September 16, 2019 - 9:37 AM EDT
M&A Updates: 2 Potentially Interesting Nano Cap Bank Acquisitions


M&A Updates: 2 Potentially Interesting Nano Cap Bank Acquisitions

Further two situations are very similar all cash nano cap ($10m and $35m respectively) bank acquisitions. Both target companies used to be mutual holding companies until the conversion to conventional banks. Aside from being listed in pink sheets and low liquidity, the reason for the spreads might be uncertainty towards the final price of the consideration.

CAFCU - Ben Franklin Bank (BFFI) All Cash Merger

Spread: 10%-14%. Closing: early 2020

Corporate America Family Credit Union (CAFCU) is acquiring pink sheet listed Ben Franklin Bank (BFFI). The price is set at $10.33-$10.70/share

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Source: SeekingAlpha (September 16, 2019 - 9:37 AM EDT)