Stock Monitor: Stewardship Financial Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 30, 2018 / If you want access to our free research report on Emclaire Financial Corp. (NASDAQ: EMCF) ("Emclaire"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EMCF as the Company's latest news hit the wire. On May 25, 2018, the Company announced that it has signed an agreement to acquire Community First Bancorp, Inc. Emclaire is the parent Company of The Farmers National Bank of Emlenton ("Farmers National"), while Community First Bancorp, Inc. ("Community") is the holding Company for Community First Bank. The cash plus stock deal is valued at approximately $17 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Terms of the Deal
As per the terms of the merger agreement, Emclaire has agreed to pay 1.2008 Emclaire shares plus $6.95 in cash for each Community share. The transaction is valued at approximately $17 million. The agreement also provides that for each share of preferred stock of Community First Bank will be exchanged with preferred shares of Emclaire. The deal has been approved by the Board of Directors of both Emclaire and Community. Once the transaction is completed, Community will merge into Emclaire followed by the merger of Community First Bank into Farmers National.
The deal is expected to close in Q4 2018, subject to approvals from banking regulatory authorities, shareholders of both Companies, and other closing conditions. All the directors and executive officers of Community have signed voting agreements with Emclaire, agreeing to vote in favor of the deal. Once the transaction is completed, Henry H. Deible, President and Chief Executive Officer (CEO), and Henry H. Deible, II, Director of Community, will join the Boards of Emclaire and Farmers National as Directors.
Commenting on the acquisition, William C. Marsh, Chairman, President, and CEO of Emclaire and Farmers National, said:
"This transaction strengthens our market position in Clarion and Jefferson counties and reflects our strategy to develop business within our market areas while we continue to seize on opportunities for future expansion. Community has an attractive balance sheet and strong customer relationships. (…) This partnership with Community First is a positive milestone in attaining our vision of becoming a community bank with over $1 billion in assets and enhances the value of our banking franchise by getting closer to a market capitalization of over $100 million."
Henry H. Deible added:
"We are excited to be joining Emclaire and Farmers National and believe that the combination will benefit our shareholders, customers, and the communities we serve."
Benefits of the Deal
The acquisition is expected to be accretive to Emclaire's earnings per share (EPS) within the first full year of operations after the closing of the deal. This excludes the one-time expenses related to the cost of acquisition.
As on March 31, 2018, Emclaire had approximately $755.8 million in consolidated assets; $666.7 million of deposits; $584.5 million of net loans; and $58.9 million as shareholders' equity. Comparatively, in the same period, Community had approximately $130.6 million in assets; $106.6 million of deposits; $112.8 million of net loans; and $13.3 million in total equity. Once the merger is complete, the merged bank will have total assets valued at approximately $900 million, while Emclaire's market capitalization will increase to over $90 million.
The merged bank will offer banking services in 20 locations across Western Pennsylvania and in Hancock County, West Virginia. The deal expands Emclaire's footprint and customer base in Clarion and Jefferson counties in Pennsylvania.
About Community First Bancorp, Inc.
Walhalla, South Carolina-based Community is the parent Company for Reynoldsville, Pennsylvania-based Community First Bank. Community First Bank operates four offices located in Reynoldsville, Sykesville, Punxsutawney, and Clarion, Pennsylvania; and a Loan Production Office (LPO) at DuBois, Pennsylvania.
About Emclaire Financial Corp.
Emlenton, Pennsylvania-based Emclaire is a publicly-traded corporation and bank holding Company, which provides a wide range of retail and commercial financial products and services to customers in western Pennsylvania, through its wholly-owned subsidiary bank, the Farmers National Bank of Emlenton. Emclaire also invests in the US Government, municipal, mortgage-backed, and corporate marketable securities primarily through its subsidiary bank.
Farmers National is headquartered in Emlenton, Pennsylvania, and has 17 full service offices across Venango, Allegheny, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson, and Mercer counties, Pennsylvania; and Hancock County, West Virginia.
Stock Performance Snapshot
May 29, 2018 - At Tuesday's closing bell, Emclaire Financial's stock slightly fell 0.88%, ending the trading session at $34.75.
Volume traded for the day: 1.05 thousand shares.
Stock performance in the last month – up 4.02%; previous three-month period – up 5.33%; past twelve-month period – up 44.07%; and year-to-date - up 14.50%
After yesterday's close, Emclaire Financial's market cap was at $77.15 million.
Price to Earnings (P/E) ratio was at 14.16.
The stock has a dividend yield of 3.22%.
The stock is part of the Financial sector, categorized under the Regional - Northeast Banks industry.
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