Hostile Application to Acquire BEO Bancorp Withdrawn
29 July 2010 - 10:34AM
Business Wire
“I am pleased to announce that the application made to the
Federal Reserve Bank by Community Bancshares, Inc., to acquire up
to 100% of the outstanding shares of BEO Bancorp has been
withdrawn,” said President and CEO Jeff Bailey. “Though I will not
speculate as to why the application was withdrawn, I understand
that the Federal Reserve Bank received literally hundreds of
letters from shareholders, customers, and employees in opposition
to the application. I am certain these letters made a difference
and was a factor in the final decision,” continued Bailey.
“Because of the overwhelming message to remain independent that
we heard from our shareholders and community, we will diligently
proceed with actions to buttress the existing anti-takeover
measures already within the articles of incorporation and bylaws,
as well as adopt further measures suggested by counsel. With these
measures added to defenses already existing within Oregon statutes,
we will in fact be an even stronger, more independent corporation,”
said EVP and CFO Mark Lemmon.
“The Board of Directors, management and employees of Bank of
Eastern Oregon thank the stakeholders for resoundingly voicing
support and conviction for Bank of Eastern Oregon to remain
staunchly independent, locally owned and operated, as well as an
integral part of our communities,” concluded Bailey.
For further information on the Company or to access internet
banking, please visit our website at http://www.beobank.com.
About BEO
Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon,
which operates 12 branches and two loan production offices in nine
eastern Oregon counties. Branches are located in Arlington, Ione,
Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City,
Fossil, Moro and Enterprise; loan production offices are located in
Hermiston and Ontario. Bank of Eastern Oregon also operates a
mortgage division and offers brokerage services through BEO
Financial Services. The bank’s website is www.beobank.com.
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