Evans Bancorp is a financial holding company and the parent company of Evans Bank, a commercial bank with $1.5 billion in assets and $1.3 billion in deposits at March 31, 20
Evans Bancorp completes acquisition of FSB Bancorp. (Credit: Gerd Altmann from Pixabay.)
Evans Bancorp, Inc. (“Evans”) (NYSE American: EVBN), parent company of Evans Bank, N.A. (“Evans Bank”), announced the completion of its acquisition of FSB Bancorp, Inc. (“FSB”) and its primary subsidiary, Fairport Savings Bank (“Fairport”). This transaction strengthens Evans’ presence in the Western New York region.
Under the terms of the merger agreement, FSB stockholders received, at the election of the holder, for each share of common stock, par value $0.01, of FSB either (i) $17.80 in cash or (ii) 0.4394 share of common stock, par value $0.50, of Evans, subject to the allocation and proration procedures contained in the merger agreement.
“The acquisition of FSB advances our growth objectives and strategy by expanding our geographic footprint into a nearby MSA and leveraging the scale of our combined organization to diversify our client base,” said David J. Nasca, President and CEO of Evans. “We are very excited to welcome the talented team members of FSB and to continue to provide customers with the relationship service they know and desire.”
In accordance with the merger agreement, Kevin D. Maroney has been appointed to the Board of Directors of Evans. Mr. Maroney, 62, has served as FSB’s Chief Executive Officer since January 2018 and as President and a director since 2017. Mr. Maroney first joined Fairport in 2004 and has served in a number of executive and senior management roles, including as its Chief Financial Officer and Chief Operating Officer, positions he held from 2004 to October 2017.
Based on financial information reported as of December 31, 2019, the combined company would have total assets of approximately $1.85 billion, deposits of approximately $1.56 billion and loans of approximately $1.50 billion. Fairport customer relationships will continue business as usual until the banks’ systems are integrated and Fairport banking offices are rebranded as Evans Bank, which is anticipated to occur in August 2020.
Source: Company Press Release