HAMBURG, N.Y. & FAIRPORT, N.Y.--(BUSINESS WIRE)--Evans Bancorp, Inc. (NYSE American: EVBN) and FSB Bancorp, Inc. (Nasdaq: FSBC), jointly announced the execution of a definitive merger agreement whereby Evans will acquire FSB for $17.80 per share for total consideration of approximately $34.7 million. The transaction is proposed to be comprised of 50% stock and 50% cash. Unanimously approved by the Boards of Directors of each company, the transaction is expected to close in the second quarter of 2020, subject to the satisfaction of customary closing conditions, including regulatory approval and FSB stockholder approval. An investor presentation summarizing the transaction is available at www.evansbancorp.com.
“FSB has a long-established presence and respected legacy in an attractive market. By combining our organizations, we are advancing our growth objectives and strategy to build the premier community financial institution in the markets we serve by expanding our geographic footprint and diversifying our client base. Expanding to Rochester had been prioritized as part of our strategic planning and is accelerated by this opportunity,” said David J. Nasca, President and CEO of Evans. “We are very excited to welcome the team members of FSB and to continue to provide customers with the relationship service they know and desire.”
Kevin D. Maroney, FSB’s President and CEO, commented, “This mutually beneficial partnership will combine two community banks with very similar cultures and core values. The combined organization will be able to offer top of line products and exceptional service to our customers in Rochester and surrounding markets. In addition to providing our customers with enhanced and expanded products and services, our employees will also benefit from broader opportunities in a larger organization with strong growth potential.”
Advisors
Keefe, Bruyette & Woods, Inc. served as financial advisor to Evans and Covington & Burling LLP served as its legal advisor. Sandler O’Neill + Partners, L.P. served as financial advisor to FSB and Luse Gorman, PC served as its legal advisor.
About Evans Bancorp, Inc.
Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $1.5 billion in assets and $1.3 billion in deposits at September 30, 2019. Evans Bank is a full-service community bank, with 15 financial centers providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans' wholly owned insurance subsidiary, The Evans Agency, LLC, provides life insurance, employee benefits and property and casualty insurance through ten insurance offices in the Western New York region. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.
Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.
About FSB Bancorp, Inc.
FSB Bancorp, Inc. is the bank holding company of Fairport Savings Bank, a New York chartered savings bank headquartered in Fairport, New York. The bank has five branches in the Greater Rochester area and three mortgage offices located in Rochester, Buffalo and Watertown. Fairport Savings Bank was founded in 1888. Additional information is available at https://www.fairportsavingsbank.com.
