Edition:
United Kingdom

Cambridge Bancorp And Optima Bank & Trust Company To Merge


Wednesday, 5 Dec 2018 

Cambridge Bancorp ::AND OPTIMA BANK & TRUST COMPANY TO MERGE.OPTIMA WILL MERGE WITH AND INTO CAMBRIDGE TRUST IN A STOCK AND CASH TRANSACTION.DEAL FOR $32.00 IN CASH.SAYS ON A PRO FORMA BASIS, TRANSACTION IS EXPECTED TO BE APPROXIMATELY 3.6% ACCRETIVE TO CAMBRIDGE'S 2020 EARNINGS PER SHARE.TRANSACTION IS PRESENTLY VALUED AT APPROXIMATELY $67 MILLION IN AGGREGATE.UNDER TERMS, EACH SHARE OF OPTIMA STOCK TO BE EXCHANGED FOR EITHER 0.3468 SHARES OF CAMBRIDGE COMMON STOCK, OR $32.00 IN CASH.TRANSACTION HAS BEEN APPROVED BY BOARDS OF DIRECTORS OF BOTH COMPANIES.ON PRO FORMA BASIS, DEAL EXPECTED TO BE ABOUT 3.8% DILUTIVE TO TANGIBLE BOOK VALUE PER SHARE WITH EARNBACK PERIOD OF ABOUT 3.4 YEARS..DANIEL MORRISON, CEO OF OPTIMA, WILL JOIN BOARD OF DIRECTORS OF BOTH CAMBRIDGE BANCORP AND CAMBRIDGE TRUST COMPANY. 

Company Quote

80.3
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22 Jul 2019