ARLINGTON HEIGHTS, Ill.–(BUSINESS WIRE)–Ben Franklin Financial, Inc. (OTC PINK: BFFI), the holding company for Ben Franklin Bank of Illinois (the “Ben Franklin Bank”), today announced the completion of the purchase and assumption transaction between Corporate America Family Credit Union (“CAFCU”), Ben Franklin Financial and Ben Franklin Bank in which CAFCU has acquired the assets and assumed the liabilities of Ben Franklin Bank in an all-cash transaction. Ben Franklin Bank will now begin the process of liquidating pursuant to federal law. Following the liquidation of Ben Franklin Bank, Ben Franklin Financial will dissolve pursuant to Maryland corporate law and distribute its remaining assets to its stockholders. The liquidation of Ben Franklin Bank and the dissolution of Ben Franklin Financial are expected to be completed in approximately 120 days. Each Ben Franklin Financial stockholder is expected to receive between $10.21 and $10.40 per share of Ben Franklin Financial common stock owned by such stockholder as of the distribution date. The distribution to stockholders is expected to occur in the third quarter of 2020. The distribution date will be announced approximately 20 days prior to the distribution.
In addition, as part of the dissolution process, payments will be made to certain former depositors of Ben Franklin Bank pursuant to liquidation accounts maintained by Ben Franklin Bank and Ben Franklin Financial. 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.
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 liquidation of Ben Franklin Bank and the dissolution of Ben Franklin Financial and other risks and uncertainties, including the effects of the coronavirus disease (COVID-19) pandemic. Except as required by law, Ben Franklin Financial 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.
C. Steven Sjogren
CEO, Ben Franklin Bank of Illinois