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American Financial Holdings Completes Acquisition
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Business New Haven
2/4/2002
By: BNH
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NEW BRITAIN - American Financial Holdings Inc. (NASDAQ: AMFH) announced today that it has completed its acquisition of American Bank of Connecticut (AMEX: BKC) effective January 18 by merging American Bank into its banking subsidiary, American Savings Bank. American Savings will operate through 34 branches in 21 communities throughout central Connecticut and have approximately $2.8 billion in assets. American Financial paid approximately $73.8 million in cash and issued approximately 3.2 million shares in connection with the transaction.
Shareholders of American Bank common stock were offered the option of electing to receive either $30 in cash, 1.304 shares of American Financial common stock or a combination thereof for each share of American Bank common stock held, subject to certain allocation and proration procedures described in the merger agreement. Due to the elections received, shareholders who elected to receive cash consideration will receive 100 percent of their election. However, because the option to receive American Financial common stock was oversubscribed, those shareholders electing to receive stock will instead receive approximately 61 percent of their consideration in American Financial common stock and approximately 39 percent in cash.
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