New Horizon Bank and CSBH LLC announce merger
CSBH LLC and New Horizon Bank, N.A. announced the signing of a definitive merger agreement, pursuant to which New Horizon would become a wholly-owned subsidiary of CSBH.
Per the terms of the merger agreement, CSBH will acquire all of the outstanding shares of common stock of New Horizon in exchange for cash in the amount of $25.50 per share.
The transaction has been unanimously approved by New Horizon’s board of directors as well as by CSBH’s sole member. The deal is expected to close in the second or early in the third quarter of 2020, subject to the receipt of regulatory approvals and the approval of New Horizon’s shareholders.
“This transaction represents an exceptional opportunity for CSBH to combine with a financially strong and exceptionally well-managed bank possessing a culture and core values similar to ours, as well as the same commitment to build long-term client relationships,” CSBH’s Manager Doug Mitchell said. “Our top priority now is to make sure New Horizon’s clients experience a smooth transition.”
“We are extremely pleased to be able to partner with CSBH, a company who shares our same commitment to community banking.
“Our Board of Directors has expended significant efforts to help determine the best opportunities for our shareholders, customers and employees, and we believe CSBH is the right partner. In addition to increased capital, enhanced technology and other banking services that will improve our product offerings, by partnering with CSBH, our customers will still see familiar faces and know that we will maintain the relationships that have been built over the years,” New Horizon’s President and Chief Executive Officer, Brian Grizzard said.