On August 19, 2021, Tempo Bank, Trenton, Illinois, its parent company, Sugar Creek Financial Corp., and Scott Credit Union, Edwardsville, Illinois, announced that they have entered into an agreement pursuant to which Scott Credit Union will acquire the assets and assume the liabilities of Tempo Bank in an all-cash transaction. Following the completion of the acquisition, Sugar Creek Financial Corp. will distribute the net transaction proceeds (net of liabilities) to its stockholders. The transaction consideration is estimated to be between $14.50 to $16.50 per share of Sugar Creek Financial Corp. common stock. The per share consideration is subject to change based on a minimum equity target.
Tempo Bank operates two offices in Trenton and Breese, Illinois, and has $92.9 million in assets.
Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.