Bank of McKenney shareholders approve merger with CCB Bankshares
- November 3, 2017
Bank of McKenney shareholders have approved its proposed merger with CCB Bankshares Inc., the parent company of Citizens Community Bank.
When the merger is completed, Bank of McKenney will change its name to Touchstone Bank.
Subject to customary closing conditions, the merger is expected to occur after the close of business on Nov. 10. The combined bank will open as Touchstone Bank on Nov. 13.
Bank of McKenney shareholders owning a total of 1.28 million shares voted on the merger at a meeting on Thursday. A total of 1.22 million shares, 95.7 percent of the votes cast, favored the merger, while 55,075 shares voted against the merger and 3,654 shares abstained.
In addition to voting on the merger, shareholders approved proposals to change the bank’s name to Touchstone Bank, increase the authorized common stock to 10 million shares and stagger the terms for directors.
The combined bank is expected to have approximately $449 million in assets, $339 million in loans and $392 million in deposits, based on reported financial information as of Sept. 30.
Touchstone will be based in Prince George County in a facility that will consolidate operations now housed in five locations.
The bank will have 13 full-service offices and one loan production office in southeastern Virginia and northern North Carolina.