Summit Bancshares, Inc. Announces Termination of Agreement
OAKLAND, Calif.--(BUSINESS WIRE)--Dec 18, 2019--
The Boards of Directors of Summit Bancshares and its wholly-owned subsidiary Summit Bank, Oakland, California (collectively referred to as “Summit”) today announced the termination of the Agreement and Plan of Merger with Faciam Holdings, Inc. and Faciam Merger, LLC (collectively referred to as “Faciam”) which was entered into between the parties in late November 2018 and amended on October 3, 2019 (the “Agreement”). Pursuant to the terms of the Agreement, Summit was able to terminate the transaction if required governmental approvals for the acquisition by Faciam were not received or likely within the time frames of the Agreement. Summit recently received communication from the FDIC which made clear that the necessary approvals would not be forthcoming within the time frames of the Agreement. In addition Faciam did not make a required deposit required under the terms of the Agreement.
Pursuant to the terms of the Agreement and previously disclosed, Summit converted the Earnest Money Deposit of $1,000,000, which was done in October 2019.
Summit’s Chairman Shirley Nelson stated, “While it is disappointing that the transaction with Faciam could not receive the required governmental approvals within the time frames, Summit continues to have strong financial performance and 2019 has been a very good year for Summit.”
Summit Bancshares, Inc., (OTC Bulletin Board: SMAL) is the parent company of Summit Bank.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191218005827/en/
CONTACT: Shirley W. Nelson
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Summit Bancshares, Inc.
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PUB: 12/18/2019 08:01 PM/DISC: 12/18/2019 08:01 PM