Wednesday, July 17, 2019

Corporate America Family CU to Acquire Ben Franklin Financial

Corporate America Family Credit Union (Elgin, IL) has purchased Ben Franklin Financial (Arlington Heights, IL) , the holding company for Ben Franklin Bank of Illinois, in an all-cash transaction.

As of March 31, 2019, Ben Franklin Bank operated two bank branches in Arlington Heights and Rolling Meadows, Illinois and had $93.2 million in assets.

Under the terms of the purchase and assumption agreement, Ben Franklin Financial stockholders are currently estimated to receive between $10.33 and $10.70 in cash consideration for each share of Ben Franklin Financial common stock.

The transaction has been unanimously approved by the board of directors of each party and is expected to close in early 2020, subject to customary closing conditions, the approval of Ben Franklin Financial stockholders, regulatory approvals, and if required, approval of the depositors of Ben Franklin Bank.

This is the third Illinois bank to be acquired by a credit union.

Read the press release.

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