Content area
Full text
Logan, Utah-based Cache Valley Banking Co. ($687.4 million) unit Cache Valley Bank has agreed to acquire St. George, Utah-based Village Bancorp, according to an interagency merger application recently obtained by SNL.
The proposed acquisition is a third step in a four-step process by Cache Valley Banking to complete merging all assets and liabilities of Village Bancorp and its unit, Village Bank, into Cache Valley Banking and Cache Valley Bank.
The first step of the process involved the $8.1 million branch deal Cache Valley struck with Village Banking in 2012, and the second step entailed the acquisition of two of the facilities part of the three-branch transaction.
Under that branch deal agreement, Cache Valley was given the right to complete the merger transaction by subsequently purchasing all the stock of Village Bank from Village Bancorp -- which is the third step....