Agreement Announced for Local Oklahoma Bank to Acquire Guthrie Federal Savings Bank
OKLAHOMA CITY, May 26 /PRNewswire/ -- Local Oklahoma Bank and Guthrie Savings, Inc. (OTC Bulletin Board: GTSV), the parent company of Guthrie Federal Savings Bank, announced today that they have entered into a definitive agreement for Local to acquire the Guthrie-based savings institution.
Each share of Guthrie Savings, Inc. common stock will be purchased for $22.25 in cash. The transaction is subject to stockholder approval by Guthrie shareholders and banking regulatory approval. It is anticipated that the transition will close in the fourth quarter, 1999.
Guthrie Federal Savings Bank, operating under a charter dating to 1906, is a publicly held thrift with total assets of $50 million, deposits of $35 million and shareholders' equity of $7 million.
Bill Cunningham, president of the Guthrie institution said, "We are very pleased to become a part of Local Oklahoma. This move will provide our customers the opportunity to grow with a larger banking entity which offers a broader range of products and services".
Local Oklahoma Bank's chief executive officer, Ed Townsend, also expressed enthusiasm over the pending acquisition. "The acquisition will move Local another step toward its goal of becoming a major participant in Oklahoma's banking industry. Guthrie Federal Savings Bank is a solid institution with a long history of involvement in the business and community life of north central Oklahoma. We will continue with that involvement as part of our company's total commitment to the development of business and banking in this state." |
