Century Bank to Conduct Conversion Offering and Merge with Liberty Bank, N.A.2007-11-28 03:58:00
Century Bank, Parma, Ohio, announced today that it has entered into a definitive agreement to merge with Liberty Bank, N.A., Beachwood, Ohio. In conjunction with the merger, the Board of Directors of Century Bank has adopted a plan of conversion to convert from the mutual to stock form of organization.Century Commercial Bancorp, Inc. (the "Company") is being organized to facilitate the conversion and offer shares of common stock to depositors of Century Bank as of September 30, 2006, and others in a subscription and community offering. The number and price of the shares to be issued in the conversion offering will be based on an independent appraisal that has yet to be performed.Pursuant to the terms of the merger agreement, Liberty Bank shareholders will receive $45.00 per share, in the form of Company common stock, cash or a combination of cash and stock, subject to the election and proration procedures set forth in the merger agreement requiring that 50% of the Liberty Bank shares w
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