Cornerstone Bancorp, Inc. Announces Regulatory Approval of Merger
28 September 2005 - 2:21AM
Business Wire
Merrill J. Forgotson, President of Cornerstone Bancorp, Inc.,
announced today that NewAlliance Bancshares, Inc. had received the
required final regulatory approvals from both the Connecticut
Banking Department and the FDIC to acquire Cornerstone Bancorp.
Shareholders of Cornerstone Bancorp in August approved the
Agreement and Plan of Merger, dated as of April 12, 2005, which
provides for the merger of Cornerstone Bancorp, Inc. into
NewAlliance Bancshares, Inc. and the simultaneous merger of
Cornerstone Bank into NewAlliance Bank. The cash-and-stock
transaction, valued at approximately $48.7 million, is expected to
be consummated at the beginning of 2006. In Connecticut,
Cornerstone Bancorp, through its subsidiary Cornerstone Bank,
operates from three full-service locations in Stamford, one
full-service location in Greenwich, Norwalk and Westport. The
Bancorp also operates one business development office in Norwalk
and four limited service mobile branches. The Bancorp's common
stock is traded on the American Stock Exchange under the symbol
CBN. The statements contained in this press release that are not
historical are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Examples of
such forward-looking statements include, without limitation,
statements regarding expectations for earnings, credit quality, and
other financial and business matters. When used in this report, the
words "anticipate," "plan," "believe," "estimate," "expect" and
similar expressions as they relate to the Company or its management
are intended to identify forward-looking statements. All
forward-looking statements involve risks and uncertainties. Actual
results may differ materially from those discussed in, or implied
by, the forward-looking statements as a result of certain factors,
including but not limited to, competitive pressures on loan and
deposit product pricing; other actions of competitors; changes in
economic conditions; technological changes; the extent and timing
of actions of the Federal Reserve Board, including changes in
monetary policies and interest rates; customer deposit
disintermediation; changes in customers' acceptance of the Bank's
products and services; and the extent and timing of legislative and
regulatory actions and reforms. The forward-looking statements
contained in this report speak only as of the date on which such
statements are made.
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