RICHMOND, Ind.–(BUSINESS WIRE)–West End Indiana Bancshares, Inc. (OTC PINK: WEIN), the holding company for West End Bank, S.B. (“West End Bank”), today announced the completion of the purchase and assumption transaction between Three Rivers Federal Credit Union (“3Rivers”), WEIN and West End Bank in which 3Rivers has acquired the assets and assumed the liabilities of West End Bank in an all-cash transaction. West End Bank will now begin the process of merging into WEIN. Following the merger of West End Bank into WEIN, WEIN will dissolve pursuant to Maryland corporate law and distribute its remaining assets to its stockholders. The merger of West End Bank into WEIN and the dissolution of WEIN are expected to be completed in approximately 120 days.
Each WEIN stockholder is expected to receive between $35.00 and $37.00 per share of WEIN common stock owned by such stockholder as of the distribution date. However, the final price per share to be received by stockholders may be more or less than the estimated range of $35.00 to $37.00 per share, based on the level of post-closing expenses and other factors, which are uncertain at this time. The distribution to stockholders is expected to occur in the fourth quarter of 2020. However, the merger of West End Bank into WEIN and the dissolution of WEIN may take longer than anticipated and stockholders will not receive the distribution until this process is substantially completed. The distribution date will be announced prior to the distribution.
As part of the dissolution process, payments will be made to certain former depositors of West End Bank pursuant to liquidation accounts maintained by West End Bank and WEIN. Depositors entitled to payments under the liquidation accounts will be provided notice of the amount and method of payments prior to the payments being made.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements include statements regarding the anticipated closing date of the transaction and anticipated future plans and expectations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include delays in the merger of West End Bank into WEIN and the dissolution of WEIN and other risks and uncertainties, including the effects of the coronavirus disease (COVID-19) pandemic. Except as required by law, WEIN undertakes no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.
Contacts
John P. McBride and Shelley Miller
Phone: (765) 598-5006
Website: westendindianabancshares.com
