Community Banking: Evans Bancorp to Buy FSB Bancorp

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A 47% gain for Banking on Profits readers

Evans Bancorp announced this week plans to purchase FSB Bancorp (FSBC) for approximately $34.7 million.

The price of $17.80 per share for FSB Bancorp will be paid 50% in cash and 50% in the stock.

The transaction is subject regulatory and shareholder approval and is expected to close in the second quartered 2020.

“FSB has a long-established presence and respected legacy in an attractive market. By combining our organizations, we are advancing our growth objectives and strategy to build the premier community financial institution in the markets we serve by expanding our geographic footprint and diversifying our client base. Expanding to Rochester had been prioritized as part of our strategic planning and is accelerated by this opportunity. We are very excited to welcome the team members of FSB and to continue to provide customers with the relationship service they know and desire,” David J. Nasca, President and CEO of Evans Bancorp said.

The combined company will have 20 financial centers with approximately $1.8 billion in total assets, $1.5 billion in total deposits and $1.5 billion in total loans.

Evans Bancorp: Community Banking Takeover No. 11

Members of the Banking on Profits Newsletter originally purchased shares of FSB Bancorp at $17.06 and had a total return of 47% on their investment. We want to give you gains like this too.

As we enter 2020, we are giving away access to the Daily Alts Community Banking Letter for a limited time.

Authored by Tim Melvin, one of the world’s top community banking analysts, this newsletter contains monthly insight into the community banking space and a portfolio of stocks that are ripe for acquisition in 2020.

Sign up, right here. You’ll start receiving your free subscription through March.

Related: Community Banking: Cambridge Financial Group Will Buy Melrose Bancorp

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