WORTHINGTON, Ohio and MINERVA, Ohio, Dec. 29, 2020 /PRNewswire/ — CFBank, National Association (“CFBank”) and Consumers National Bank (“Consumers”) have announced the signing of a branch purchase and assumption agreement pursuant to which Consumers will acquire the Wellsville, Ohio drive-up branch and the Calcutta, Ohio branch of CFBank.
The purchase and assumption agreement provides for the transfer by CFBank to Consumers of the land, buildings and other associated assets of the two branches, approximately $100 million in deposits, and certain loans and other interest earning assets. In exchange, Consumers will pay to CFBank the net book value of the land, building and associated assets of the branches, the par value of the earning assets, and a deposit premium equal to 1.75% of the average daily deposits for the 30 days preceding closing.
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