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CrossFirst Bankshares to Acquire Farmers and Stockmens Bank from Central Bancorp.

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Vincent

MANews-(C)2009-2022

Kansas, US-based CrossFirst Bankshares, Inc. (NASDAQ: CFB) has entered a merger agreement with Central Bancorp, Inc. under which CrossFirst Bank (CFB Bank), will acquire Farmers and Stockmens Bank (F and S Bank), a bank subsidiary of Central Bancorp, in an all-cash transaction, the company said.

Under the terms of the merger agreement, F and S shareholders are expected to receive approximately USD 75m in aggregate merger consideration in cash at closing.

The transaction is currently expected to be USD 0.17, or 11.7%, accretive to CrossFirst's earnings per share in 2023, assuming fully phased in cost savings.

The earnings per share accretion estimates are based on anticipated cost savings of 20% of F and S Bank's non-interest expense and do not include any impact due to potential revenue synergies, although opportunities have been identified.

F and S Bank currently has Central Bank and Trust branches in Denver and Colorado Springs and Farmers and Stockmens Bank branches in New Mexico.

Central will retain its wealth management subsidiaries, The Corundum Group and Corundum Trust company.

The combination will bring together complementary banking platforms with management teams that share a commitment to...

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