LAKE HAVASU CITY, Ariz., June 15, 2016 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCQB:SBAZ), the holding company for Mohave State Bank, and Country Bank, announced today that all necessary shareholder and regulatory approvals have been received for the merger of Country Bank with and into Mohave State Bank. It is anticipated that the merger will be effective on or about July 31, 2016.
State Bank Corp. and Country Bank also announced today that they have extended the deadline for Country Bank shareholders to elect the form of merger consideration they wish to receive in connection with the merger to 5:00 p.m., Mountain Time, on July 15, 2016 (the “Election Deadline”). As previously announced, Country Bank shareholders can elect, for each share of Country Bank common stock held, either cash, State Bank Corp. common stock, or a mix of cash and State Bank Corp. common stock, according to the terms set forth in the merger agreement. Elections may be subject to proration. In order for an election to be effective, the exchange agent, Computershare Trust Company, N.A., must receive a properly completed Election Form and Letter of Transmittal prior to the Election Deadline. Country Bank shareholders who have already submitted a completed Election Form and Letter of Transmittal do not need to take any action on account of this extension unless they wish to change their consideration election. In that case, a shareholder may withdraw such submission and resubmit a new Election Form and Letter of Transmittal to the exchange agent prior to the Election Deadline. Copies of the Election Form and Letter of Transmittal and a proxy statement/prospectus were previously mailed to Country Bank shareholders and contain additional information regarding the transaction and making a consideration election. Country Bank shareholders are urged to carefully review the proxy statement/prospectus and the other materials included therein. This information has not changed and is not otherwise modified by this extension of the Election Deadline.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding the closing of the proposed merger. State Bank Corp. intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in these provisions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. State Bank Corp. cautions you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. These risks and uncertainties include, but are not limited to, the ability of State Bank Corp. and Country Bank to satisfy the customary closing conditions for completion of the merger within the timeframe described above.
About State Bank Corp.
State Bank Corp., headquartered in Lake Havasu City, Arizona, is the parent company of Mohave State Bank, the largest locally-owned bank in Mohave County. Mohave State Bank is a full-service bank providing deposit and loan products, and convenient on-line banking to individuals, businesses and professionals. The Bank was established in October 1991, and the holding company was formed in 2004. The Bank has five full-service branches: two in Lake Havasu City, two in Kingman, and one in Bullhead City, Arizona. The Company is traded over-the-counter with ticker SBAZ. For further information, please visit the web site: www.mohavestbank.com.
About Country Bank
Country Bank, the Prescott area’s only locally owned and operated bank, opened in February of 2003 after realizing the desire of numerous community members for a bank with local decision making, staffed with experienced bankers. Country Bank is a full service bank, offering commercial, consumer and residential mortgage lending along with a wide variety of services and deposit accounts.
Contact: Brian M. Riley, President & CEO Craig Wenner, EVP & CFO 928 855 0000 www.mohavestbank.com
Source:State Bank Corp.