Community Bancorp, Inc. ("Community"), the parent company of Community State Bank of St. Charles, acquired MSB Holding Inc. (“MSB”), parent of Montrose State Bank ("Montrose"). At June 30, 2007, Community had assets of approximately $132 million and Montrose had assets of approximately $61 million. Community will pay $10.25 million in cash to acquire all outstanding shares of MSB common stock and MSB will declare a special, one-time cash dividend to shareholders for as much as $7.33 million. Montrose will operate under the name of Community State Bank of St. Charles. The deal value represents 238% of MSB's book value and tangible book value.
MSB HOLDING INC.
Montrose State Bank is a full service bank with four locations in Saginaw, Genesee, and Shiawassee Counties in Michigan. Montrose provides a wide variety of commercial and consumer banking services to individuals and small to medium-sized businesses in the communities of Montrose, Flushing, New Lothrop, and Burt. Montrose’s services include accepting time, demand and savings deposits, including regular checking accounts, savings accounts, and certificates of deposit. In addition, Montrose offers commercial, agricultural, mortgage and consumer loans and provides safe deposit facilities.
COMMUNITY BANCORP, INC.
Community State Bank of St. Charles provides commercial and consumer banking with four branches in Saginaw County, Michigan. Community offers checking accounts, savings deposits, money market accounts, certificates of deposit and individual retirement accounts. Additionally, Community extends business lines of credit and originates commercial mortgages as part of its business lending services. Community also offers various personal loans, such as residential mortgages, home equity loans, and other consumer loans.