Community First Bancorporation (“CFB”), Seneca, SC (OTC: CFOK), the parent company of Community First Bank, announced that SFB Bancorp, Inc., Elizabethton, TN (the “Company”) (OTCBB: “SFBK”), the holding company for Security Federal Bank (the “Bank”), held a Special Meeting today where its shareholders approved the Agreement and Plan of Merger, dated as of October 9, 2020, by and among the Company, CFB and CFB Merger Sub, Inc., pursuant to which the Company will merge with and into CFB, and Security Federal Bank will merge into Community First Bank. We are still awaiting receipt of all necessary regulatory approvals, and the transaction is anticipated to close during March 2021.
About Community First Bancorporation
Community First Bancorporation is the parent holding company of Community First Bank, a South Carolina commercial bank, which operates ten full-service banking offices including eight in Seneca, Walhalla, Anderson, Williamston, Westminster and Greenville, SC and two in Charlotte and Dallas, NC. Community First Bank also operates loan production offices in Concord and Waynesville, NC. Its subsidiary, SeaTrust Mortgage, operates offices in Wilmington, Jacksonville, Charlotte and Greensboro, NC, Jacksonville and Orlando, FL and Nashville, TN. Community First’s common stock is traded on the OTC Markets under the symbol “CFOK.”
About SFB Bancorp, Inc.
SFB Bancorp, Inc. is the parent holding company of Security Federal Bank. Security Federal Bank conducts its banking business from its main office at 632 East Elk Avenue, Elizabethton, Tennessee and a branch office in West Elizabethton. Security Federal Bank’s deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (FDIC). SFB Bancorp’s common stock is traded on the OTC Markets under the symbol “SFBK.”
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Release contains forward-looking statements, which can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” “will,” “may” and words of similar meaning. These forward-looking statements include, but are not limited to statements of our goals, intentions and expectations; statements regarding our business and strategic plans, prospects, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits.
These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The Company is under no duty to and do not undertake any obligation to update any forward-looking statements after the date of this News Release.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:
Source: Community First Bancorporation