Mchenry Bancorp Transaction Update

Rhea-AI Summary

McHenry Bancorp, Inc. (MCHN) held a Special Shareholder Meeting to vote on the sale of assets and liabilities to Michigan State Federal Credit Union. The approval was granted, and the dissolution of the company is pending regulatory approvals for a late 1Q24 transaction.

MCHENRY, IL / ACCESSWIRE / March 26, 2024 / McHenry Bancorp, Inc. (OTC PINK:MCHN) held a Special Shareholder Meeting on February 13, 2024, to vote on the sale of substantially all of the assets and assumption of substantially all of the liabilities of its subsidiary, McHenry Savings Bank, to Michigan State Federal Credit Union (MSUFCU) according to the terms of a previously announced Purchase & Assumption (P&A) Agreement, and to approve the subsequent dissolution of the Company upon the resolution of all its obligations. Both resolutions were approved as presented.

As for timing, the parties have worked diligently toward the previously disclosed expectation of a late 1Q24 transaction timeline, subject to the receipt of regulatory approvals. As of today, such approvals have not yet been received, although we know of no issues or concerns delaying the approval process. Upon receipt of final approvals, there are some customer notices that require 30 days' notice before closing of the P&A Agreement. We would expect to close the P&A at the month-end following that 30 day notice period, and believe we are in a good position to do so.

Please feel free to call either Doug Howe (EVP & CFO) at 815/331-6488 or me at 815/331-6487 with any questions.

SOURCE: McHenry Bancorp Inc

View the original press release on accesswire.com

FAQ

What was the purpose of McHenry Bancorp, Inc.'s Special Shareholder Meeting?

The purpose was to vote on the sale of assets and liabilities of its subsidiary, McHenry Savings Bank, to Michigan State Federal Credit Union.

Was the sale of assets and liabilities approved?

Yes, both resolutions regarding the sale were approved as presented.

What is the expected timeline for the transaction?

The expectation is a late 1Q24 transaction timeline, subject to the receipt of regulatory approvals.

Who are the parties involved in the transaction?

McHenry Bancorp, Inc., McHenry Savings Bank, and Michigan State Federal Credit Union are involved in the transaction.

Who can be contacted for further information?

Doug Howe (EVP & CFO) at 815/331-6488 or the company at 815/331-6487 can be contacted for further information.