Emclaire Financial announces shareholder, regulatory approval of merger
Emclaire Financial and Community First Bancorp announced that the shareholders of Community First approved and adopted the agreement and plan of merger providing for the merger of Community with and into Emclaire at a special meeting of shareholders. In addition, all required regulatory approvals for completion of the merger have been obtained. The merger is expected to be completed on or about October 1, subject to satisfaction of customary closing conditions. Under the terms of the merger agreement, Community First will merge with and into Emclaire and immediately thereafter Community First Bank will merge with and into Farmers National. 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 upon completion of the merger. In addition, each share of preferred stock of Community First Bank will be exchanged for similar shares of preferred stock of Emclaire. Following completion of the merger, the two banking companies will create a bank with approximately $900M 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.