On July 16, 2019, Ben Franklin Bank of Illinois, Arlington Heights, Illinois, its parent company, Ben Franklin Financial, Inc., and Corporate America Family Credit Union (“CAFCU”), Elgin, Illinois, announced that CAFCU will acquire the assets and assume the liabilities of Ben Franklin Bank in an all cash transaction. Following the completion of the acquisition, Ben Franklin Financial will distribute the net transaction proceeds (net of liabilities) to its stockholders. The merger consideration is currently valued between $10.33 to $10.70 per share of Ben Franklin Financial common stock. The per share consideration is subject to change based on various factors, including a minimum equity target and the regulatory treatment of the liquidation accounts maintained by Ben Franklin Financial and Ben Franklin Bank.

This transaction will be the first time since the Dodd-Frank Act that a stock holding company that was formerly a federal mutual holding company will have its assets and liabilities sold to a credit union.

Luse Gorman is serving as legal counsel to Ben Franklin in the transaction. The Luse Gorman team consists of Kip A. Weissman, Michael J. Brown and Zachary Davis (Corporate/M&A), and Beverly J. White (Executive Compensation).

Ben Franklin operates two branches in Arlington Heights and Rolling Meadows, Illinois and has $93.2 million in assets.

CAFCU has 20 branches located across the U.S. and has more than $600 million in assets.