secwatch.observer — SEC 8-K summary
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Issuer:     Bancorp 34, Inc. (BCTF)
CIK:        0001668340
Form:       8-K
Filed at:   2024-03-21T23:59:59+00:00
Accession:  0001552781-24-000167
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.01, 5.02, 5.07, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Bancorp 34 closes CBOA merger, creating $1B asset bank; Webster named President
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- Bancorp 34 issued ~2.74M shares valued at $24.5M to CBOA shareholders at 0.2628 exchange ratio.
- Commerce Bank contributed $433M assets, $325M loans, $340M deposits as of Dec 31, 2023.
- Pro forma combined assets ~$1B, loans ~$782M, deposits ~$819M; new name Southwest Heritage Bank from Mar 25.
- Three CBOA directors (Decker, Assenmacher, Webster) elected to Board; Burt, Cook, Van Winkle resigned.
- Chris Webster appointed President with 2-year term, $275K base salary, and up to 40% bonus.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1668340/000155278124000167/0001552781-24-000167-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1668340/000155278124000167/e24127_bctf-8k.htm
  HTML page:      https://secwatch.observer/filing/0001552781-24-000167

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer