Skyline Bankshares to acquire Johnson County Bank for $25M cash; deal accretive

Skyline Bankshares, Inc.

All-cash transaction valued at $25M implies $312.50/share based on current shares outstanding.
Expected to be immediately accretive to earnings with tangible book value earnback under 2.5 years.
Combined company will have ~$1.2B assets, >$1.0B deposits, 28 banking locations.
JCB CEO Chris Reece to join Skyline board; deal expected to close in H2 2024.
Subject to JCB shareholder and regulatory approvals; termination fee of $1M applies.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Skyline Bankshares, Inc. entered into Agreement and Plan of Merger with Johnson County Bank valued at $25.0 million (effective 2024-04-16).

Action: entry
Agreement: merger
Counterparty: Johnson County Bank
Value: $25.0 million
Effective: 2024-04-16

Exact text from the filing

On April 16, 2024, Skyline Bankshares, Inc. (the “Company”), Skyline National Bank, a wholly-owned bank subsidiary of the Company (the “Bank”), Skyline Merger Sub, Inc., also a wholly-owned subsidiary of the Company (the “Merger Sub”) and Johnson County Bank (“JCB”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which the Company will acquire JCB.

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Skyline Bankshares, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-24-012350

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