CMUV Bancorp Secures Regulatory Approval for Asset Sale to Frontwave Credit Union
TL;DR
Shareholders of CMUV Bancorp stand to gain approximately $25.00 per share from the asset sale to Frontwave Credit Union, offering a clear financial advantage.
CMUV Bancorp's asset sale to Frontwave Credit Union involves regulatory approvals, shareholder distributions, and the dissolution process, with payments expected by September 30, 2025.
The transition of Community Valley Bank's assets to Frontwave Credit Union ensures continued service to the community, fostering financial stability and support.
CMUV Bancorp's strategic move to dissolve after selling assets to Frontwave Credit Union marks a significant shift in the banking landscape, with shareholders set to benefit.
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CMUV Bancorp has reached a pivotal milestone with the receipt of all necessary regulatory approvals for the sale of Community Valley Bank's assets and the assumption of its liabilities by Frontwave Credit Union. This development paves the way for the subsequent dissolution of both Community Valley Bank and CMUV Bancorp, a process that has also garnered the required corporate approvals. The transaction, expected to conclude around September 30, 2025, is contingent upon meeting standard closing conditions.
Shareholders of CMUV Bancorp are set to receive approximately $25.00 per share, a figure that may be adjusted to account for dissolution-related costs and expenses. The distribution of payments will occur in several phases, with the initial disbursement anticipated shortly after the asset sale's completion. It is crucial for shareholders to adhere to the specified transmittal procedures to be eligible for these distributions.
In preparation for these changes, CMUV Bancorp plans to cease trading and quoting of its common stock on the OTCQB by approximately September 23, 2025, concurrently closing its stock records. Post this date, the company's common stock will solely represent the entitlement to receive the aforementioned distributions.
This announcement includes forward-looking statements under the Private Securities Litigation Reform Act of 1995, reflecting the current expectations and assumptions of CMUV Bancorp's management. However, the completion of the transaction with Frontwave Credit Union, the timing thereof, and the specifics of shareholder distributions remain subject to various factors and uncertainties.
For further details, the original press release can be viewed on www.newmediawire.com.
Curated from NewMediaWire
