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DMG Bancshares Inc. (“DMG”) and Liberty Bancorp (“Liberty”) (OTCPK: LIBC) jointly announced today, the signing of a definitive merger agreement under which DMG will acquire Liberty in an all-cash transaction with a base consideration of approximately $31.2 million, or $35.19 per Liberty share for all Liberty shareholders. In addition to the base consideration, cash consideration of up to approximately $2.9 million, or $3.31 per Liberty share, for all Liberty shareholders, may become payable to Liberty shareholders at or following the closing depending on the occurrence of certain events.
Liberty’s primary subsidiary, Liberty Bank, was founded in 1982 and serves the business communities of the San Francisco Peninsula and San Lorenzo Valley. Headquartered in South San Francisco, Liberty Bank had $293 million in total assets, $216 million in total loans and $254 million in total deposits as of December 31, 2021.
Following the merger, DMG will have total assets approaching $500 million with four locations operating under the name, Liberty Bank, N.A.
“I am pleased to announce that Liberty has agreed to join DMG to create a stronger combined business banking platform with greater scale,” said Don Griffith, Chairman and Chief Executive Officer of DMG Bancshares, Inc. “Liberty is a respected banking institution which has focused on serving the needs of small and medium sized businesses in the vibrant San Francisco Bay Area economy.” Mr. Griffith continued, “This acquisition adds to our momentum in creating a premier business bank in California. We are eager to welcome the talented employees and loyal customers of Liberty into DMG, and we look forward to our combined success going forward.”
Bruce Farrell, President, Chief Executive Officer & Director of Liberty, added, “We are very excited to join DMG and believe this combination will deliver significant value to our shareholders and great opportunities for our clients and employees. We…
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