Community Banking: Evans Bancorp to Buy FSB Bancorp
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.
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