BANKING/FINANCE
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Acquisition Proceeding: Landmark Bank in La Habra has moved close to completing its $4.9-million acquisition of Founders Bank, a deal that some in the industry didn’t think would get this far.
Federal and state banking regulators have given their blessing to the deal, leaving only the shareholders of Brea-based Founders and the Securities and Exchange Commission to approve.
Under the purchase agreement, Landmark’s parent company, Landmark Bancorp, would pay $2.2 million in cash and $2.9 million in stock for the acquisition, giving Founders shareholders a 15% stake in Landmark Bancorp.
A tentative closing is set for the end of September, said Craig Collette, Landmark’s president.
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