The Department of Justice also has reviewed the anticipated competitive effects of the proposal and advised the Board that consummation
of the proposal would not likely have a significant adverse effect on competition in any relevant banking market.
The EITF also reached a consensus that a cost resulting from an exit plan should be recognized as a liability assumed as of the acquisition's consummation
date only if the cost is not associated with or is not incurred to generate revenues of the combined entity after the consummation
date and it meets either criterion (1) or (2) below.
Multi-Shot and JKA have worked together closely during the past several months and look forward to the consummation
of this merger.
Six commercial banking organizations would remain in the market after consummation
, including two competitors each with more than 10 percent of deposits in the market.
2 million in a trust account maintained by an independent trustee, which will be released to Ardent upon the consummation
of the business combination.
Furthermore, Juniper Bank is well capitalized and would remain so on consummation
of the proposal.
4) On consummation
of the proposed conversion, the Desjardins Group would be a qualifying foreign banking organization.
If a conversion of Preferred Stock occurs on or before the Redemption Date and, should the Merger be consummated, each share of Common Stock issued upon such conversion and outstanding immediately prior to the consummation
of the Merger will be entitled to receive the per share consideration to be issued to holders of shares of Glenborough Common Stock in connection with the Merger.
of the proposal, Gateway would become the 81st largest insured depository institution in Virginia, controlling deposits of $139.
of the proposal without divestitures would be consistent with Board precedent and within the thresholds in the DOJ Guidelines in eighteen banking markets.
The Board notes that Schwab and its subsidiary depository institutions currently are well capitalized and are expected to remain so after consummation
of the proposal.
These statements, which include statements regarding the consummation
of the merger and the expected timing of such consummation
, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements.