Nuestro Banco acquired by Four Oaks

Posted May 7, 2009 at 2:49 pm and filed under Headlines.

Staff Reports

Nuestro Banco and Four Oaks Fincorp, the holding company for Four Oaks Bank & Trust Company, announced Thursday, April 30 the merger of Nuestro into Four Oaks. The total transaction value is approximately $2.7 million.

Under the terms of the agreement, Nuestro’s shareholders will receive 0.2697 shares of Four Oaks Fincorp common stock for each share of outstanding Nuestro capital stock. The transaction has been approved by the boards of directors of both companies and is subject to the approval of Nuestro’s shareholders and regulatory agencies.

Nuestro is a commercial bank with total assets of approximately $16.8 million and total deposits of approximately $7.6 million as of Dec. 31. It operates one full-service branch focused on serving the local Hispanic community. 

The transaction is expected to close during the third quarter of 2009.

Related articles:

Print This Print This
You can follow any responses to this entry through the RSS 2.0. You can leave a response by filling out the following comment form, or trackback to this entry from your site

Leave a Reply

Comments are subject to moderation. Remarks that are rude, unrelated, or otherwise inappropriate will be removed.