Investment Banking - CF Bankshares Inc.
Transactions | Banking
Client: CF Bankshares Inc.
Transaction Type: Mergers & Acquisitions
Role: Financial Advisor
CFBank Has Announced Its Intention to Divest Its Columbiana County Branches
to Consumers National Bank
- CFBank, National Association (“CFBank”) is the wholly-owned national bank subsidiary of CF Bankshares Inc. (NASDAQ: CFBK), a financial holding company headquartered in Columbus, Ohio. CFBank, which has operated in Ohio since 1892, has a presence in four major metro markets – Columbus, Cleveland, Cincinnati, and Akron – as well as its two locations in Columbiana County, Ohio.
- Consumers National Bank (“Consumers”) is the single bank subsidiary of Consumers Bancorp Inc (OTCQX: CBKM). The $750 million asset independent community bank provides a comprehensive line of banking and other investment services to business and personal customers through its main office in Minerva, Ohio, 17 full-service branch locations throughout Carroll, Columbiana, Jefferson, Stark, and Summit counties, and its Wayne County loan production office.
- CFBank and Consumers have entered into a purchase and assumption agreement that provides for the transfer by CFBank to Consumers of the land, buildings, and other associated assets of its two Columbiana County branches, approximately $100 million in deposits, and certain loans and other interest earning assets. In exchange, Consumers will pay to CFBank the net book value of the land, building, and associated assets of the branches, the par value of the earning assets, and a deposit premium equal to 1.75% of the average daily deposits for the 30 days preceding closing.
- The transaction is expected to close in the second quarter of 2021.
- Boenning & Scattergood is serving as financial advisor to CF Bankshares Inc.