Investment Banking - County Bank Corp.
Transactions | Banking
Client: County Bank Corp.
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
- County Bank Corp. (OTC Pink: CBNC) is the Lapeer, Michigan based holding company for Lapeer County Bank & Trust Company, with seven offices in Lapeer County, Michigan. Lapeer County Bank & Trust Company was founded in 1902 and had assets of $323.9 million as of December 31, 2015.
- Capac Bancorp, Inc. (OTC Pink: CPBP) is the Capac, Michigan based holding company for CSB Bank, with seven branches located across Saint Clair, Lapeer and Macomb Counties. CSB Bank was founded in 1898 and had assets of $245.3 million as of December 31, 2015.
- County Bank Corp. will issue 0.90 shares of its common stock in exchange for each of the 741,900 outstanding shares of Capac Bancorp, Inc. Based on the February 16, 2016 market price of County Bank Corp. of $30.00 per share, the transaction is valued at $27.00 per share or approximately $20.0 million in aggregate.
- CSB Bank will be merged into Lapeer County Bank & Trust Company and the newly combined entity will be renamed. The new bank’s headquarters will be in Lapeer. Going forward, Bruce Cady will be CEO and Chairman and Mike Burke will be President of the organization.
- With over $560 million in assets, the combined bank will be the 16th largest in the state of Michigan.
- Boenning is serving as financial advisor and issued a fairness opinion to County Bank Corp.