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Corporate America Family Credit Union to Acquire Ben Franklin Bank of Illinois in All-Cash Transaction
Thursday 18 July 2019

18 July 2019 - Illinois, US-based Corporate America Family Credit Union (CAFCU) has agreed to acquire the assets and assume the liabilities of Illinois-based Ben Franklin Bank in an all-cash transaction, the company said.

The agreement was between CAFCU and Ben Franklin Financial, Inc. (OTC: BFFI), the holding company for Ben Franklin Bank of Illinois.

Under the terms of the purchase and assumption agreement, Ben Franklin Financial stockholders are currently estimated to receive between USD 10.33 and USD 10.70 in cash consideration for each share of Ben Franklin Financial common stock

The transaction has been unanimously approved by the board of directors of each party and is expected to close in early 2020.

This strategic acquisition will increase CAFCU's total number of branches to 22 and total assets to approximately USD 700m.

This transaction will be the first time that a federal mutual holding company that converted to a stock holding company following the implementation of the Dodd-Frank Act will have its assets and liabilities sold to a credit union.

CAFCU has 80 years of experience serving the financial needs of members, and currently has 20 locations in small towns and major metropolitan areas nationwide, serving 67,000 members.

Ben Franklin Financial, Inc. has been the stock holding company of Ben Franklin Bank of Illinois since January 2015. As of March 31, 2019, Ben Franklin Bank of Illinois operated two bank branches in Arlington Heights and Rolling Meadows, Illinois and had USD 93.2m in assets.
Date Published: 18/07/2019
Target: Ben Franklin Bank
Country: USA
Deal Size: 7m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: Corporate America Family Credit Union
Terms of the deal were not disclosed