US based Bay-Vanguard Federal Savings Bank has inked a merger agreement to acquire Vigilant Federal Savings Bank, for an undisclosed sum.
Following the acquisition, Vigilant Federal will boost the acquirer’s consolidated assets from nearly $148.9m on 30 September 2012 to $199.8m.
Vigilant Federal’s existing branch office will become a branch office of the acquirer and will operate under its existing brand name as a division of Bay-Vanguard Federal Savings Bank, for one year.
Two members of Vigilant Federal’s board of directors will join the board of directors of Bay-Vanguard Federal, under terms of the agreement.
Vigilant Federal president Terry Eyet said, "Partnering with Bay-Vanguard will allow us to continue providing our customers with a high level of personalized service and local decision-making while preserving our values of our community bank culture."
The board of directors of both banks has approved the deal, which is expected to close during the second quarter of 2013, subject to certain conditions, including Vigilant’s depositors and customary regulatory approvals.
Kilpatrick Townsend & Stockton and Spidi & Fisch offered legal counseling to Bay-Vanguard Federal’s and Vigilant Federal, respectively.