Tuesday's Internet Edition, July 08, 2008.
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“We are dedicated through the merger with Elgin to continue to serve the community and our customers with personal attention and integrity in Central Texas,” said Anthony Nocella, president and chief executive officer of Franklin Bank.
Mike Davis, president and chief executive officer of Elgin, said, “We are extremely pleased to partner with Franklin Bank where we will have greater recognition, visibility and financial flexibility with which to serve our customers, employees and communities.”
Under the terms of the merger agreement, which was approved by both companies’ boards of directors, shareholders of Elgin would receive aggregate consideration estimated at approximately $23.4 million, fifty percent in cash and fifty percent in shares of Franklin common stock. The transaction is expected to be tax free to Elgin shareholders to the extent they receive shares of Franklin stock. Franklin expects to complete the transaction, which is subject to approval by the shareholders of Elgin, regulatory approvals and other conditions set forth in the merger agreement, in the second quarter of 2005.
As of September 30, 2004, Elgin had approximately $82.8 million in assets, $71.8 million in deposits and $10.5 million in stockholders’ equity.
Franklin Bank operates 23 community-banking offices throughout Texas, 14 in the East Texas market and 8 in the Central Texas market.