Investors Community Bank to be acquired by Grey Mountain Holdings
IFB Holdings, Inc. ("IFB"), the bank holding company for Investors Community Bank, and Grey Mountain Holdings, Inc. ("Grey Mountain") recently announced the signing of an Agreement and Plan of Reorganization under which Grey Mountain would acquire Investors Community Bank in an all cash transaction. Under the terms of the Agreement and Plan of Reorganization, IFB would merge with a wholly-owned subsidiary of Grey Mountain, and each shareholder of IFB would receive cash in exchange for each share of IFB common stock, as well as a cash dividend from IFB of excess capital.
Grey Mountain is a corporation wholly-owned by two investors who have operated successful businesses in central Missouri for several decades. After the acquisition, Investors Community Bank would operate as a subsidiary of Grey Mountain with the same name, location and staffing. The closing of the transaction, which is expected to occur in the third quarter of 2021, is subject to customary closing conditions, including a vote of IFB's shareholders and receipt of regulatory approvals.
Edward Milbank, the Chairman of IFB, said "In structuring this merger, we as a board had three primary objectives: (1) to ensure continuity of employment for the bank staff; (2) to maintain the headquarters of the bank in Chillicothe; (3) to obtain a fair value for our shareholders. We believe that we have accomplished these objectives, and that Investors Community Bank, with its staff, will be positioned not only to continue serving the area, but even more, will be in a position to expand its services to present and to future customers, and, at the same time, create additional employment opportunities. We view this merger as the next logical step in the continued future success and growth of the bank."
Rodney Bax, President of Grey Mountain, stated, "We are excited for the opportunity to acquire a well-managed bank with a deep history dedicated to the economic vitality of Chillicothe and the Livingston County area communities. We look forward to serving Investors Community Bank's customers and the surrounding communities with the same staff they have come to know and trust. Our business plan is certain to drive growth for the bank through expansion of the customer base in strategic niche industries."
Investors Community Bank is a Missouri state-chartered bank, with one location in Chillicothe, MO. As of December 31, 2020, it had approximately $79 million in assets, $26 million in loans, $66 million in deposits and $11 million in shareholders' equity. Investors Community Bank was originally chartered in 1934 as Chillicothe Federal Savings and Loan Association, and later converted from a mutual to stock savings association, then converted to a national bank, and in 2014 converted to a Missouri bank. For additional information, please visit https://my-investors.com .