Main Street Community Bancorp Approves Affiliation Agreement with Lexington Savings Bank

Strategic Insights -

The Stockholders of Main Street Community Bancorp, Inc. (Nasdaq: MSCB) have approved an Affiliation Agreement and Plan of Reorganization with Lexington Savings Bank (Nasdaq: LEXB) at a Special Meeting in Lieu of Annual Meeting held on August 22, 1995. The agreement, dated March 14, 1995, paves the way for a "merger-of-equals" transaction between the two banks. The merger, subject to approval by Lexington Savings Bank shareholders and final regulatory approvals, is expected to be completed by the end of September 1995.

Key Takeaways:

  • The affiliation agreement between Main Street Community Bancorp, Inc. and Lexington Savings Bank, dated March 14, 1995, was approved by MSCB stockholders at a Special Meeting in Lieu of Annual Meeting on August 22, 1995.
  • The merger will be a "merger-of-equals" transaction, with each MSCB and LEXB stockholder exchanging their shares on a one-for-one basis for shares in the new company, Affiliated Community Bancorp, Inc.
  • Affiliated Community Bancorp, Inc. is expected to have over $800 million in assets and $95 million in capital.
  • The new company's common stock has been approved for listing on the Nasdaq National Market System and will trade under the symbol "AFCB".
  • James E. McCobb, Jr., President and CEO of Main Street Community Bancorp, is a key figure in the transaction.

Statistics:

  • $800 million: The amount of assets that Affiliated Community Bancorp, Inc. is expected to have.
  • $95 million: The amount of capital that Affiliated Community Bancorp, Inc. will have.
  • 1995: The year in which the arbitration agreement was signed (March 14) and the Special Meeting in Lieu of Annual Meeting was held (August 22).
  • 9: The number of months that will pass before the merger is expected to be completed (September 1995).

Sources:

  • "Stockholders of Main Street Community Bancorp, Inc. Approve Affiliation Agreement with Lexington Savings Bank" (PRNewswire)
  • "Affiliation Agreement and Plan of Reorganization" between Main Street Community Bancorp, Inc. and Lexington Savings Bank (dated March 14, 1995)
  • "Proxy Statement" for the transaction between Affiliated Community Bancorp, Inc. and Main Street Community Bancorp, Inc.