Greene County buying Civitas BankGroup |
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Published
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Fri, 26 Jan 2007 16:37
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GREENEVILLE, Tenn. (AFX) - Regional banker Greene County Bancshares Inc. has agreed to purchase Civitas BankGroup Inc. for $164.3 million in cash and stock.Under terms of the deal, Civitas shareholders will receive 0.2674 shares of Greene County stock or $10.25 in cash for each share of Civitas. The transaction, which will be 30 percent in cash and 70 percent in Greene County stock, has a total value of $10 per share of Civitas stock.Civitas' stock gained $1.78, or 22.3 percent, to $9.78 in early Friday trading on the Nasdaq. The company listed on the Nasdaq in July.The new $2.7 billion bank holding company will use the Greene County Bancshares name.The acquisition has been approved by the boards of both companies.The deal is expected to close during the second quarter, subject to shareholder approval at both companies, regulatory approval and other customary closing conditions.Shares of Greene County fell 32 cents to $36.35 in morning trading on the Nasdaq Stock Market.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Greene County Bancorp sets dividend 