FCN Banc Corp. (OTCPK:FBVI) entered into a definitive agreement to acquire DSA Financial Corporation (OTCPK:DSFN) for $20.3 million on August 29, 2019. The consideration consists of $13.75 in cash or 0.3819 share of FCN common stock for each share of DSA common stock they hold. Shareholder elections will be subject to adjustment so that at least 40% but in no event more than 50% of the total consideration will be paid with FCN common stock, with the remainder to be paid in cash. Follow the transaction, Dearborn Savings Bank branch may be rebranded under the FCN name and Dearborn Savings Bank will merge with and into FCN Bank. Upon completion of the merger, two Directors from Dearborn Savings Bank will be appointed to FCN's Board. The transaction is subject to customary regulatory approvals and completion of closing conditions. The transaction is expected to close during the first quarter of 2020. As of February 20, 2020, the transaction is expected to close on February 29, 2020.

Capital Market Securities, Inc. acted as financial advisor and SmithAmundsen LLC acted as legal advisor to FCN Banc Corp. Sandler O'Neill + Partners, L.P. acted as financial advisor and fairness opinion provider and Barnes & Thornburg LLP acted as legal advisor to DSA Financial Corporation. Piper Sandler & Co. acted as financial advisor to DSA Financial Corporation.

FCN Banc Corp. (OTCPK:FBVI) completed the acquisition of DSA Financial Corporation (OTCPK:DSFN) on March 1, 2020.