Union Community Bancorp Announces Approval of Merger Agreement with and into MainSource Financial Group, Inc.
15 Mars 2006 - 8:23PM
Business Wire
Union Community Bancorp (NASDAQ:UCBC), an Indiana corporation,
which is the holding company for Union Federal Savings & Loan
Association (the "Association"), announced today that the
shareholders of Union Community Bancorp have approved the merger of
UCBC with and into MainSource Financial Group, Inc. ("MainSource").
It is anticipated that the merger will be effective at the end of
the day on March 17, 2006. Based on the terms of the Agreement and
Plan of Merger, dated August 23, 2005, by and among UCBC, the
Association and MainSource, UCBC shareholders receiving cash in
consideration of their UCBC Common Stock will receive $27.33 per
share, and shareholders receiving MainSource Common Stock in the
merger will receive 1.4791 shares of MainSource Common Stock for
each share of their UCBC Common Stock. However, 55% of the
aggregate consideration must be paid in shares of MainSource Common
Stock, and there may be allocations of cash or stock made to
shareholders (on the basis of the smallest to the largest
shareholders) to insure that the requirement is satisfied. UCBC was
formed in 1997 and subsequently acquired all the shares of the
Association. The Association has been headquartered in
Crawfordsville, Indiana since its establishment in 1913 and
operates six offices located in Montgomery, Fountain, Warren and
Tippecanoe Counties. UCBC had $260.1 million in total assets and
$33.1 million in shareholders' equity as of December 31, 2005.
There are currently 1,939,000 shares of UCBC common stock
outstanding which are traded on NASDAQ under the symbol "UCBC".
Union Community Bancorp (NASDAQ:UCBC)
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