EMLENTON, Pa., Oct. 01, 2018 (GLOBE NEWSWIRE) -- Emclaire Financial Corp (NASDAQ: EMCF), the parent holding company of The Farmers National Bank of Emlenton, announced today that, as of October 1, 2018, they have completed the acquisition of Community First Bancorp, Inc., Reynoldsville, Pennsylvania, and its banking subsidiary Community First Bank.
The combined companies create a bank with approximately $900 million in total assets providing banking services through 20 locations throughout Western Pennsylvania and in Hancock County, West Virginia. The transaction will strengthen Emclaire’s presence in Clarion and Jefferson counties, Pennsylvania. No additional capital was needed to complete the transaction and Emclaire and Farmers National remain “well-capitalized” institutions for regulatory purposes.
Under the terms of the merger agreement, shareholders of Community First will receive 1.2008 shares of Emclaire common stock and $6.95 in cash for each share of Community First common stock they owned. In addition, each share of preferred stock of Community First Bank will be exchanged for similar shares of preferred stock of Emclaire.
William C. Marsh, Chairman, President and Chief Executive Officer of Emclaire and Farmers National, stated, “We are pleased to welcome all Community First depositors, customers and shareholders to the Emclaire family. We are excited to grow our franchise and look forward to building upon and enhancing the customer relationships that Community First developed over the years. We believe we can provide Community First customers with a broader array of banking services, including expanded commercial and consumer lending capabilities and a more robust array of depository products and services. We welcome Henry H. Deible and Henry H. Deible II to the boards of directors of Emclaire and Farmers National.”
Henry H. Deible, President and Chief Executive Officer of Community First, said, “We are pleased to have joined forces with Emclaire and Farmers National. We are excited about the new products and services that will be available to our customers.”
Silver, Freedman, Taff & Tiernan LLP, Washington, DC acted as legal counsel to Emclaire in the transaction and Raymond James & Associates, Inc. served as financial advisor. Bybel Rutledge LLP, Lemoyne, PA acted as legal counsel and Commonwealth Advisors, Inc. served as financial advisor to Community First.
About Emclaire Financial Corp
Emclaire Financial Corp is the parent company of The Farmers National Bank of Emlenton, an independent, nationally chartered, FDIC-insured community bank headquartered in Emlenton, Pennsylvania, operating 20 full service offices in Venango, Allegheny, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer counties, Pennsylvania and Hancock county, West Virginia. Emclaire’s common stock is quoted on and traded through the NASDAQ Capital Market under the symbol “EMCF”. For more information, visit Emclaire’s website at “www.emclairefinancial.com.”
