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Noah Bank Receives Buyout Bid from New Millennium Bank.

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Vincent

MANews-(C)2009-2022

Pennsylvania, US-based community bank Noah Bank's board of directors has received a non-binding acquisition proposal from New Millennium Bank, the company said.

The proposed acquisition would be consummated by merging Noah Bank with and into NMB, with NMB surviving, and all of the issued and outstanding shares of common stock of Noah Bank would be canceled in exchange for the right to receive cash merger consideration.

The proposed NMB maximum per share merger consideration is USD 6.95, subject to a number of potential purchase price adjustments.

The various potential purchase price adjustments make it impossible for the Noah Bank board of directors to determine at this time the final proposed purchase price.

The NMB proposal is not binding and is subject to several conditions, including the closing of a funding of capital by the US Department of Treasury into NMB, a due diligence investigation of Noah Bank by NMB, the negotiation and execution of a definitive acquisition agreement, the receipt of all requisite regulatory approvals and the approval of Noah Bank's shareholders.

On April 15, 2021, after careful consideration of the best interests of Noah Bank and its stakeholders, Noah Bank entered into a stock purchase agreement with an investor group with respect to the issuance to the investor group of an aggregate of 6,666,666.667 shares of authorized but unissued Noah Bank common stock for total consideration...

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