OTC-BB:ERKH

Eureka Homestead Bancorp, Inc. Reaches Definitive Agreement to Be Acquired by Investor Group

Retrieved on: 
Friday, August 4, 2023
OTC Markets Group, Michael J. Hsu, Tripura Merger Agreement, Comptroller, Structure of the Federal Reserve System, Clifton Bancorp, Inc., GAAP, Currency, The Company, Bloomberg L.P. v. Board of Governors of the Federal Reserve System, Bank, Federal Reserve, Security (finance)

METAIRIE, La., Aug. 4, 2023 /PRNewswire/ -- Eureka Homestead Bancorp, Inc. ("the "Company") (OTC Pink Marketplace: "ERKH"), the holding company of Eureka Homestead, a federal savings association headquartered in Metairie, Louisiana, and Eureka Investor Group, Inc. have reached an agreement for the Company and Eureka Homestead to be acquired by Eureka Investor Group, Inc, a newly formed corporation headed by experienced bank investors.

Key Points: 
  • METAIRIE, La., Aug. 4, 2023 /PRNewswire/ -- Eureka Homestead Bancorp, Inc. ("the "Company") (OTC Pink Marketplace: "ERKH"), the holding company of Eureka Homestead, a federal savings association headquartered in Metairie, Louisiana, and Eureka Investor Group, Inc. have reached an agreement for the Company and Eureka Homestead to be acquired by Eureka Investor Group, Inc, a newly formed corporation headed by experienced bank investors.
  • The Merger Agreement, which has been unanimously adopted by the boards of the Company and Eureka Investor Group, provides for cash merger consideration equal to $13.0 million.
  • Upon consummation of the proposed transaction, Eureka Investor Group will own 100% of the outstanding shares of the Company and its banking subsidiary, Eureka Homestead.
  • Eureka Homestead Bancorp and Eureka Homestead are being advised by Performance Trust Capital Partners as financial advisor and Luse Gorman, PC as legal counsel.