Commercial National Financial Corporation acquired Capital Directions, Inc. for approximately $14 million.
January 31, 2016
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Commercial National Financial Corporation (OTCPK:CEFC) entered into a definitive agreement to acquire Capital Directions, Inc. for approximately $14 million on June 16, 2016. Under the terms of agreement, Commercial National Financial Corporation will acquire Capital Directions, Inc. for $36.07 per share. Capital Directions, Inc. shareholders will have the option of electing consideration in cash or Commercial National Financial Corporation common stock, subject to 50% of Capital Directions, Inc. shares being exchanged for cash. Upon Closing, Mason State Bank, a unit of Capital Directions, Inc., will be merged into Commercial Bank, a unit of Commercial National Financial Corporation. Timothy Gaylord, President, Chief Executive Officer and Director of Capital Directions, Inc. and Mason State Bank, will join the Commercial National Financial Corporation and Commercial Bank Boards upon completion. The transaction is subject to receipt of regulatory approval and satisfaction of other customary closing conditions including Capital Directions, Inc. shareholders approvals. The deal is expected to close in the fourth quarter of 2016. The transaction is expected to be accretive to the earnings per share of Commercial National Financial Corporation in the first full year of operations. Boenning & Scattergood, Inc. acted as financial advisor and Foster Swift Collins & Smith PC acted as legal advisor for Commercial National Financial Corporation. Donnelly Penman & Partners acted as financial advisor and Howard & Howard acted as legal advisor for Capital Directions, Inc.
Commercial National Financial Corporation (OTCPK:CEFC) completed the acquisition of Capital Directions, Inc. on January 1, 2017.
Commercial National Financial Corporation (CNFC) is a one-bank holding company, which operates through its subsidiary, Commercial Bank (the Bank). The Bank provides a full range of banking services to individuals, agricultural businesses, commercial businesses and light industries located in its service area. It maintains a diversified loan portfolio, including loans to individuals for home mortgages, automobiles and personal expenditures, and loans to business enterprises for current operations and expansion. The Bank generally requires collateral for all loans. The Bank offers a variety of deposit products, including checking, savings, individual retirement accounts and certificates of deposit. The principal markets for the Bank's financial services are the Michigan communities, in which the Bank is located and the areas immediately surrounding these communities. The Bank has approximately 11 offices located in Barry, Gratiot, Ingham, Kent and Montcalm Counties in Michigan.