Tompkins Financial Corp. (TMP: Quote) and VIST Financial Corp. (VIST: Quote) announced the receipt of shareholder approvals in connection with the merger in which Tompkins will acquire VIST Financial Corp.
Tompkins Financial said that the shareholders of VIST Financial Corp. approved the merger at a special meeting of shareholders held on Tuesday, July 17, 2012, and Tompkins shareholders approved the issuance of shares of Tompkins common stock in the merger at its Annual Meeting of Shareholders held on July 18, 2012.
The merger has been approved by all of the appropriate regulatory authorities and agencies and is expected to close on August 1, 2012.
As per the terms of the merger agreement, shareholders of VIST Financial Corp. will receive 0.3127 shares of Tompkins common stock for each share of VIST common stock.
Tompkins Financial stated that the combined companies will have assets of approximately $5 billion, deposits of $3.8 billion, and loans of $2.9 billion, with 67 banking offices. Excluding one-time merger expenses, Tompkins Financial expects the transaction to be accretive to earnings per share in the first year and into the future.
Upon closing, VIST Bank will operate as a community bank subsidiary with local leadership. Bob Davis will continue as President and CEO of VIST Bank.
In January 2012, Tompkins Financial has said it entered into a definitive merger agreement under which Tompkins Financial would acquire VIST Financial Corp.
Based on the average of the closing prices of Tompkins Financial common stock for the 20 trading days ending January 24, 2012, the all stock transaction was valued at approximately $86.0 million at the time of signing the merger agreement, or $12.50 per VIST common share.
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by RTT Staff Writer
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