MCKENNEY, Va., Nov. 3, 2017 /PRNewswire/ -- Bank of McKenney (the "Bank" or "McKenney") (OTC Pink: BOMK) announced the results of voting at the Bank's special meeting of shareholders held November 2, 2017. Shareholders of the Bank approved the previously announced proposed merger with CCB Bankshares, Inc. ("CCB") (OTC Pink: CZYB), parent company of Citizens Community Bank. Upon the merger, Bank of McKenney will change its name to Touchstone Bank.
Shareholders owning a total of 1,277,866 shares voted at the meeting. A total of 1,219,137 shares, representing 95.67% of the votes cast, voted in favor of the merger, 55,075 shares voted against the merger and shareholders holding 3,654 shares abstained. In addition to approval of the merger, Bank of McKenney shareholders approved proposals to change the name of the Bank to Touchstone Bank, increase the authorized shares of common stock to 10,000,000 and stagger the terms for directors.
"We are very pleased with the support our shareholders provided for our proposed merger with Citizens Community Bank," said Richard Liles, President and CEO of the Bank. "We look forward to this combination of two successful community banks as we create a stronger, market-leading bank for our customers, shareholders and employees. Touchstone Bank will become the standard for quality as we take this exciting next step in our future."
Subject to customary closing conditions, the merger of CCB Bankshares, Inc. and Citizens Community Bank with and into Bank of McKenney will occur after the close of business on November 10, 2017. After the merger, the Bank will open for business as Touchstone Bank on Monday, November 13, 2017. The combined bank is expected to have approximately $449 million in assets, $339 million in loans and $392 million in deposits based on reported financial information as of September 30, 2017. It will be headquartered in Prince George County, Virginia in a facility that will consolidate management and operations now housed in five different locations. There will be 13 full-service offices and one loan production office located in southeastern Virginia and northern North Carolina.
Additional Information and Where to Find It
Information regarding the pending merger may be obtained by directing a request by telephone or mail to Bank of McKenney, P.O. Box 370, McKenney, Virginia 23872, (804) 478-4434, or by accessing the McKenney website: http://www.bankofmckenney.com under "Investor Relations." Information on McKenney's website is not, and shall not be deemed to be, a part of this release.
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. These include statements as to the anticipated benefits of the merger, including future financial and operating results, cost savings and enhanced revenues that may be realized from the merger as well as other statements of expectations regarding the merger and any other statements regarding future results or expectations. Each of McKenney and CCB intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The companies' respective abilities to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material effect on the operations and future prospects of each of McKenney and CCB, and the resulting company, include but are not limited to: the businesses of McKenney and CCB may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected timeframe; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or costly than expected; changes in interest rates, general economic and business conditions; legislative/regulatory changes; the monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the companies' respective market areas; the companies' respective implementation of new technologies and their ability to develop and maintain secure and reliable electronic systems; changes in the securities markets; and changes in accounting principles, policies and guidelines. McKenney undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Bank of McKenney