Community First Bancorporation, Seneca, SC (“Community First”) (OTC PINK:CFOK), the parent company of Community First Bank, and SFB Bancorp, Inc., Elizabethton, Tennessee (“SFB”) (OTC: SFBK), the parent company of Security Federal Bank, jointly announced on Friday, October 9, 2020 the signing of a definitive agreement for Community First to acquire SFB in a cash transaction.
The combined company will have approximately $575 million of assets and 12 offices serving South Carolina, North Carolina and Tennessee. The transaction was unanimously approved by the Board of Directors of each company. It is expected to close in the first quarter of 2021, subject to approvals from federal and state bank regulatory agencies and SFB’s shareholders.
SFB’s shareholders will receive cash of approximately $8.3 million or $33.00 for each share of common stock held by them.
