CLAWSON, MI / ACCESSWIRE / July 19, 2019 / McQueenFinancial Advisors ("McQueen Financial") is excited to announce its most recent deal as advisor to Corporate America Family Credit Union ("CAFCU"), Elgin, Illinois, in acquiring Ben Franklin Bank of Illinois, Arlington Heights, Illinois, and its parent company, Ben Franklin Financial Inc., in an all-cash transaction. Ben Franklin Bank operates two bank branches in Rolling Meadows and Arlington Heights, Illinois, with $93.2 million in assets as of March 31, 2019. This acquisition increases CAFCU's total number of branches to 22 and total assets to approximately $700 million.
Since the implementation of the Dodd-Frank Act, this transaction is the first where a federal mutual holding company which converted to a stockholding company will have its assets and liabilities sold to a credit union.
Under the terms of the deal, which is expected to close in early 2020, Ben Franklin Financial stockholders are estimated to receive between $10.33 and $10.70 in cash for each share of Ben Franklin common stock. The per-share consideration is subject to significant variation based on various factors, including a minimum equity target to be met by Ben Franklin Bank at closing, and the regulatory treatment of the liquidation accounts maintained. Both parties' boards of directors unanimously approved the transaction.
Peter Paulson, president and CEO of CAFCU, stated, "Corporate America Family Credit Union (CAFCU) provides members with the tools, resources and expertise to empower financial success. Our mission is to make a meaningful difference in the financial lives of our members. We are looking forward to the acquisition of Ben Franklin Bank and feel this will be an excellent opportunity to provide even more individuals with the products and services CAFCU offers in furthering financial goals and dreams."
McQueen Financial is the nationwide leading financial adviser on credit union-bank deals. Its practice started by developing the acquisition structure and assisting regulatory agencies in making necessary changes to allow for the expansion of the process. McQueen Financial was an integral partner in creating the roadmap whereby a credit union acquires a bank's stock, eliminating the double taxation issue that would otherwise be created in a purchase and assumption deal.
The team at McQueen Financial representing Corporate America Family Credit Union included Charley McQueen, president and CEO, and Dan Martin, senior consultant. Legal counsel was provided by Howard and Howard PC. Ben Franklin Financial was represented by Janney Montgomery Scott LLC and Luse Gorman PC.
About McQueen Financial Advisors:
McQueen Financial Advisors is an SEC-registered, fee-based, investment advisory firm that has been serving financial institutions since 1999. McQueen provides financial institutions with investment portfolio management services, alternative investments, ALM services, mortgage servicing rights valuations, transaction advisory and CECL. The firm's headquarters are in Clawson, Michigan. For information, call Charles McQueen at 248.548.8400 or visit us at www.m-f-a.com.
For more information about McQueen Financial Advisors Serves as Financial Advisor to Corporate America Family Credit Union In Its Purchase of Ben Franklin Bank of Illinois, please contact Charley McQueen at 248.548.8400 or Charley@m-f-a.com.
Media Contact: Renee Lynch
SOURCE: McQueen Financial Advisors
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