common stock, resulting in the issuance of 584,963 shares of CFX common stock.
  • Holders of Orange stock options, representing the right to purchase 81,049 shares of Orange common stock, will receive options to purchase 65,447 shares of CFX common stock in exchange.
  • Orange Savings Bank will continue to operate as a wholly-owned subsidiary of CFX Corporation, with total assets of $85,000,000 as of March 31, 1995.
  • The combined entity now has assets totaling $865,148,000, with 22 full-service offices, 2 loan production offices, and 51 automated teller and remote service banking locations in New Hampshire and Massachusetts.
  • CFX Corporation is a bank holding company headquartered in Keene, New Hampshire, with total assets of $780,148,000 as of March 31, 1995.
  • CFX MORTGAGE, INC., the Bank's mortgage banking subsidiary, services approximately $644,000,000 in mortgage loans for others.

Statistics:

  • 724,412 outstanding shares of common stock of Orange Savings Bank were converted into 584,963 shares of CFX common stock.
  • 81,049 shares of Orange common stock were converted into 65,447 shares of CFX common stock through options.
  • $85,000,000 - Total assets of Orange Savings Bank as of March 31, 1995.
  • $780,148,000 - Total assets of CFX Corporation as of March 31, 1995.
  • $865,148,000 - Total assets of the combined entity.
  • 22 - Number of full-service offices in the combined entity.
  • 2 - Number of loan production offices in the combined entity.
  • 51 - Number of automated teller and remote service banking locations in the combined entity.
  • $644,000,000 - Total mortgage loans serviced by CFX MORTGAGE, INC.

Sources:

  • BUSINESS WIRE, "CFX CORPORATION Completes Acquisition of Orange Savings Bank," April 28, 1995.
  • PR Newswire, "CFX CORPORATION Completes Acquisition of Orange Savings Bank," July 26, 1994.

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