Quarry City Savings and Loan Association and Community Bancorp, Inc. and Community National Bank & Trust Announce Expected Final Merger Consideration and Expected Closing Date of Merger

Rhea-AI Summary

Community Bancorp and Quarry City Savings and Loan Association have received regulatory and shareholder approvals for their merger, set to finalize on September 23, 2022. Shareholders of Quarry City will receive $25.36 per share in cash, with payments expected to start on September 26, 2022. The merger aims to strengthen Community’s market presence, leveraging Quarry City’s established operations in Warrensburg, Missouri. The transaction highlights the strategic alignment of both entities to enhance service offerings across Kansas, Missouri, and Oklahoma.

Positive

• Regulatory and shareholder approvals secured for merger.
• Shareholders to receive $25.36 per share, providing immediate liquidity.
• Merger expected to strengthen market presence and service offerings.

Negative

• None.

CHANUTE, Kan. and WARRENSBURG, Mo., Sept. 20, 2022 /PRNewswire/ -- Community Bancorp, Inc., the bank holding company of Community National Bank & Trust, a national bank with its principal office in Chanute, Kansas (collectively, "Community"), and Quarry City Savings and Loan Association ("Quarry City") (OTC Expert Market: "QRRY"), a Missouri savings association headquartered in Warrensburg, Missouri, today announced that they have received all required regulatory approvals to consummate the merger of Quarry City with and into Community. Additionally, Quarry City has received the required approval of its shareholders.  Accordingly, the merger is expected to be consummated as of the close of business on September 23, 2022.

The transaction is expected to result in the payment of $25.36 per share in cash to the shareholders of Quarry City.  It is expected that the exchange agent, Computershare Trust Company, N.A. ("Computershare"), will commence the payment of the merger consideration to the stockholders of  Quarry City on or about September 26, 2022. Shareholders of Quarry City who have questions about receipt of the merger consideration should contact Computershare at (800) 546-5141.

Quarry City was advised by The Capital Corporation as financial advisor and Luse Gorman, PC as legal counsel.  Community National was advised by Minter & Pollak, LC.

About Community Bancorp and Community National

Community National Bank & Trust is a community bank, headquartered in Chanute, Kansas with 39 locations in Kansas, Missouri and Oklahoma. Community National Bank & Trust offers a wide array of unique checking account products, internet and mobile banking, savings, diversified lending in residential, agricultural, commercial, and consumer lending, leasing, commercial cash management and trust services. 

About Quarry City Savings and Loan Association

Quarry City is a Missouri-chartered savings association which offers financial services to individuals, families and businesses through its full-service office located in Warrensburg, Missouri, which is the County Seat of Johnson County, located in west central Missouri. Quarry City has operated continuously in Warrensburg, Missouri since its founding in 1890.

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SOURCE Quarry City Savings & Loan

FAQ

What is the merger date for Quarry City Savings and Loan Association and Community Bancorp?

The merger is expected to be consummated on September 23, 2022.

How much will shareholders receive from the Quarry City merger?

Shareholders will receive $25.36 per share in cash.

When will the payment for the Quarry City merger start?

Payments to shareholders are expected to commence on or about September 26, 2022.

What regulatory approvals were obtained for the QRRY merger?

All required regulatory approvals for the merger have been received.

Who advised Quarry City during the merger process?

Quarry City was advised by The Capital Corporation as financial advisor and Luse Gorman, PC as legal counsel.