By Angela McDaniels
Seattle, Oct. 4 - Pavilion Bancorp, Inc. and First Defiance Financial Corp. entered into an agreement on Tuesday under which Pavilion will merge with and into First Defiance, according to a news release.
Immediately after the merger, Pavilion subsidiary Bank of Lenawee will be consolidated with and into First Federal Bank of the Midwest, a wholly owned subsidiary of First Defiance.
Under the terms of the merger, Pavilion's shareholders will receive a combination of $37.50 in cash and 1.4209 shares of First Defiance common stock for each Pavilion share. The total value of the transaction is about $55.7 million.
The acquisition is subject to approval by Pavilion shareholders, the receipt of regulatory approvals and other closing conditions. The companies expect the transaction to close late in the first quarter of 2008.
Pavilion is a bank holding company based in Adrian, Mich. First Defiance is a bank holding company based in Defiance, Ohio.
| Acquirer: | First Defiance Financial Corp.
|
| Target: | Pavilion Bancorp, Inc.
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| Price per share: | $37.50 cash and 1.4209 First Defiance shares
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| Transaction total: | $55.7 million
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| Announcement date: | Oct. 4
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| Expected closing: | First-quarter 2008
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| Stock price for target: | OTCBB: PVLN; $50.00 on Oct. 2
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| Stock price for acquirer: | Nasdaq: FDEF; $26.74 on Oct. 2
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