Quarry City Savings and Loan Association Announces Planned Delisting of Its Common Stock from the OTC Pink Market
WARRENSBURG, Mo., April 25, 2022 /PRNewswire/ — Quarry City Savings and Loan Association (“Quarry City”) (OTC Pink: “QRRY”), a Missouri savings association headquartered in Warrensburg, Missouriannounced today that on or about May 13, 2022, it is expected that the OTC Pink Market Group will withdraw the common stock of Quarry City from the OTC Pink market and place the common stock of Quarry City on the OTC Expert market. Accordingly, there will no longer be any publicly available quotations for the common shares of Quarry City. Trading in Quarry City common stock will be limited to the expert market, and persons who own Quarry City common stock or wish to purchase Quarry City common stock should contact their brokers directly in order to buy or sell shares.
On March 22, 2022, Quarry City announced that it has entered into a definitive merger agreement with Community Bancorp, Inc. (“Community Bancorp”), the bank holding company of Community National Bank & Trust (“Community National” and collectively with Community Bancorp, “Community”), a national bank headquartered in Chanute, Kansas. The total cash merger consideration for the transaction, after taking into account all estimated transaction costs on a tax-affected basis, is estimated to be $10.37 million, subject to further adjustments provided for in the Final Agreement. Quarry City currently estimate that, without further adjustments, this will result in approximately $25.42 cash consideration per share to holders of Quarry City common stock. However, the estimated consideration per share may be subject to significant adjustments based on various factors, including, but not limited to, transaction costs. Accordingly, Quarry City shareholders should not assume that they will receive $25.42 per share upon closing of the transaction.
The transaction is subject to customary closing conditions, including receipt of approvals from the Federal Reserve Board of Governors, the Office of the Comptroller of the Currency and Quarry City shareholders. Quarry City currently expects the transaction to close in the third quarter of 2022.
About Quarry City Savings and Loan Association
Quarry City is a Missouri-licensed savings association that provides financial services to individuals, families and businesses through its full-service office located at Warrensburg, Missouriwhich is the county seat of Johnson Countylocated in the mid-west Missouri. Quarry City operated continuously in Warrensburg, Missouri since its founding in 1890.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to the business and expected future events or future performance of Quarry City and Community and involve known and unknown risks, uncertainties and other factors that may cause its results, levels of actual activity, performance or achievement. differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Words such as, but not limited to, “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “targets”, “likely” , “will”, “would”, “could”, and similar expressions or phrases identify forward-looking statements. Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but not limited to: fluctuation in market interest rates and prices of loans and deposits, adverse changes in the national or regional economy as well as economic conditions in local market areas, including in due to the coronavirus pandemic, the ability to complete the transaction and recognize the expected benefits and synergies, the maintenance and development of well-established and valued customer relationships and referral sources, and the acquisition or loss of personnel production key tion. Although management believes that the assumptions underlying the forward-looking statements are reasonable, any of these assumptions may prove to be incorrect. Therefore, the management of Quarry City or Community cannot guarantee that the results contemplated in the forward-looking statements will be achieved. The inclusion of this forward-looking information should not be construed as a representation by Quarry City or Community or any other person that the contemplated future events, plans or expectations will be realized. All subsequent written and oral forward-looking statements attributable to Quarry City or the community or anyone acting on their behalf are expressly qualified in their entirety by the caveats above. Forward-looking statements are made as of the date of this press release. Neither Quarry City nor Community undertakes to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
SOURCE Quarry City Savings and Loan