Emclaire Financial Corp Announces Completion of its Acquisition of Northern Hancock Bank and Trust Co.
October 02 2017 - 8:00AM
Emclaire Financial Corp (NASDAQ:EMCF) (Emclaire), the parent
holding company of The Farmers National Bank of Emlenton (Farmers
National), announced today that, as of September 30, 2017, they
have completed the acquisition of Northern Hancock Bank and Trust
Co., Newell, West Virginia (Northern Hancock).
The transaction has expanded Emclaire’s
franchise into Hancock County, West Virginia and increased
Emclaire’s consolidated total assets and total deposits to
approximately $750 million and $629 million, respectively. The
merger is expected to be immediately accretive to Emclaire’s
earnings for the remainder of 2017, excluding one-time charges, and
6% accretive to 2018 earnings and higher in future years. No
additional capital was needed to complete the transaction and
Emclaire and Farmers National remain “well-capitalized”
institutions for regulatory purposes.
William C. Marsh, Chairman, President and Chief
Executive Officer of Emclaire and Farmers National, stated, “We are
pleased to welcome all Northern Hancock depositors and customers to
the Emclaire family. We are excited to expand our franchise into
the upper panhandle of West Virginia and look forward to building
upon and enhancing the customer relationships that Northern Hancock
developed over the years. We believe we can provide Northern
Hancock customers with a broader array of banking services,
including expanded commercial and consumer lending capabilities and
a more robust array of depository products and services. The
acquisition of Northern Hancock, near the proposed Shell cracker
plant in adjacent Beaver County, along with the recent opening of
our new full-service banking office in Aspinwall, Pennsylvania (a
Pittsburgh suburb) reflects our strategy to profitably grow our
banking franchise in desirable contiguous markets.”
Mark A. Mangano, President and Chief Executive
Officer of Northern Hancock, said, “We are pleased to have joined
forces with Emclaire and Farmers National. We are excited about the
new products and services that will be available to our
customers.”
Silver, Freedman, Taff & Tiernan LLP,
Washington, DC acted as legal counsel to Emclaire in the
transaction. Keevican, Weiss, Bauerle & Hirsh, LLC, Pittsburgh,
Pennsylvania acted as legal counsel and Renaissance Partners, LLC
acted as financial advisor to Northern Hancock.
About Emclaire Financial
Corp
Emclaire Financial Corp is the parent company of
The Farmers National Bank of Emlenton, an independent, nationally
chartered, FDIC-insured community bank headquartered in Emlenton,
Pennsylvania, operating 18 full service offices in Pittsburgh and
in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson
and Mercer counties, Pennsylvania as well as Hancock county, West
Virginia. Emclaire’s common stock is quoted on and traded through
the NASDAQ Capital Market under the symbol “EMCF”. For more
information, visit Emclaire’s website at
“www.emclairefinancial.com”.
Forward-looking Statements:
This release contains certain forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements do not relate strictly to historical or
current facts. Forward-looking statements reflect management’s
current views and estimates of future economic circumstances,
industry conditions, company performance and financial results.
They often include the words “believe,” “expect,” “anticipate,”
“intend,” “plan,” “estimate” or words of similar meaning, or future
or conditional verbs such as “will,” “would,” “should,” “could” or
“may.” Forward-looking statements, by their nature, are subject to
risks and uncertainties. A number of factors - many of which are
beyond our control - could cause actual conditions, events or
results to differ significantly from those described in the
forward-looking statements. Forward-looking statements regarding
the transaction are based upon currently available information.
Actual results could differ materially from
those indicated in forward-looking statements. Among other factors,
actual results may differ from those described in forward-looking
statements due to: the anticipated benefits from the proposed
transaction are not realized in the time frame anticipated or at
all as a result of changes in general economic and market
conditions, interest rates, laws and regulations and their
enforcement, and the degree of competition in our markets; the
ability to promptly and effectively integrate the businesses of the
companies; the reaction of the companies' customers to the
transaction; diversion of management time on merger-related issues;
changes in asset quality and credit risk; the inability to sustain
revenue and earnings; and competitive conditions.
Emclaire’s Annual Report on Form 10-K and other
reports filed with the SEC describe some additional factors which
could cause actual conditions, events or results to differ
significantly from those described in forward-looking
statements.
Forward-looking statements speak only as of the
date they are made. Copies of Emclaire’s reports filed with the SEC
are available in the Financial Information section of Emclaire’s
website, www.emclairefinancial.com. We do not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made or to
reflect the occurrence of unanticipated events.
CONTACT:William C.
MarshChairman, President andChief Executive OfficerEmclaire
Financial CorpPhone: (844) 800-2193Email:
investor.relations@farmersnb.com
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