RALEIGH, N.C., Nov. 13, 2017 (GLOBE NEWSWIRE) -- West Town Bancorp, Inc. (OTC PINK:WTWB), the multi-bank holding company for West Town Bank & Trust and Sound Bank, released today selected financial information through October 31, 2017, after settlement of all merger consideration for the Sound Banking Company acquisition during the month of October.
Pursuant to the merger agreement, each share of Sound Banking Company common stock was converted upon the effectiveness of the merger into the right to receive either $12.75 in cash or 0.60 shares of West Town voting common stock. Shareholders had the opportunity to elect between West Town common stock, cash or a combination of West Town stock and cash, subject to the limitation that 65% of Sound Banking Company shares would be converted to West Town stock and 35% of shares would be converted to the cash consideration. The election period ended on October 9, 2017, with approximately 83% of Sound Banking Company shareholders making an election (“Electors”). The Electors elected 75.5% stock and 7.5% cash. As a result of the 65% stock limitation, the stock election was prorated using a proration factor of 0.86. The Company issued 698,580 shares of West Town common stock and paid cash consideration totaling $7,996,476 (including cash paid in-lieu of fractional shares) in connection with the acquisition.
About West Town Bancorp, Inc. West Town Bancorp, Inc. is the multi-bank holding company for West Town Bank & Trust, a North Riverside, IL based state-chartered bank and Sound Bank, a Morehead City, NC based state-chartered bank. West Town Bank & Trust provides banking services through its offices in Illinois and North Carolina, while Sound Bank provides banking services through its offices in North Carolina. Primary deposit products are checking, savings, and time certificate accounts, and primary lending products are residential mortgage, commercial, and installment loans. Additionally, both banks engage in mortgage banking activities and, as such, originate and sell one-to-four family residential mortgage loans in multiple states. The Company is registered with, and supervised by, the Federal Reserve. West Town Bank & Trust’s primary regulators are the Illinois Department of Financial and Professional Regulation and the FDIC. Sound Bank’s primary regulators are the North Carolina Commissioner of Banks and the FDIC.
For more information, visit www.westtownbank.com.