Bancorp 34 reports revised Q3 net loss of $2.3M due to loan loss provision; amends merger ratio with CBOA

Bancorp 34, Inc.

Revised Q3 2023 net loss of $2.3M (-$0.52 EPS) vs previously reported net income of $3,000.
Provision for one commercial real estate credit placed on non-accrual drove revision; credit deterioration existed at Sep 30.
First nine months 2023 net loss revised to $1.7M (-$0.48 EPS) from previously reported net income of $0.6M.
Merger agreement amended: exchange ratio increased to 0.2628 BCTF shares per CBOA share (from 0.24); outside date extended to June 28, 2024.
Companies anticipate shareholder vote and closing in Q1 2024.

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

Bancorp 34, Inc. amended Amendment No. 1 to Agreement and Plan of Merger with CBOA Financial, Inc. (effective 2023-12-21).

Action: amendment
Agreement: merger
Counterparty: CBOA Financial, Inc.
Effective: 2023-12-21

Exact text from the filing

(the “Company”) and CBOA Financial, Inc. (“CBOA”) dated as of April 27, 2023. The Merger Agreement was included as Annex A to the proxy statement prospectus contained in the Company’s Registration Statement on

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Bancorp 34, Inc. filing history →

Source: SEC EDGAR

accession 0001552781-23-000482

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