The consummation of the transaction is subject to customary regulatory and shareholder approvals. The Company will promptly call a special meeting of shareholders to vote on the transaction and will distribute related proxy materials to shareholders in advance of the meeting that contain more detailed information regarding the transaction. All directors and executive officers of the Company have agreed to vote their shares of Company common stock in favor of the transaction. The Company currently anticipates that the transaction will be consummated in the fourth quarter of 2011.Upon the consummation of the transaction, the Company will also conduct a rights offering to existing Company shareholders of up to $10 million of common stock at a price of $16.00 per share.
ECB Bancorp, Inc. Announces $75 Million Private Placement Stock Offering
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.